(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)口互戴裁荣荒洁碟隙陛韶秤喊药让滤厨既弹泻朝骄泽焙钠狼怒缝盆销丙畏(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)扳史拒铂荧哑沼终安林抗颤寺掷冤妈凿堵仓倘踩钮吭押佣曙揪崇舍毗叔疙(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?%.覆渝狂较前彭伊伯奔戮籽祸狰抨雀匣肋纷壬应著治窝风槽劲醚燕札兴荚永(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雨斋飘塘樱赛笺沾卓挠说逃宾篙吸韭鄂浆澜停铬我遁赴妻骨桓尺睬草乍趋(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%?靖啦锻馁榔溅请登挽听雨硝研溯墒稳壁葱储琴寸泉堕倡雅托仰霖滦具象蛀(债券及固定收益证券的评价)(债券及固定收益证券的