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Financing 14 marks Spend about 20 minutes on this question The senior management of your company is reviewing capital structure. In particular, they are evaluating whether to issue bonds or shares to meet their financing requirements. They have asked you to prepare a briefing paper to facilitate their discussions. Required Question 3 b Briefly outline three differences between debt and equity in relation to: 1. Tax paid by the company issuing the bond/share li. Rights of a bond/share holder In relation to bonds, briefly outline whether the following features would increase or decrease the coupon rate. Treat each scenario independently e.g. your answer to part i does not impact your answers to other parts. i. Issuing a 5 year bond versus an 8 year bond Establishing a sinking fund versus not establishing one Briefly outline the benefit of a secondary market for shares and/or bonds ii. 3 marks 3 marks 3 marks 3 marks 2 marks