公司理财（罗斯） 第六版 第5章 ppt课件.ppt

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1、InterestRatesandBondValuationChapter5KeyConceptsandSkillsKnowtheimportantbondfeaturesandbondtypesUnderstandbondvaluesandwhytheyfluctuateUnderstandbondratingsandwhattheymeanUnderstandtheimpactofinflationoninterestratesUnderstandthetermstructureofinterestratesandthedeterminantsofbondyieldsC

2、hapterOutline5.1BondsandBondValuation5.2MoreonBondFeatures5.3BondRatings5.4SomeDifferentTypesofBonds5.5BondMarkets5.6InflationandInterestRates5.7DeterminantsofBondYields5.1BondsandBondValuationAbondisalegallybindingagreementbetweenaborrowerandalenderthatspecifiesthe:Par(face)valueCouponra

3、teCouponpaymentMaturityDateTheyieldtomaturityistherequiredmarketinterestrateonthebond.BondValuationPrimaryPrinciple:Valueoffinancialsecurities=PVofexpectedfuturecashflowsBondvalueis,therefore,determinedbythepresentvalueofthecouponpaymentsandparvalue.Interestratesareinverselyrelatedtoprese

4、nt(i.e.,bond)values.TheBond-PricingEquationBondExampleConsideraU.S.governmentbondwithas63/8%couponthatexpiresinDecember2009.TheParValueofthebondis$1,000.Couponpaymentsaremadesemi-annually(June30andDecember31forthisparticularbond).Sincethecouponrateis63/8%,thepaymentis$31.875.OnJanuary1,20

5、05thesizeandtimingofcashflowsare:BondExampleOnJanuary1,2005,therequiredyieldis5%.Thesizeandtimingofthecashflowsare:BondExample:CalculatorPMTI/YFVPVNPV31.875=2.51,000–1,060.17101,000×0.063752Findthepresentvalue(asofJanuary1,2005),ofa63/8%couponbondwithsemi-annualpayments,andamaturitydateof

6、December2009iftheYTMis5%.BondExampleNowassumethattherequiredyieldis11%.Howdoesthischangethebond’sprice?YTMandBondValue800100011001200130000.010.020.030.040.050.060.070.080.090.1DiscountRateBondValue63/8WhentheYTM

7、TM>coupon,thebondtradesatadiscount.BondConceptsBondpricesandmarketinterestratesmoveinoppositedirections.Whencouponrate=YTM,price=parvalueWhencouponrate>YTM,price>parvalue(premiumbond)Whencouponrate