固定收益证券：债券类型、年金及定价概览.pptxVIP

01/02/2026CopyrightLaurenceCopelandTopic2Page1/17Topic2

FIXEDINCOMESECURITIESTypesofbondAnnuitiesBondpricing

01/02/2026CopyrightLaurenceCopelandTopic2Page2/17PRELIMINARIESAbondisalongterm(1year)loanmadebytheownerofthebondtotheissuingagency,inexchangeforthepromiseofperiodicinterest(coupon)payments(usuallyevery6months)andthereturnoftheprincipalontheredemptionormaturitydate.

01/02/2026CopyrightLaurenceCopelandTopic2Page3/17Bondsissuedby:-Governments:gilt-edgedinUK,TreasuryBonds(T-Bonds)inUSA,BundsinGermany-Quasi-governmentalbodies(especiallyinUSAe.gFNMA,GNMAetc)-Firms(corporatedebt,debentures)usuallyatapriceequaltotheprincipalorparvalueorfacevalue(￡100or$1000).Afterissue(toprimarymarket),bondsaretradedinsecondarymarketatpricesreflectingtheirmarketvalue.

01/02/2026CopyrightLaurenceCopelandTopic2Page4/17TYPESOFBONDISSUEDCouponbonds(straightdebt)Zero-couponbonds(especiallyTreasuryBills,stripsalsocomparepreferenceshares)Perpetuities(ConsolsbyUKGovernment,alsoPIB’sbyUKbuildingsocieties)Convertibles(corporates)Callabledebt(USFederalGovernment,UScorporates)Index-Linked(bygovernmentsofFinland,Brazil,Israel,UK,Sweden,USA...)

SecuredorunsecuredCallprovisionConvertibleprovisionPutprovision(putablebonds)FloatingratebondsPreferredStockProvisionsofBonds01/02/2026Topic2Page5/17CopyrightLaurenceCopeland

InnovationintheBondMarketInverseFloatersAsset-BackedBondsCatastropheBondsIndexedBonds01/02/2026Topic2Page6/17CopyrightLaurenceCopeland

01/02/2026CopyrightLaurenceCopelandTopic2Page7/17Inthiscourse,unlessstatedotherwise: weconcentrateonGovernment-issueddebt(gilt-edgedorbonds)ratherthancorporatedebt(debentures),denominatedindomesticcurrency(i.e.notEurobondsetc),withnoconversionorcallprovisionsandnoindex-linkage.All(domestic