公司理财复习课稿.ppt

6-* Bond Definitions Bond Debt contract Interest-only loan Par value (face value) ~ $1,000 Coupon rate Coupon payment Maturity date Yield to maturity 6-* Key Features of a Bond Par value: Face amount Re-paid at maturity Assume $1,000 for corporate bonds Coupon interest rate: Stated interest rate Usually = YTM at issue Multiply by par value to get coupon payment 6-* Key Features of a Bond Maturity: Years until bond must be repaid Yield to maturity (YTM): The market required rate of return for bonds of similar risk and maturity The discount rate used to value a bond Return