INVESTMENTS-投资学-(博迪BODIE--KANE--MARCUS)Chap014-Bon近年原文.ppt

CHAPTER14BondPricesandYields2024/12/11

14-2Bondsaredebt.Issuersareborrowersandholdersarecreditors.Theindentureisthecontractbetweentheissuerandthebondholder.Theindenturegivesthecouponrate,maturitydate,andparvalue.BondCharacteristics2024/12/1

14-3Faceorparvalueistypically$1000;thisistheprincipalrepaidatmaturity.Thecouponratedeterminestheinterestpayment.Interestisusuallypaidsemiannually.Thecouponratecanbezero.Interestpaymentsarecalled“couponpayments”.BondCharacteristics2024/12/1

14-4U.S.TreasuryBondsBondsandnotesmaybepurchaseddirectlyfromtheTreasury.Denominationcanbeassmallas$100,but$1,000ismorecommon.Bidpriceof100:08means1008/32or$1002.50Notematurityis1-10yearsBondmaturityis10-30years2024/12/1

14-5CorporateBondsCallablebondscanberepurchasedbeforethematuritydate.Convertiblebondscanbeexchangedforsharesofthefirm’scommonstock.Puttablebondsgivethebondholdertheoptiontoretireorextendthebond.Floatingratebondshaveanadjustablecouponrate2024/12/1

14-6PreferredStockDividendsarepaidinperpetuity.Nonpaymentofdividendsdoesnotmeanbankruptcy.Preferreddividendsarepaidbeforecommon.Notaxbreak.EquityFixedincome2024/12/1

14-7InnovationintheBondMarketInverseFloatersAsset-BackedBondsCatastropheBondsIndexedBondsTreasuryInflationProtectedSecurities(TIPS).2024/12/1

14-8Table14.1PrincipalandInterestPaymentsforaTreasuryInflationProtectedSecurity2024/12/1

14-9PB= PriceofthebondCt= interestorcouponpaymentsT = numberofperiodstomaturityr = semi-annualdiscountrateorthesemi-annualyieldtomaturityBondPricing2024/12/1

14-10Example14.2:BondPricingPriceofa30year,8%couponbond.Marketrateofinterestis10%.2024/12/1

14-11Pricesandyields(requiredratesofreturn)haveaninverserelationshipThebondpricecurve(Figure14.3)isconvex.Thelongerthematurity,themoresensitivethe