中级财务管理ch03课件.pptVIP

CHAPTER 4Bonds and Their Valuation Key features of bonds Bond valuation Measuring yield Assessing risk What is a bond? A long-term debt instrument in which a borrower agrees to make payments of principal and interest, on specific dates, to the holders of the bond. Bond markets Primarily traded in the over-the-counter (OTC) market. Most bonds are owned by and traded among large financial institutions. Full information on bond trades in the OTC market is not published, but a representative group of bonds is listed and traded on the bond division of the NYSE. Key Features of a Bond （面值）Par value – face amount of the bond, which is paid at maturity (assume $1,000). （债券利息率）Coupon interest rate – stated interest rate (generally fixed) paid by the issuer. Multiply by par to get dollar payment of interest. （到期日）Maturity date – years until the bond must be repaid. （发行日）Issue date – when the bond was issued. （到期收益率）Yield to maturity - rate of return earned on a bond held until maturity (also called the “promised yield”). WARNING The coupon rate IS NOT the discount rate used in the Present Value calculations. 注意：债券利率不是折现率 The coupon rate merely tells us what cash flow the bond will produce. The value of financial assets Bond Pricing（债券价值） The price of a bond is the Present Value of all cash flows generated by the bond (i.e. coupons and face value) discounted at the required rate of return. Kd影响因素：风险补偿率+无风险利率（大致等于同期国债收益率） 特别注意付息次数及期限 Bond Pricing Example What is the price of a 6 % annual coupon bond, with a $1,000 face value, which matures in 3 years? Assume a required return of 5.6%. Bond Pricing Example (continued) What is the price of the bond if the required rate of return is 6 %? Bond Pricing Example (continued) What is the price of the bond if the required rate of return is 15 %? Bond Pricing Example (continued) What is the price of the bond if the required rate of return is 5.6% AND the coupons are paid semi-annually? Bond Pricing Example (continued) Q: How