财务管理基础（第6版）理查德·A·布雷利-chap006.pptVIP

Web Resources 3 2 2 2 2 2 3 5 7 9 14 13 11 11 16 17 19 21 22 24 26 6- * 6- * McGraw Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved Fundamentals of Corporate Finance Sixth Edition Richard A. Brealey Stewart C. Myers Alan J. Marcus Slides by Matthew Will Chapter 6 McGraw Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved Valuing Bonds Topics Covered The Bond Market Interest Rates and Bond Prices Current Yield and Yield to Maturity Bond Rates and Returns The Yield Curve Corporate Bonds and the Risk of Default Bonds Terminology Bond - Security that obligates the issuer to make specified payments to the bondholder. Coupon - The interest payments made to the bondholder. Face Value (Par Value or Principal Value) - Payment at the maturity of the bond. Coupon Rate - Annual interest payment, as a percentage of face value. Bonds WARNING The coupon rate IS NOT the discount rate used in the Present Value calculations. The coupon rate merely tells us what cash flow the bond will produce. Since the coupon rate is listed as a %, this misconception is quite common. Bond Pricing The price of a bond is the Present Value of all cash flows generated by the bond (i.e. coupons and face value) discounted at the required rate of return. Bond Cash Flows Bond Pricing Example What is the price of a 5.0 % annual coupon bond, with a $1,000 face value, which matures in 3 years? Assume a required return of 2.15%. Bond Pricing Example (continued) Q: How did the calculation change, given semi-annual coupons versus annual coupon payments? Bond Pricing Example (continued) What is the price of the bond if the required rate of return is 2.15% AND the coupons are paid semi-annually? Treasury Yields The interest rate on 10-year U.S. Treasury bonds Bond Pricing Example (continued) What is the price of the bond if the required rate of return is 5.0 %? Bond Pricing Example (continued) What is the price of the bond if th