公司理財chap5(編輯修改稿)
2025-01-16 22:14 本頁面
【文章內(nèi)容簡介】 the price of the bond is $1115. What is the YTM of this bond?,Current Yield vs. Yield to Maturity,Current Yield = annual coupon / price Yield to maturity = Current yield + Capital gains yield Example: 10% coupon bond, with annual coupons, face value of 1,000, 20 years to maturity, $1,196.31 price Current yield = 100 / 1196.31 = 8.36% Price in one year (assuming no change in YTM) = 1,192.06 Capital gains yield = (1192.06 – 1196.31) / 1196.31 =.36% YTM = 8.36 .36 = 8%,Pure Discount Bonds(純貼現(xiàn)債券),Make no periodic interest payments (coupon rate = 0%) The entire yield to maturity comes from the difference between the purchase price and the par value. Cannot sell for more than par value Sometimes called zeroes, deep discount bonds, or original issue discount bonds (OIDs),Information needed for valuing pure discount bonds: Time to maturity (T) Face value (F) Discount rate (r),Present value of a pure discount bond at time 0:,Pure Discount Bonds: Example,Find the value of a 30year zerocoupon bond with a $1,000 par value and a YTM of 6%.,Consols(金邊債券),Not all bonds have a final maturity. British consols pay a set amount (i.e., coupon) every period forever. These are examples of a perpetuity.,5.2 More on Bond Features,Bond Ratings: Investment Quality,High Grade Moody’s Aaa and Samp。P AAA – capacity to pay interest and principal is extremely strong Moody’s Aa and Samp。P AA – capacity to pay is very strong Medium Grade Moody’s A and Samp。P A – capacity to pay is strong, but more susceptible to the adverse effects of changes in circumstances and economic conditions Moody’s Baa and Samp。P BBB – capacity to pay is adequate, adverse conditions will have more
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