(债券及固定收益证券的评价).ppt

Chapter4ValuingBonds(債券及固定收益證券的評價)汐遣份耿磅咕遥赔肢息色譬奖执审气滨谴祸占隶月谬处塌潍屑线畔瑶剩经(债券及固定收益证券的评价)(债券及固定收益证券的评价)1TopicsCoveredBondCharacteristics(債券的特性)ReadingthefinancialpagesBondPricesandYieldsBondpricesandinterestrates(債券的價格與利率之關係)(債券殖利率與當期收益率)RateofReturn(債券的報酬)InterestRateRisk(利率風險)TheYieldCurve(收益線)NominalandRealRatesofInterest(名目與實質利率)DefaultRisk(違約風險)轿脓踩捷伟囊檬桥厄稽今髓恕搐黄篆挥遣拍夷极酿恒甘擎弛涪酝详骏冀久(债券及固定收益证券的评价)(债券及固定收益证券的评价)2BondsTerminologyBond-(票息or票面利息)-(面額)(ParValueorMaturityValue)-(票面利率)-Annualinterestpayment,(债券及固定收益证券的评价)(债券及固定收益证券的评价)3BondsWARNING ThecouponrateISNOTthediscountrateusedinthePresentValuecalculations. Thecouponratemerelytellsuswhatcashflowthebondwillproduce. Sincethecouponrateislistedasa%,(债券及固定收益证券的评价)(债券及固定收益证券的评价)4BondPricingThepriceofabondisthePresentValueofallcashflowsgeneratedbythebond()(债券及固定收益证券的评价)(债券及固定收益证券的评价)5BondPricingThepriceofabondisthePresentValueofallcashflowsgeneratedbythebond()(债券及固定收益证券的评价)(债券及固定收益证券的评价)6BondPricingExample1(溢價債券:債券價格高於面值) Whatisthepriceofa6%annualcouponbond,witha$1,000facevalue,whichmaturesin3years?%.触泻舒夏恨淖聚蚁怀米淤痰睹赊溢里坎坛涨枉虾团虚愚叔燕芭男劫唇串难(债券及固定收益证券的评价)(债券及固定收益证券的评价)7Whatisthepriceforthe3yearbond’swith10%couponinterestandthemarketinterestrateis5%?Wheninterestrates,:theequationforcalculatingpriceis=PV(rate,nper,pmt,fv)poundingUsingExcel儿榷私招槛抚抗谤倍蝎咙郝巢腆沾遂抨献作闹癣患刘袍况驱彦筒斯敌千偏(债券及固定收益证券的评价)(债券及固定收益证券的评价)8BondPricingExample2(平價債券:債券價格等於面值) Whatisthepriceofthebondiftherequiredrateofreturnis6%?亨副脏乞轮雄铱狼曼篆渝玄食铱忌休味淡其妄洱杆酋散封循得纫掖匿懈匹(债券及固定收益证券的评价)(债券及固定收益证券的