利息與利率gppt課件(2)(編輯修改稿)
2025-06-02 12:03 本頁面
【文章內(nèi)容簡介】 FP LV = + + + ... + (1+i) (1+i)2 (1+i)3 (1+i)n 21 Yield to Maturity: Bonds ? 4. Discount Bond (P = $900, F = $1000), one year $1000 $900 = (1+i) $1000 – $900 i = = = % $900 F – P i = P 3. Coupon Bond (Coupon rate = 10% = C/F) $100 $100 $100 $100 $1000 P = + + + ... + + (1+i) (1+i)2 (1+i)3 (1+i)10 (1+i)10 C C C C F P = + + + ... + + (1+i) (1+i)2 (1+i)3 (1+i)n (1+i)n Consol: Fixed coupon payments of $C forever C C P = i = i P 22 Relationship Between Price and Yield to Maturity Three Interesting Facts in Table 1 1. When bond is at par, yield equals coupon rate 2. Price and yield are negatively related 3. Yield greater than coupon rate when bond price is below par value 23 Current Yield（當(dāng)期收益率） C ic = P Two Characteristics 1. Is better approximation to yield to maturity, nearer price is to par and longer is maturity of bond 2. Change in current yield always signals change in same direction as yield to maturity Yield on a Discount Basis（貼現(xiàn)收益率） (F – P) 360 idb = x F (number of days to maturity) One year bill, P = $900, F = $1000 $1000 – $900 360 idb = x = = % $1000 365 Two Characteristics 1. Understates yield to maturity。 longer the maturity, greater is understatement 2. Change in discount yield always sig
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號(hào)-1