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1、PremiumBondsIfthemarketrateofinterestforasimilarbondwereonly3.75%,whatwouldyoubepreparedtopayforthebondinquestion?SEMIANNUALCOUPONS¨Mostbondshavesemiannualinterestpayments.Inourexample,therewouldhavebeena$30couponeverysixmonths.¨BondyieldsarequotedasA
2、PRs(annualpercentagerates).Withaquotedyieldof6%andsemiannualpayments,thetrueyieldis3%per6months.Example:Whatisthevalueofa$1,000bondwitha6%couponrateandsemiannualpayments,ifthecurrentmarketrateofinterestwere6%?PVbond=30*PVIFA3%,20+1,000*PVIF3%,20=30*1–
3、1/(1.03)20+1,000*1/(1.03)20.03=(30*14.87747)+(1,000*.55368)PVbond=446.32+553.68=1,000FINDINGYIELDTOMATURITY§Example,abrokerwilloffertosellyoua15-yearbond,witha7.2%coupon,for$1,126.§Todecidewhetherornotyouwishtobuythebond,youmustcalculatetheyieldtomatu
4、rity.§Whetherornotyouwouldbuy,dependsupontheratesavailableelsewhere.ANNUALvsSEMIANNUALCOUPONSANNUALPVbond=60*(1–1/(1.06)10)+1,000*1/(1.06)10.06=(60*7.3601)+(1,000*.55839)PVbond=441.61+558.39=$1,000SEMIANNUALPVbond=30*PVIFA3%,20+1,000*PVIF3%,20=30*1–1/
5、(1.03)20+1,000*1/(1.03)20.03=(30*14.87747)+(1,000*.55368)PVbond=446.32+553.68=1,000WHY?BONDRISKØThereisageneralmisconceptionthatbondsaresecureandrisklessinvestments.ØTypesofrisks:§Interest-raterisk·Ifinterestratesrise,thevalueofabondcanfallgreatly.§De
6、faultrisk·Ifacompanyordevelopingcountrycannotpayeithertheinterestortheprincipalatthematuritydate,thevalueofthebondcanevenfalltozero.§LiquidityRisk·Somebondissues,particularlyforcorporationsorprovincialgovernments,arerelativelysmall---perhapsonly$50or$
7、100million.Asaresult,theremayberelativelyfewofthebondstradedoveranyperiod.Consequently,ifyouownedsuchbondsandwishedtosell,avery“thin”marketmayrequirethebondstobesoldatadiscountrelativetoothersimilarbondissuesthattrademore.Thepotentialthattheywouldsell
8、atadiscountisanaddedrisk.§Currencyrisk·Whilewewon’tdiscusscurrencyissuestoanyextent,abonddenominatedinanothercurrencymayhaveitsvaluefalldramaticallywithadevaluationofthatcurrency.INTERESTRATERISKExample:Long-termBondYouowna30-yearbondwitha10%c
