Reading 57 债券估值介绍-CFA-东方华尔.pdf

东方华尔CFA一级培训课程 尔 华 Fixed Income 方 东 Instructor: 郭文涛, CFA Study Session 16 Asset Valuation 尔 华 Fixed Income Investment: 方 Enhance and Practice. 东 Review A. “Features of Debt Securities,” B. “Risks Associated with Investing in Bonds,” 尔 11 types: Interest rate risk、Call risk 、Prepayment risk、Yield curve risk、Reinvestment risk、Credit risk、Liquidity risk、 Exchange-rate risk、Volatility risk、Inflation risk、Event risk 华 方 C. “Overview of Bond Sectors and Instruments,” 东 D. “Understanding Yield Spreads,” E. “Money Policy in an Environment of Globle Financial Markets” What’s Ahead? • Fundamental principles of bond valuation 尔 • Types of bonds with uncertain cash flows • Price-yield curve and how a bond changes as approaches its maturity 华 • Compute the value of a zero-coupon bond • Appropriate single or multiple discount rates 方 • Arbitrage-free valuation approach IP# 东 Review • 学习要点 57. a: 解释债券估值过程的步骤。 （Explain the steps inthe bond valuation process. ） 尔 华 •学习要点 57. b: 说明难以估计现金流的债券类型。（Describe types of bonds for which estimating the expected cash flows is difficult. ）