债券的价值分析.pdf

债券的价值分析 • （一）level-coupon bond 的价值评估 • 不可赎回的债券的现金流量包括两部 分：在到期日之前周期性的息票利息支 付；票面到期价值。 C C C C M P     2 3 n n (1i) (1i) (1i) (1i) (1i) • （二）一次性还本付息的债券价值评估 • 只有一次现金流动，也就是到期日的本 息之和。 ( 1  ) n M r P ( 1  ) m i • （三）零息债券的定价pure discount bond • 不向投资者进行任何周期性的利息支 付，只在债券到期时支付面值。 M P (1  i) m Computing Bond Yields Yield Measure Purpose Coupon rate Measures the coupon rate or the percentage of par paid out annually as interest Current yield Measures current income rate Promised yield to maturity Measures expected rate of return for bond held to maturity Promised yield to call Measures expected rate of return for bond held to first call date Realized (horizon) yield Measures expected rate of return for a bond likely to be sold prior to maturity. It considers specified reinvestment assumptions and an estimated sales price. It can also measure the actual rate of return on a bond during some past period of time. Current Yield • Similar to dividend yield for stocks, this measure