资源描述：
《interest rates and bond valuation》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1ImportantbondfeaturesandINTERESTRATEStypesofbonds.LO2Bondvaluesandyieldsandwhytheyfluctuate.ANDBONDLO3Bondratingsandwhattheymean.7LO4Theimpactofinflationoninterestrates.VALUATIONLO5Thetermstructureofinterestratesand
2、thedeterminantsofbondyields.INITSMOSTBASICFORM,abondisaprettyunderlyingmortgages,andthesepaymentscanbesimplething.Youlendacompanysomemoney,saydividedupinvariouswaystocreatedifferentclasses$1,000.Thecompanypaysyouinterestregularly,andofbonds.Defaultsontheunderlyingmortgagesleadit
3、repaystheoriginalloanamountof$1,000atsometolossestoMBSbondholders,particularlythoseinpointinthefuture.Butbondsalsocanhavecomplextheriskierclasses,andastheU.S.housingcrunchhitfeatures,andin2008,atypeofbondknownasain2007–2008,defaultsincreasedsharply.Lossestomortgage-backedsecurit
4、y,orMBS,wascausinginvestorswerestillpilingupinmid-2008,sothetotalhavocintheglobalfinancialsystem.damagewasn’tknown,butestimatesrangedfromAnMBS,asthenamesuggests,isabondthatis$250billionto$500billionormore,colossalsumsbybackedbyapoolofhomemortgages.Thebondhold-anymeasure.ersreceiv
5、epaymentsderivedfrompaymentsontheMastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Ourgoalinthischapteristointroduceyoutobonds.WebeginbyshowinghowthetechniqueswedevelopedinChap-ters5and6canbeappliedtobondvaluatio
6、n.Fromthere,wegoontodiscussbondfeaturesandhowbondsareboughtandsold.OneimportantthingwelearnisthatbondvaluesValuationofFutureCashFlowsPART3depend,inlargepart,oninterestrates.Wethereforeclosethechapterwithanexaminationofinterestratesandtheirbehavior.190rros46128_ch07.indd190os4612
7、8_ch07.indd19011/15/096:11:24PM/15/096:11:24PMCHAPTER7InterestRatesandBondValuation191BondsandBondValuation7.17.1Whenacorporationorgovernmentwishestoborrowmoneyfromthepubliconalong-termbasis,itusuallydoessobyissuingorsellingdebtsecuritiesthataregenericallycalledbonds.Inthissecti
8、on,wedescribethevariousfeaturesofcorporatebonds
