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1、19878_04_c04_p112-150.qxd2/22/069:38AMPage112CHAPTER4BondValuationGrowingcompaniesmustacquireland,buildings,equipment,inventory,andotheroperatingassets.Thedebtmarketsareamajorsourceoffundingforsuchpurchases.Therefore,everymanagershouldhaveaworkingkno
2、wledgeofthetypesofbondscompaniesandgovernmentagenciesissue,thetermsthatTheThomsonNOWWebsitecontainsanarecontainedinbondcontracts,thetypesofriskstowhichbothExcelfilethatwillguideyouthroughthebondinvestorsandissuersareexposed,andproceduresforchapter’sc
3、alculations.Thefileforthisdeterminingthevaluesofandratesofreturnonbonds.chapterisIFM9Ch04ToolKit.xls,andweencourageyoutoopenthefileandfollowalongasyoureadthechapter.TODISCCOLLECTION112IMAGE:©GETTYIMAGES,INC.,PHO19878_04_c04_p112-150.qxd2/22/069:38AMP
4、age113BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthechapter,considerhowyouwouldinvestorsviewtheserisksdifferently?Howanswerthefollowingquestions.Youshouldnotwouldtheyaffecttheyieldcurve?Illustratenecessarilybeabletoanswerthequestionsyouranswerswithbondswi
5、thdifferentmatu-beforeyoureadthechapter.Rather,youshouldritiesanddifferentcouponrates,butjustdis-usethemtogetasenseoftheissuescoveredincusstheeffectsofcallprovisions.thechapter.Afterreadingthechapter,you3.Wouldabondbemoreorlessdesirableifshouldbeable
6、togiveatleastpartialanswerstoyoulearnedthatithasasinkingfundthatthequestions,andyoushouldbeabletogiverequiresthecompanytoredeem,say,10per-betteranswersafterthechapterhasbeendis-centoftheoriginalissueeachyearbegin-cussedinclass.Note,too,thatitisoftenu
7、seful,ningin2012,eitherthroughopenmarketwhenansweringconceptualquestions,tousepurchasesorbycallingtheredeemedbondshypotheticaldatatoillustrateyouranswer.Weatpar?HowwoulditaffectyouranswerifillustratetheanswerswithanExcelmodelthatisyoulearnedthatthebo
8、ndwassellingataavailableontheThomsonNOWWebsite.Access-highpremium,say,130percentofpar,oratingthemodelandworkingthroughitisausefulalargediscount,say,70percentofpar?exercise,anditprovidesinsightsthatareuseful4.Whatisabondrating,andhowdoratingswhenanswe
