投资学,9e,精要版,48772,48760,英文PPT Chap009.ppt

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1、CHAPTER9BondPricesandYields14-2Bondsaredebt.Issuersareborrowersandholdersarecreditors.Theindentureisthecontractbetweentheissuerandthebondholder.Theindenturegivesthecouponrate,maturitydate,andparvalue.BondCharacteristics14-3Faceorparvalueistypically$1000;thisistheprin

2、cipalrepaidatmaturity.Thecouponratedeterminestheinterestpayment.Interestisusuallypaidsemiannually.Thecouponratecanbezero.Interestpaymentsarecalled“couponpayments”.BondCharacteristics14-4U.S.TreasuryBondsBondsandnotesmaybepurchaseddirectlyfromtheTreasury.Denominationc

3、anbeassmallas$100,but$1,000ismorecommon.Bidpriceof100:08means1008/32or$1002.50Notematurityis1-10yearsBondmaturityis10-30years14-5CorporateBondsCallablebondscanberepurchasedbeforethematuritydate.Convertiblebondscanbeexchangedforsharesofthefirm’scommonstock.Puttablebon

4、dsgivethebondholdertheoptiontoretireorextendthebond.Floatingratebondshaveanadjustablecouponrate14-6PreferredStockDividendsarepaidinperpetuity.Nonpaymentofdividendsdoesnotmeanbankruptcy.Preferreddividendsarepaidbeforecommon.Notaxbreak.EquityFixedincome14-7Innovationin

5、theBondMarketInverseFloatersAsset-BackedBondsCatastropheBondsIndexedBondsTreasuryInflationProtectedSecurities(TIPS).14-8Table9.1PrincipalandInterestPaymentsforaTreasuryInflationProtectedSecurity14-9PB=PriceofthebondCt=interestorcouponpaymentsT=numberofperiodstomaturi

6、tyr=semi-annualdiscountrateorthesemi-annualyieldtomaturityBondPricing14-10Priceofa30year,8%couponbond.Marketrateofinterestis10%.Example9.2:BondPricing14-11Pricesandyields(requiredratesofreturn)haveaninverserelationshipThebondpricecurve(Figure14.3)isconvex.Thelongerth

7、ematurity,themoresensitivethebond’spricetochangesinmarketinterestrates.BondPricesandYields14-12Figure9.3TheInverseRelationshipBetweenBondPricesandYields14-13Table9.2BondPricesatDifferentInterestRates14-14YieldtoMaturityInterestratethatmakesthepresentvalueofthebond’s

8、paymentsequaltoitspriceistheYTM.Solvethebondformulaforr14-15YieldtoMaturityExampleSupposean8%coupon,30yearbondissellingfor$1276.76.