财管第七章思维导图
利率与债券估值相关内容讲解
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Interest Rate and Bond Valuation思维导图模板大纲
Bond
Bond Definitions
Par value(face value)=pricipal amount, repaid t maturity,面值即本金到期偿还
Coupon rate=annual coupon divided by face value
Coupon=stated interest payment(票面利息)
YTM(Yield or Yield to maturity,到期收益率)=rate of return required in the market for bond,market rate, internal rate of return
Current Yield(利息收益率)=annual coupon/price
YTM=currentyield+capital gains yeild(资本收益率)
Maturity date
Bond Value
Bond Value=PV of coupons+PV of par=PV of annuity +PV of lump sum
As interest rates increase, present values decrease,vice versa.
the Fisher Effect
(1+R)=(1+r)(1+h)
Approximation
R=r+h
interest rate(market value,yield to maturity)
Inflation and Interest Rates
Bond Indenture
The basic terms(基本条款) of the bonds
The total amount of bonds issued
A description of property used as security(担保), if applicable
Sinking fund provisions(偿债基金)
Call provisions(赎回条款)
Details of protective convenants(保护性条款)
positive covenants
negative covenants
Bond classifications
Registered(记名) vs. Bearer(不记名) Forms
Security
Collateral
secured by financial securities
Mortagage
Secured by real property,normally land or buildings
Debentures
unsecured
Notes
unsecured debt with original maturity less than 10 years
Seniority(优先级别)
偿还的优先次序
Examples
Treasury Securities
Municipal Securities
Coupon Bonds
零息债券挣资本利得
Floating-rate Bonds
other types
Interest Rate Risk
Price Risk
change in price due to changes in interest rates
Long-term bonds——more price risk
Low-coupon rate——more pricce risk
Reinvestment Rate Risk
Uncertainty concerning rates at which cash flows can be reinvested
Short-term bonds——more reinvestedment rate risk
High-coupon rate bonds——more reinvestment rate risk
Differences between Debt and Equity
Debt
Not an ownership interest
Creditors don't have voting rights
Interest is a cost of business tax deductible
Creditors have legal recourse
Excess debt can lead to finance ddistriss and bankcruptcy
Equity
Ownership interest
Common stockholders vote for the board of directors and other issues
Dividends are not a cost of business and not tax deductible
Dividends are not a liabiliaty,and stockholders have no legal recourse if dividends are not paid
An all equity firm can't bankrupt merely due to cebt since it has no debt
YTM and Cuopon rate思维导图模板大纲
YTM=Coupon rate
par value=bond price
YTM>Coupon rate
par value>bond price
YTM<Coupon rate
par value<bond price
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Factors Affecting Bond Yields思维导图模板大纲
Real rate of interest
Interest rates or rates of return that have been adjusted for inflation
Expected future inflation premium
The portion of a nominal interest rate that repredsents compensation for expected future inflation
Interest rate risk premium
The compensation investors demand for bearing rate inflation
Default risk premium
The portion of a nominal interest rate or bond yield that represents compensation for the possibility of default
Taxability premium
The portion of a nominal interest rate or bond yield that represents compensation for unfavorable tax status
Liquidity premium
The portion of a nominal interest rate or bond yield that represents compensation for lack of liquidity.
Coupon rate depends on the risk characteristics of the bond when issued思维导图模板大纲
A debenture has higher coupon rate than secured debt
Subordinated debenture has higher coupon rate than senior debt
A bond with a sinking fund has higher coupon rate than one without
A callable bond has higher coupon rate than non-callable bond
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