彼得羅斯公司理財cap(7)(參考版)
2024-10-22 18:00本頁面
【正文】 P C amp。P BBB – capacity to pay is adequate, adverse conditions will have more impact on the firm’s ability to pay 828 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。 CPT I/Y = 4% (Is this the YTM?) ? YTM = 4%*2 = 8% 818 Current Yield vs. Yield to Maturity ? Current Yield = annual coupon / price ? Yield to maturity = current yield + capital gains yield ? Example: 10% coupon bond, with semiannual coupons, face value of 1,000, 20 years to maturity, $1, price ? Current yield = 100 / = .0835 = % ? Price in one year, assuming no change in YTM = 1, ? Capital gain yield = ( – ) / = = % ? YTM = .35 = 8%, which is the same YTM puted earlier 819 Bond Pricing Theorems ? Bonds of similar risk (and maturity) will be priced to yield about the same return, regardless of the coupon rate. ? If you know the price of one bond, you can estimate its YTM and use that to find the price of the second bond. ? This is a useful concept that can be transferred to valuing assets other than bonds. 820 Zero Coupon Bonds ? Make no periodic interest payments (coupon rate = 0%) ? The entire yield to maturity es 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) ? Treasury Bills and principalonly Treasury strips are good examples of zeroes 821 Pure Discount Bonds Information needed for valuing pure discount bonds: ? Time to maturity (T) = Maturity date today’s date ? Face value (F) ? Discount rate (r) TrFPV)1( ??Present value of a pure discount bond at time 0: ?00$10$20$1?TF$T822 Pure Discount Bonds: Example Find the value of a 15year zerocoupon bond with a $1,000 par value and a YTM of 12%. 7 4$)(0 0 0,1$)1( 30???? TrFPV?0$1229,30?00$10$20$29000,1$30823 Bond Pricing with a Spreadsheet ? There are specific formulas for finding bond prices and yields on a spreadsheet. ? PRICE(Settlement,Maturity,Rate,Yld,Redemption, Frequency,Basis) ? YIELD(Settlement,Maturity,Rate,Pr,Redemption, Frequency,Basis) ? Settlement and maturity need to be actual dates ? The redemption and Pr need to given as % of par value ? Click on the Excel icon for an exa
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