债券市场带测验.ppt
- 文档编号:1425471
- 上传时间:2022-10-22
- 格式:PPT
- 页数:53
- 大小:1.10MB
债券市场带测验.ppt
《债券市场带测验.ppt》由会员分享,可在线阅读,更多相关《债券市场带测验.ppt(53页珍藏版)》请在冰豆网上搜索。
Chapter3BondMarket,3.1BackgroundonBonds3.2BondsYields3.3BondsValuationProcess3.4ExplainingBondPriceMovements3.5SensitivityofBondPricestoInterestRateMovements,3.1BackgroundonBonds,Bondsrepresentlong-termdebtsecuritiesthatareissuedbygovernmentagenciesorcorporations.TheissuerofthebondisobligatedtopayInterest(orcoupon)paymentsperiodicallyusuallysemiannuallyParorfacevalue(principal)atmaturityPrimaryvs.secondarymarketforbonds,TypesofBonds,BondsbyIssuers,U.S.TreasuryBonds,IssuedbytheU.S.TreasurytofinancefederalgovernmentexpendituresMaturityNotes,10to30YearsActiveOTCSecondaryMarketSemiannualInterestPayments,TreasuryBonds,TreasuryBondQuotations8.38Aug.2013-18103:
05103:
11YTM?
Couponrate:
8.38Maturitydate:
Aug.2013-18Bid/AskpriceaspercentoffacevalueFractionsofpricein32ndsExample:
Bidprice103:
05,Askprice103:
11YieldtoMaturity(YTM),TreasuryBonds,Zero-couponsecuritiesaresoldwithclaimsonU.S.TreasurybondsheldinatrustOnesecurityrepresentstheprincipalpayment(np)atmaturityOthersecuritiesrepresentstheinterestpayments(ci)atinterestpayingdates,StrippedTreasuryBonds,TreasuryBonds,IntendedforinvestorswhoseekinflationprotectionwiththeirinvestmentsCouponrateslessthanotherTreasuriesPrincipalvalueadjustedfortheU.S.inflationrate(CPI)every6monthsCouponincomeincreaseswithinflation,Inflation-IndexedBonds,FederalAgencyBonds,GovernmentNationalMortgageAssociation(GNMA)IssuesbondsandusesproceedstopurchaseinsuredFederalHousingAdministration(FHA)andVeteransAdministration(VA)mortgagesAU.S.GovernmentAgencyBackedbyexplicitguaranteeofFederalGovernmentExampleofsocialallocationofcapital,FederalAgencyBonds,FederalHomeLoanMortgageAssociation(FreddieMac)IssuesbondsandusesproceedstopurchaseconventionalmortgagesAU.S.government-sponsoredagencyNoexplicitguaranteeofbondsbyfederalgovernment,butcreditriskisverylow,MunicipalBonds,MunicipalBondsstateandlocalgovernmentsfrequentlyspendmorethantherevenuestheyreceive.Tofinancethedifference,theyissuemunicipalbonds.TypesGeneralobligationBondsvs.revenuebondsInvestorinterestincomeexemptfromfederalincometaxTaxReformActof1986placedlimitationsontax-exemptbondissuanceforprivatepurposes,CorporateBonds,Whencorporationswanttoborrowforlong-termperiodstheyissuecorporatebondsUsuallypaysemiannualinterestMosthavematuritiesbetween10-30yearsPublicofferingvs.privateplacementInvestorsseeksafetyofprincipalandsteadyincome,CorporateBonds,IndentureLegaldocumentspecifyingrightsandobligationsofissuerandbondholderTrusteeRepresentsbondholderstoassurecompliancewithindenture,CorporateBondTerminology,CorporateBonds,SinkingFundProvisionRequirementthatthefirmretireacertainamountornumberofbondseachyearProtectsinvestorswithprincipalreductionProtectiveCovenantsPlacesrestrictionsonthefirmtoprotectbondholdersExamples:
limitsdividendsandofficersalaries,restrictsadditionaldebt,CorporateBondTerminology,CorporateBonds,Callprovisions:
AbilitytopaybondsoffearlyCallpremiumAdvantagetoissuers;disadvantagetoinvestorBondcollateralUsuallyconsistsofamortgageonrealpropertyUnsecuredbondsarecalleddebenturesandarebackedonlybythegeneralcreditoftheissuingfirm,CorporateBondTerminology,CorporateBonds,Low-couponandzero-couponbondsProvideinvestorsknownrateofreturnImputedinterestincometaxedifnotintax-shelteredinvestmentplanAttractivetopensionfundswithexpectedpayoutsVariable-ratebondsAllowinvestorstobenefitfromrisingmarketinterestratesovertime,andtheyallowissuersofbondstobenefitformdecliningratesovertime.ConvertiblebondsAllowinvestorstoexchangethebondforastatednumberofsharesofthefirmscommonstock.,CorporateBondTerminology,CorporateBonds,JunkBondsJunkbondsarealsocalledhigh-yieldbondsornoninvestmentratedbondsPopularizedinthedirectfinanceboomofthe1980sTheriskpremiumisbetweenthreeandsevenpercentaboveTreasurybondsandsusceptibletocontagioneffectsSecondarymarketsupportedbydealermarket,CorporateBondsMarketQuotation,ATT6297.3214885/8th+1/4AT&Tbondquotefor1/13/02(U.S.ExchangeBond)6.5%couponrateMaturityin20297.3%currentyield(annualinterest/price)214bondstradedonthisdayBondpricedatcloseofday885/8th%offace($1000)or$886.25Bondpriceuppointforthedayor$2.50,Exhibit,MajorInvestorsinCorporateBonds,December,2001,LifeInsuranceCompanies$1.33Trillion,ForeignInvestors$1.23Trillion,HouseholdsandTrusts$608Billion,MutualFunds$420Bil.,3.2BondsYields,TheissuerscostoffinancingwithbondsisthecouponrateDeterminedbycurrentmarketratesandriskUsuallyfixedthroughouttermDeterminesperiodicinterestpayments,BondInterestRates,3.2BondsYields,Theyieldtomaturity
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 债券市场 测验
![提示](https://static.bdocx.com/images/bang_tan.gif)