cha文档新pter18bondfundamentals(投资解析跟投资组合管理).ppt

LecturePresentationSoftwarepanyInvestmentAnalysisandPortfolioManagementSeventhEditionby&BondFundamentalsQuestionstobeanswered:Whataresomeofthebasicfeaturesofbondsthataffecttheirrisk,return,andvalue?Whatisthecurrentcountrystructureoftheworldbondmarketandhowhasthemakeupoftheglobalbondmarketchangedinrecentyears?Chapter18ponentsoftheworldbondmarketandtheinternationalbondmarket?Whatarebondratingsandwhatistheirpurpose?Whatisthedifferencebetweeninvestment-gradebondsandhigh-yield(junk)bonds?Chapter18BondFundamentalsWhatarethecharacteristicsofbondsinthemajorbondcategoriessuchasgovernments(includingTIPS),agencies,municipalities,andcorporates?HowdoesthemakeupofthebondmarketinmajorcountriessuchastheUnitedStates,Japan,theUnitedKingdom,andGermanydiffer?Chapter18BondFundamentalsWhataretheimportantcharacteristicsofcorporatebondissuesdevelopedintheUnitedStatesduringthepastdecadesuchasmortgage-backedsecurities,otherasset-backedsecurities,zero-couponanddeepdiscountbonds,high-yieldbonds,andstructurednotes?Chapter18BondFundamentalsWithineachofthemajorbondcategories,whatarethedifferencesbetweenmajorcountriessuchastheUnitedStates,Japan,theUnitedKingdom,andGermanyHowdoyoureadthequotesavailableforthealternativebondcategories(.,governments,municipalities,corporates)?BasicFeaturesofaBondPayafixedamountofinterestperiodicallytotheholderofrecordRepayafixedamountofprincipalatthedateofmaturityBasicFeaturesofaBondBondmarketisdividedbymaturityMoneyMarket-short-termissuesthatmaturewithinoneyearNotes-intermediate-termissuesthatmaturebetweenoneandtenyearsBonds-long-termobligationswithmaturitygreaterthantenyearsRemaininglife(maturity)affectpricevolatilityBondCharacteristicsIntrinsicfeaturesCoupon-yield(e)Maturity-termorserial(municipalities)Principalvalue-differentfrommarketvalueTypeofownership-bearerorregisteredTypesofIssuesSecured(senior)bondsUnsecuredbonds(debentures)Subordinated(junior)debenturesBondCharacteristicsIndentureprovisionsFeaturesaf