公司理財(cái)chap5(參考版)
2025-01-16 22:14本頁(yè)面
【正文】 P C – income bonds with no interest being paid Samp。P BBB – capacity to pay is adequate, adverse conditions will have more impact on the firm’s ability to pay,Bond Ratings: Speculative,Low Grade Moody’s Ba and B Samp。P AA – capacity to pay is very strong Medium Grade Moody’s A and Samp。Interest Rates and Bond Valuation,Chapter 5,Key Concepts and Skills,Understand bond values and why they fluctuate Understand bond ratings and what they mean Understand the impact of inflation on interest rates Understand the term structure of interest rates and the determinants of bond yields,Chapter Outline,5.1 Bonds and Bond Valuation 5.2 More on Bond Features 5.3 Inflation and Interest Rates 5.4 Determinants of Bond Yields,5.1 Bonds and Bond Valuation,A bond is a legally binding agreement between a borrower and a lender that specifies the: Par (face) value(面值) Coupon rate(票面利率) Coupon payment(票面利息) Maturity Date(到期日) The yield to maturity(到期收益率) is the required market interest rate on the bond.,Bond Valuation,Primary Principle: Value of financial securities = PV of expected future cash flows Bond value is, therefore, determined by the present value of the coupon payments and par value. Interest rates are inversely related to present (i.e., bond) values.,The Bond Pricing Equation,Suppose a corporate issued a 5year bond with 8% coupon on January 1 of 2013. The Par Value of the bond is $1,000. Coupon payments are made semiannually (June 30 and December 31 for this particular bond). Since the coupon rate is 8%, the payment is $40. On January 1 of 2013 the size and timing of cash flows will be:,Bond Example,On January 1, 2013, the required yield is 6%. How can we
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