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 $1,000 for corporate bonds Coupon interest rate: Stated interest rate Usually = YTM at issue Multiply by par value to get coupon payment 6-* Key Features of a Bond Maturity: Years until bond must be repaid Yield to maturity (YTM): The market required rate of return for bonds of similar risk and maturity The discount rate used to value a bond Return if bond held to maturity Usually = coupon rate at issue Quoted as an APR 6-* The Bond-Pricing Equation PV(Annuity) PV(lump sum) C = Coupon payment; F = Face value 6-* Table 6.1 折价债券（discount bond) 以低于面值的价格出售的债券 溢价债券(Premium Bond) 债券以高于面值的价格出售 6-* M Premium 1,000 Discount 30 25 20 15 10 5 0 CRYTM CRYTM YTM = CR Bond Value ($) vs Years remaining to Maturity 6-* Inflation and Interest Rates Real rate of interest =Change in purchasing power Nominal rate of interest = Quoted rate of interest, = Change in purchasing power and inflation The ex ante nominal rate of interest includes our desired real rate of return plus an adjustment for expected inflation 6-* The Fisher Effect The Fisher Effect defines the relationship between real rates, nominal rates and inflation (1 + R) = (1 + r)(1 + h) R = nominal rate (Quoted rate) r = real rate h = expected inflation rate Approximation: R = r + h 6-* Term Structure of Interest Rates Term structure: The relationship between time to maturity and yields, all else equal The effect of default risk, different coupons, etc. has been removed. Yield curve: Graphical representation of the term structure Normal = upward-sloping ? L/T S/T Inverted = downward-sloping ? L/T S/T 6-* Figure 6.5 A – Upward-Sloping Yield Curve 6-* Factors Affecting Required Return Default risk premium – bond ratings Taxability premium