(债券及固定收益证券的评价)

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1、Chapter4ValuingBonds(債券及固定收益證券的評價)1TopicsCoveredBondCharacteristics(債券的特性)ReadingthefinancialpagesBondPricesandYieldsBondpricesandinterestrates(債券的價格與利率之關係)YTMvs.currentyield(債券殖利率與當期收益率)RateofReturn(債券的報酬)InterestRateRisk(利率風險)TheYieldCurve(收益線)Nominaland

2、RealRatesofInterest(名目與實質利率)DefaultRisk(違約風險)2BondsTerminologyBond-Securitythatobligatestheissuertomakespecifiedpaymentstothebondholder.Coupon(票息or票面利息)-Theinterestpaymentsmadetothebondholder.FaceValue(面額)(ParValueorMaturityValue)-Paymentatthematurityofthe

3、bond.CouponRate(票面利率)-Annualinterestpayment,asapercentageoffacevalue.3BondsWARNINGThecouponrateISNOTthediscountrateusedinthePresentValuecalculations.Thecouponratemerelytellsuswhatcashflowthebondwillproduce.Sincethecouponrateislistedasa%,thismisconceptionis

4、quitecommon.4BondPricingThepriceofabondisthePresentValueofallcashflowsgeneratedbythebond(i.e.couponsandfacevalue)discountedattherequiredrateofreturn.5BondPricingThepriceofabondisthePresentValueofallcashflowsgeneratedbythebond(i.e.couponsandfacevalue)discou

5、ntedattherequiredrateofreturn.6BondPricingExample1(溢價債券:債券價格高於面值)Whatisthepriceofa6%annualcouponbond,witha$1,000facevalue,whichmaturesin3years?Assumearequiredreturnof5.6%.7Whatisthepriceforthe3yearbond’swith10%couponinterestandthemarketinterestrateis5%?Whe

6、ninterestrates,bondpriceswillAlwaysgoup.Note:theequationforcalculatingpriceis=PV(rate,nper,pmt,fv)BondswithMaturityDatesAnnualCompoundingUsingExcel8BondPricingExample2(平價債券:債券價格等於面值)Whatisthepriceofthebondiftherequiredrateofreturnis6%?9UsingExcelForexampl

7、e,findthepriceofa10%couponbondwiththreeyearstomaturityifmarketinterestratesarecurrently10%.Note:theequationforcalculatingpriceis=PV(rate,nper,pmt,fv)BondswithMaturityDatesAnnualCompounding10BondPricingExample3(折價債券:債券價格低於面值)Whatisthepriceofthebondiftherequ

8、iredrateofreturnis15%?11Whatisthepriceforthe3yearbond’swith10%couponinterestandthemarketinterestrateis15%?Whentheinterestrategoesup,thebondpricewillalwaysgodown.BondswithMaturityDatesAnnualCompoundingUsingExc