第03章股票和债券估价汇总.ppt

Pure Discount Bonds: Example Find the value of a 30-year zero-coupon bond with a $1,000 par value and a YTM of 6%. * Level-Coupon Bonds：平息债券 平息债券：每期支付利息，到期支付最后一期利息并偿还本金。 * 平息债券的价格 = 息票年金的现值 + 到期支付本金的现值 Level-Coupon Bonds: Example Find the present value (as of January 1, 2004), of a 6-3/8 coupon T-bond with semi-annual payments, and a maturity date of December 2009 if the YTM is 5-percent. On January 1, 2004 the size and timing of cash flows are: * 债券的收益率 票面利率(Coupon Rate): 每年支付的利息除以债券面值 (C/F). 债券发行时就确定了票面利率。 当期收益率(Current Yield): 债券每年的利息除以债券的当前价格 (C/P). 当期收益率随债券价格的变化而变。 到期收益率(Yield to