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1、Chapter4PrinciplesofCorporateFinanceNinthEditionValuingBondsTopicsCoveredBondsUsingThePresentValueFormulatoValueBondsHowBondPricesVaryWithInterestRatesTheTermStructureandYTMBondsAbondisasecuritythatpaysastatedamountofinteresttotheinvestor,thenatmaturity,itrep
2、urchasedbytheissuingcompany.simplyalong-termloan.Bonds(theindenture)Abondisalegallybindingagreementbetweenaborrowerandalenderthatspecifiesthe:Par(face)value---principalCouponrateCouponpaymentMaturityDateTheyieldtomaturityistherequiredmarketinterestrateonthebo
3、nd.BondsFacevalueisthestatedvalueofanasset.Inthecaseofabond,thefacevalueisusually$1000Thefacevalueissupposedtobepaidbacktothebondholdersastheprincipal,nomatterwhatthepurchasingpriceofthebondCoupon：annualinterestpaymentCouponrate:thestatedrateofinterestonabond
4、;ortheannualinterestpaymentdividedbybond’sfacevalueTreasuryBond–issuedbythefederalgovernment.CorporateBond–issuedbycorporations.MunicipalBonds–issuedbystateandlocalgovernments.ForeignBonds–issuedbyeitherforeigngovernmentsorforeigncorporations.7-7GovernmentBon
5、dsU.S.GovernmentBondsTreasurybills–purediscountbondswithoriginalmaturityofoneyearorlessT-notes–coupondebtwithoriginalmaturitybetweenoneandtenyearsT-bondscoupondebtwithoriginalmaturitygreaterthantenyearsZero-couponbondsisabondboughtatapricelowerthanitsfacevalu
6、e,withthefacevaluerepaidatthetimeof?maturity.(purediscountbonds)Abondthatdoesnotmakecouponpayments.Theonlycashpaymenttheinvestorreceivesisthefacevalueofthebondonmaturitydate.Eg:TreasurybillsZero-couponbonds-$96,618.36Year01$100,000Supposethataone-year,risk-fr
7、ee,zerocouponbondwitha100,000facevaluehasaninitialpriceof$96,618.36nointerest!TheyieldtomaturityYieldtoMaturity–therateofreturnearnedonabondifitisheldtomaturityAccordingtothedefinition,theyieldtomaturityofoneyearzerocouponbondsolvesthefollowing:96,618.336=100
8、,000/1+YTMYTM=3.5%PureDiscountBonds:ExampleFindthevalueofa30-yearzero-couponbondwitha$1,000parvalueandaYTMof6%.EquationEquationYieldtoMaturityofann-YearZero-CouponBondExampleYieldsforDiff
