公司理财培训（英文版）.pptVIP

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2017-09-21 发布于江西
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公司理财培训（英文版）.ppt

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Key Concepts and Skills Know the important bond features and bond types Understand bond values and why they fluctuate Understand bond ratings and what they mean Understand the impact of inflation on interest rates Understand the term structure of interest rates and the determinants of bond yields Chapter Outline Bonds and Bond Valuation More about Bond Features Bond Ratings Some Different Types of Bonds Bond Markets Inflation and Interest Rates Determinants of Bond Yields 7.1 Bonds and Bond Valuation A bond is a legally binding agreement between a borrower and a lender that specifies the: Par (face) value面值 Coupon rate 票面利率 Coupon payment 利息（按票面利率计算） Maturity Date 到期日 The yield to maturity is the required market interest rate on the bond. Bond Valuation 债券估值 Primary Principle: Value of financial securities = PV of expected future cash flows 金融证券价值等于未来现金流的折现值 Bond value is, therefore, determined by the present value of the coupon payments and par value. Interest rates are inversely related to present (i.e., bond) values.利率与价值反向 The Bond-Pricing Equation Zero Coupon Bonds 零息债券/纯贴现债券 Make no periodic interest payments (coupon rate = 0%) The entire yield to maturity comes from the difference between the purchase price and the par value Cannot sell for more than par value Sometimes called zeroes, deep discount bonds, or original issue discount bonds (OIDs) Treasury Bills and principal-only Treasury strips are good examples of zeroes Pure Discount Bonds纯折价OR纯贴现债券 Information needed for valuing pure discount bonds: Time to maturity (T) = Maturity date - today’s date Face value (F) Discount rate (r) Pure Discount Bonds: Example Find the value of a 30-year zero-coupon bond with a $1,000 par value and a YTM of 6%. Bond Example 平息债券 Consider a U.S. government bond with as 6.375% coupon that expires in December 2009. The Par Value of the bond is $1,000. Coupon payments are made semi-annually (June 30 and December 31 for this particular bond). Since the coupon rate is