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1、4BONDINVESTMENTMANAGEMENTLet’srecapwhatweknow—andwhatwedon’t.Giventheparametersofabond—coupon,maturity,andsoon—weknowwhatthebondpays.Givenwhatthebondpays,plusknowledgeofhowmuchthemar-ketrequiresthatitpay—itsyield—wecancalculate,usingthetoolsofChapter3,whatt
2、hebondisworth,oritsprice.Howdoesthemarketgoaboutdecidinghowmuchthebondshouldyield?Thefoundationsforinterestratesaredeterminedbythemacroeconomy,explainedinthefollowingtwochapters(withexten-sionsinChapter8,“TheYieldCurve,”andinChapter9“CorporateBonds,”ontheri
3、skpremiumincorporatebonds:Whatweneedtolearnnowiswhattodowiththebondonceweknowitsyield,henceitsprice.Inotherwords,howdoweemployitinaportfolio?RateofReturnFirstweneedtomakeclearwhatkindofportfoliomanagerwearedeal-ingwith.We’renottalkingaboutaspeculator(youmig
4、htusetheword“trader”asasubstituteinthiscontext).ByspeculatorImeanabondmarketparticipantwhowouldpurchaseabondsolelyfortheexpecta-tionthatapriceriseisimminent(orwhowouldsellshortinanticipa-tionofanimminentpricedecline).We’realsonottalkingaboutabonddealer,whos
5、eintentionistoholdthebondonlytemporarilyuntilabuyerisfound.Rather,thefocusisonaninvestor.Inthiscontext,3536•FundamentalPrinciplesofBondStructure,Pricing,andInvestinginvestorreferstoaportfoliomanagerinterestedintheregularincomeabondproduces,inadditiontoanypo
6、ssiblepriceappreciation.Assuch,thisinvestorhasalongertimehorizonthanthespeculatorforholdingthesecurity.Let’sstartbylookingatFigure4.1.InChapter1wediscusshowabond’sbasicinformation(wetermthebasicinformation“parame-ters”)providesthebond’scashflows.TheninChapte
7、r3weusemar-ketinformation,asrepresentedbythebond’syield,combinedwiththebond’scashflows,todetermineitsprice.Thelastpieceofthetriangleisinformationabouttheinvestor.Thisincludestheinvestor’shorizonandhisorherexpectationsaboutthefuture.1Armedwiththesethreesetsof
8、information,wehavewhatweneedtodeterminetheattractivenessofabondand,byextension,whattodowithit.Consideraninvestorwithaone-yearhorizon.Thismeansthatsheexpectstoemploythisparticularinvestmentstrategyforay
