股票与投资分析Chap010.docx

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股票与投资分析Chap010.docx

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Chapter10-BondPricesandYields

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?2013byMcGraw-HillEducation.Thisisproprietarymaterialsolelyforauthorizedinstructoruse.Notauthorizedforsaleordistributioninanymanner.Thisdocumentmaynotbecopied,scanned,duplicated,forwarded,distributed,orpostedonawebsite,inwholeorpart.

Chapter10

BondPricesandYields

Catastrophebond:Typicallyissuedbyaninsurancecompany.Theyaresimilartoaninsurancepolicyinthattheinvestorreceivescouponsandparvalue,buttakesalossinpartoralloftheprincipalifamajorinsuranceclaimisfiledagainsttheissuer.Thisisprovidedinexchangeforhigherthannormalcoupons.

Eurobond:Theyarebondsissuedinthecurrencyofonecountrybutsoldinothernationalmarkets.

Zero-couponbond:Zero-couponbondsarebondsthatpaynocouponsbutdopayaparvalueatmaturity.

Samuraibond:Yen-denominatedbondssoldinJapanbynon-JapaneseissuersarecalledSamuraibonds.

Junkbond:ThoseratedBBBorabove(SP,Fitch)orBaaandabove(Moody’s)areconsideredinvestmentgradebonds,whilelower-ratedbondsareclassifiedasspeculativegradeorjunkbonds.

Convertiblebond:Convertiblebondsmaybeexchanged,atthebondholder’sdiscretion,foraspecifiednumberofsharesofstock.Convertiblebondholders“pay”forthisoptionbyacceptingalowercouponrateonthesecurity.

Serialbond:Aserialbondisanissueinwhichthefirmsellsbondswithstaggeredmaturitydates.Asbondsmaturesequentially,theprincipalrepaymentburdenforthefirmisspreadovertimejustasitiswithasinkingfund.Serialbondsdonotincludecallprovisions.

Equipmentobligationbond:Abondthatisissuedwithspecificequipmentpledgedascollateralagainstthebond.

Originalissuediscountbonds:Originalissuediscountbondsarelesscommonthancouponbondsissuedatpar.Thesearebondsthatareissuedintentionallywithlowcouponratesthatcausethebondtosellatadi