FRM一级 金融市场与产品（打印版）.docx

该【FRM一级 金融市场与产品（打印版） 】是由【经管专家】上传分享，文档一共【101】页，该文档可以免费在线阅读，需要了解更多关于【FRM一级 金融市场与产品（打印版） 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Finanial1cMarketands—/』ProducstFRM一级讲义-基础班讲师HenryLiang,CQF,FRM卢?巳片和一?***@TopicWeightingsinFRMPartI|,s20203030StudySession3FinancialMarketsandProductsStudySession4ValuationandRiskModels亨???断????3-303+ClassificationofBonds?High-YieldBond?High-yieldbondsarethose竺Ibelowinvestmentqradebytheratingsagencies,theseissuesarealsoknownasjunk?击TypesofHigh-YieldBondIssue?sOriginalIssuers??????FallenAngelsRestructuringsandLeverageBuyoutsPaymen?Fea?u?esDeferred-InterestBonds???Step-UpBondsPayment-in-K?nd(PIK)BondsExtendableResetBonds28-·诏值+BondRisk?Even?Risk?Therearemanyeventsinthemarketthatcanadverselyaffectbonds,?ncreaseinleverage??C?edi?Risk?C??i?Defaul?Risk:Riskthatabondissuerwillbeunabletomeetitsf?nancialobligations.?C??i?Sp?eadRisk:Riskoffinanciallossresultingfromchangesinthelevelofcred?tsp「eads?RiskMe??ics???Issue?Defaul?Ra??Defaul?Ra?eRecove?yRa?e?Expec?edRe?u?n:Risk-FreeRate+CreditSpread-ExpectedLossRate29-·谗值+DebtRetirement??Co?po?a?eBondRe?i?emen?s?Frequently,bondsareretiredearly,beforematur???The「eareseveralmechanismsbywh?chacorporat?ionmaygoaboutretiringtheirdebtCallprovision????Sinking-fundprovisionsMaintenanceandreplacementfuindsTenderoffers30-·谗值