A Multistage Stochastic Programming Model with Multiple Objectives for the Optimal Issuance of Corporate Bonds

<div>The total proportion of bonds that mature within the liquidity planning horizon <svg height="8.48346pt" id="M396" style="vertical-align:-0.0498209pt" version="1.1" viewbox="-0.0498162 -8.43364 21.6083 8.48346" width="21.6083pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M746 650H445V615C520 608 528 602 528 517V370H255V517C255 602 263 608 335 615V650H35V615C112 608 121 602 121 517V133C121 48 112 42 39 35V0H337V35C263 42 255 48 255 133V319H528V133C528 48 520 42 441 35V0H746V35C670 42 662 48 662 132V517C662 602 668 608 746 615V650Z"></path></g><g transform="matrix(.013,0,0,-0.013,13.849,0)"><path d="M535 323V373H52V323H535ZM535 138V188H52V138H535Z"></path></g></svg><i>6</i> year under the fixed <span class="nowrap"><svg height="9.18809pt" id="M397" style="vertical-align:-0.2390099pt" version="1.1" viewbox="-0.0498162 -8.94908 61.3199 9.18809" width="61.3199pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M625 186C574 85 512 32 429 32C293 32 194 153 194 337C194 485 274 621 419 621C496 621 573 586 606 468L643 475C636 537 629 583 620 638C593 644 519 665 438 665C199 665 42 523 42 317C42 158 152 -15 418 -15C486 -15 578 5 604 11C621 46 647 122 660 171L625 186Z"></path></g><g transform="matrix(.013,0,0,-0.013,8.821,0)"><path d="M394 664C165 664 42 495 42 323C42 132 181 -15 381 -15C570 -15 725 116 725 332C725 529 576 664 394 664ZM374 622C491 622 571 503 571 304C571 120 494 27 399 27C271 27 196 171 196 343C196 516 274 622 374 622Z"></path></g><g transform="matrix(.013,0,0,-0.013,18.816,0)"><path d="M442 495C434 557 427 602 423 639C405 645 348 665 284 665C142 665 55 579 55 469C55 373 127 319 229 267C304 227 348 190 348 131C348 67 309 25 248 25C152 25 93 138 73 202L38 190C45 130 58 46 68 21C81 15 100 7 128 -1C158 -10 193 -15 229 -15C375 -15 472 74 472 188C472 287 400 343 295 394C207 439 171 470 171 525C171 583 212 624 268 624C349 624 387 550 407 487L442 495Z"></path></g><g transform="matrix(.013,0,0,-0.013,25.406,0)"><path d="M616 481C611 545 606 633 605 675H580C563 656 549 650 523 650H121C92 650 79 653 64 675H39C37 624 31 551 27 478H64C77 528 89 562 106 579C120 596 138 606 221 606H255V133C255 48 245 42 161 35V0H487V35C399 42 389 48 389 133V606H434C493 606 518 601 536 583S568 531 580 479L616 481Z"></path></g><g transform="matrix(.013,0,0,-0.013,37.402,0)"><path d="M535 323V373H52V323H535ZM535 138V188H52V138H535Z"></path></g><g transform="matrix(.013,0,0,-0.013,48.665,0)"><path d="M285 378C315 398 338 416 353 432C373 451 384 474 384 503C384 579 325 635 236 635H235C182 635 136 610 108 579L65 516L85 496C110 533 150 575 205 575C258 575 300 543 300 481C300 407 232 369 141 339L147 310C163 315 188 321 211 321C268 321 338 284 338 192C338 94 288 40 217 40C160 40 119 68 93 91C85 98 77 97 69 91C60 84 47 71 46 58C44 46 48 35 62 22C75 10 116 -12 162 -12C234 -12 424 62 424 224C424 297 373 359 285 376V378Z"></path></g><g transform="matrix(.013,0,0,-0.013,54.905,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g></svg>.</span></div>

Discrete Dynamics in Nature and Society

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Figure 17

Figure 17: A Multistage Stochastic Programming Model with Multiple Objectives for the Optimal Issuance of Corporate Bonds 