债券市场带测验PPT课件下载推荐.ppt
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债券市场带测验PPT课件下载推荐.ppt
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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
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