庞大的外汇储备8-ValuationofBonds复习进程.ppt

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1、庞大的外汇储备8-ValuationofBondsobjectives1.Distinguishbetweendifferentkindsofbonds.2.    Explainthemorepopularfeaturesofbonds.3.    Definethetermvalueasusedforseveraldifferentpurposes.4.    Describethebasicprocessforvaluingassets.5.    Estimatethevalueofabond.6.    Computeabondholder’sexpectedra

2、teofreturn.7.    Explainthreeimportantrelationshipsthatexistinbondvaluation.TypesofbondsTerminologyandCharacteristicsofbondsDefinitionsofValueValuation:TheBasicProcessBondValuationTheBondholder’sExpectedRateofReturn(YieldtoMaturity)BondValuation:ThreeImportantRelationshipsWhymarketablebond

3、s?MultiplefinancinginstrumentsMonopolyvsDiversificationMarketorientedvscentrallyplanningorientedbondAbondisatypeofdebtorlong-termpromissorynote(期票),issuedbytheborrower,promisingtopayitsholderapredeterminedandfixedamountofinterestperyear.1.Debentures:公司债券2.Subordinateddebentures3.Mortgagebo

4、nds4.Eurobonds5.Zeroandverylowcouponbonds6JunkbondsCHARACTERISTICSOFBONDS1.Claimsonassetsandincome2.Parvalue3.Couponinterestrate4.Maturity5.Indenture(契约)6.Currentyield7.BondratingsClaimsonassetsandincomeInterestanddividendsleadstoInsolvency:BondsCommonstockPreferredstockParvalueParvalueofa

5、bond:afacevaluethatisreturnedtothebondholderatmaturity.Denomination:$1000Quotation:101.375%CouponinterestrateCouponinterestrate:Indicatorofthepercentageoftheparvalueofthebondthatwillbepaidoutannuallyintheformofinterest.Forexample:Interestrate:8%Par:$10008%x$1000=$80.00MaturityLengthtimetor

6、edeemthebonds.Forexample:3years10years30yearsIndenture(契约)Legalagreement:Betweenissuingcompaniesandbondtrusteewhorepresentsthebondholders.Commonprovisions:ProhibitionsonthesaleofaccountsreceivableConstraintsontheissuanceofcommonstockdividendsRestrictionsonthepurchaseorsaleoffixedassetsCons

7、traintsonadditionalborrowingCurrentyieldCurrentyield=(annualinterestpayment)/(marketpriceofthebond)=(0.08*$1,000)/$700=$80/$700=0.114=11.4%StandardandPoor’sCorporateBondRatingsAAAAAABBBBBBCCCCCCCURNETBONDSYLDVOLCLOSECHGCaterplnc6s076.84988+ChsCp8s047.91101-Chs