3.当利率上扬时,可赎回债券与非可赎回债券的利差会扩大.4.随着到期日.ppt

第八章債券與其評價;本章重點:(續);債券是什麼證券?;債券的特色;3. 到期日: 指尚有多少期間債券才到期.隨著時間的消逝,到期日越來越短. 4. 發行日: 即債券發行的日期.;一般債券(Straight Bonds);債券的評價;債券的評價之例1;債券的評價(例1);債券的評價之例2;債券的評價之例2;溢價與折價發行;債券的種類;1.附息債券 vs 無息債券;2.擔保債券 vs 無擔保債券;3.政府債券 vs 公司債;4.課稅債券 vs 免稅債券;5.一般債券 vs 可轉換債券;6.一般債券 vs 可贖回債券;可轉換債券與可贖回債券;實體與無實體交易;償債基金(Sinking funds);什麼是殖利率(Yield to Maturity)?;債券市值與殖利率;殖利率之例1;殖利率之例1;殖利率之例2;殖利率之例2;現行獲息率與資本利得率;現行獲息率與資本利得率範例;現行獲息率與資本利得率範例;前例有否矛盾? 錯在那裏?;某面值100000元債券年息10%,十年後到期,YTM是10.8%,市價是95248元,???其資本利得率. Current yield=10000/95248=10.5% Capital gain =10.8%-10.5%=0.3% ;假設殖利率不變,計算一年後的現行獲息率與資本利得率各是多少?;P(1)=95535 Current yield=10000/95535=10.47% Capital gain yield=10.8%-10.47% =0.33% #;附息債券利率相關理論;附息債券評價相關理論;附息債券利率相關理論;可贖回債券的特色;可贖回債券的特色;可贖回債券之例1;可贖回債券之例1;可贖回債券之例1;可贖回債券之例1;公司應該在何利率下贖回債券？;公司應該在何利率下贖回債券？;公司應該在何利率下贖回債券？;公司應該在何利率下贖回債券？;A 10-year, 10% semiannual coupon, $1,000 par value bond is selling for $1,135.90 with an 8% yield to maturity. It can be called after 4 years at $1,050. What’s the bond’s nominal yield to call (YTC)?;kNom = 7.137% is the rate brokers would quote. Could also calculate EFF% to call: EFF% = (1.03568)2 – 1 = 7.26%. This rate could be compared to monthly mortgages, etc.;If you bought bonds, would you be more likely to earn YTM or YTC?;In general, if a bond sells at a premium, then (1) coupon kd, so (2) a call is likely. So, expect to earn: YTC on premium bonds. YTM on par discount bonds.;Disney recently issued 100-year bonds with a YTM of 7.5%--this represents the promised return. The expected return was less than 7.5% when the bonds were issued. If issuer defaults, investors receive less than the promised return. Therefore, the expected return on corporate and municipal bonds is less than the promised return.;Bond Ratings Provide One Measure of Default Risk;What factors affect default risk and bond ratings? ;Provisions in the bond contract Secured vs. unsecured debt Senior vs. subordinated debt Guarantee provisions Sinking fund provisions Debt maturity;Other factors Earning