财务管理基础 financial management 清华大学出版社4.pptVIP

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2017-08-25 发布于广东
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财务管理基础 financial management 清华大学出版社4.ppt

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Determining Semiannual Coupon Bond YTM [ (1 + kd / 2)2 ] –1 = YTM Determine the Yield-to-Maturity (YTM) for the semiannual coupon paying bond with a finite life. [ (1 + 0.042626)2 ] –1 = 0.0871 or 8.71% Note: make sure you utilize the calculator answer in its DECIMAL form. Solving the Bond Problem Press: 2nd Bond 12.3104 ENTER ↓ 8 ENTER ↓ 12.3124 ENTER ↓ ↓ ↓ ↓ ↓ 95 ENTER ? CPT = kd Source: Courtesy of Texas Instruments Determining Semiannual Coupon Bond YTM [ (1 + kd / 2)2 ] –1 = YTM This technique will calculate kd. You must then substitute it into the following formula. [ (1 + 0.0852514/2)2 ] –1 = 0.0871 or 8.71% (same result!) Bond Price - Yield Relationship Discount Bond – The market required rate of return exceeds the coupon rate (Par P0 ). Premium Bond – The coupon rate exceeds the market required rate of return (P0 Par). Par Bond – The coupon rate equals the market required rate of return (P0 = Par). Bond Price - Yield Relationship Coupon Rate MARKET REQUIRED RATE OF RETURN (%) BOND PRICE ($) 1000 Par 1600 1400 1200 600 0 0 2 4 6 8 10 12 14 16 18 5 Year 15 Year Bond Price-Yield Relationship Assume that the required rate of return on a 15 year, 10% annual coupon paying bond rises from 10% to 12%. What happens to the bond price? When interest rates rise, then the market required rates of return rise and bond prices will fall. Bond Price - Yield Relationship Coupon Rate MARKET REQUIRED RATE OF RETURN (%) BOND PRICE ($) 1000 Par 1600 1400 1200 600 0 0 2 4 6 8 10 12 14 16 18 15 Year 5 Year Bond Price-Yield Relationship (Rising Rates) Therefore, the bond price has fallen from $1,000 to $864. ($863.78 on calculator) The required rate of return on a 15 year, 10% annual coupon paying bond has risen from 10% to 12%. Bond Price-Yield Relationship Assume that the required rate