A pénz időértéke
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A pénz időértéke - A pénz jövőértékét befolyásoló tényezők - Jövőbeli bevétel mai értékének meghatározói - Jelen és jövőérték számítás - Speciális pénzáramok és számításuk
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Bonds and debentures are both long-term borrowing instruments where the borrower promises to pay interest on specific dates and the principal upon maturity. Debentures are unsecured while bonds can be secured by assets of the issuing company. Bonds provide regular income payments to investors and do not provide ownership in the issuing company. The value, yield, and returns of bonds are determined by factors such as the par value, coupon rate, maturity date, call provisions, and credit quality of the issuer.
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Interest-rate risk substantially affect the values of the assets and liabilities of most corporations and is often a dominant factor affecting the values of pension funds, banks and many other financial intermediaries.
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Bond
Bonds and debentures are both long-term borrowing instruments where the borrower promises to pay interest on specific dates and the principal upon maturity. Debentures are unsecured while bonds can be secured by assets of the issuing company. Bonds provide regular income payments to investors and do not provide ownership in the issuing company. The value, yield, and returns of bonds are determined by factors such as the par value, coupon rate, maturity date, call provisions, and credit quality of the issuer.
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The Government of India has launched the Sovereign Gold Bonds Scheme to reduce gold imports and lower trade deficits. Through this scheme, investors can purchase gold in demat or paper form and earn returns linked to gold prices as well as a 2-3% interest rate. The bonds can be sold on stock exchanges and used as collateral for loans. They provide an alternative to investing in physical gold while still offering similar benefits like capital gains tax treatment.
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Module - 2 :
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Interest risk and hedging
Interest-rate risk substantially affect the values of the assets and liabilities of most corporations and is often a dominant factor affecting the values of pension funds, banks and many other financial intermediaries.
Foreign exchange rates & quotes
There are two types of foreign exchange quotations: European and American. European quotations give the price of a currency in terms of units of another currency, while American quotations give the price in terms of dollars per unit of another currency. Direct quotes give the home currency price per unit of foreign currency, while indirect quotes give the opposite. Cross rates can be calculated using exchange rates between two currencies and a third currency. The TT buying rate is used for clean inward or outward remittances, while the bill buying rate factors in exchange and forward margins to account for delays in collection. The bill selling rate adds an exchange margin to the base rate to cover document handling costs.
Futures contract
Futures contracts are exchange-traded contracts that specify the quality, quantity, and delivery details of an underlying asset. They are settled daily based on changes in the spot price. Margins are deposited to minimize the risk of default. Key features of futures include daily settlement, offsetting trades to close positions before maturity, and delivery or cash settlement at expiration unless closed out earlier. Basis risk arises from uncertainty about the relationship between futures and spot prices when hedges are closed out.
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International bond market
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Describes the procedure of issuing securities. A company must adhere to certain rules and regulations that it must follow if it wants to issue bonds/securities. These are discussed
Bond markets
The document discusses various types of fixed income securities including bonds, their key features such as coupon rate, maturity date, and yield. It also covers bond market sectors such as the domestic bond market, foreign bond market, and international bond market. Various government bond issuers from countries around the world are also outlined.
Forex exchange
Foreign exchange refers to the conversion of one country's currency to another's. It is facilitated by banks through their currency stock balances. The foreign exchange market operates globally 24/7 to set exchange rates. Key participants include central banks, which aim to align rates with economic needs, commercial companies that trade smaller amounts, and speculators who accept exchange rate risk. Rates are determined by supply and demand factors like interest rates, inflation, and economic stability. The market consists of spot transactions for immediate delivery and forward contracts for future delivery. Measures in India developed the forex market through institutional reforms and expanded participation.
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Interest rate risk exists when the value of an interest-bearing asset may change due to fluctuations in interest rates. Various hedging instruments can be used to mitigate interest rate risk, including swaptions, floors, caps, collars, forward rate agreements (FRAs), futures, and interest rate swaps (IRS). These instruments allow entities to hedge against rising or falling interest rates by locking in rates for future periods. Important considerations in managing interest rate risk include the duration and cash flows of hedging instruments used.
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A forward contract locks in an exchange rate for a currency transaction that will occur at a future date. Currency futures contracts are similar to forwards but are standardized and traded on an exchange, with the exchange clearinghouse assuming default risk rather than the contract counterparties. Swaps involve an initial spot transaction combined with a forward contract to reverse the spot transaction and lock in an exchange rate to convert the currency back to the original one at the end of the period.
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This document provides an overview of the global bond market. It discusses how global bonds are issued simultaneously across multiple markets and trade domestically. The bond markets are classified into blocks like the dollar block and European blocks. The key features of international bonds are that they are debt instruments issued in foreign currencies to channelize savings. Global bond markets are divided into internal/national markets where issuers are domestic or foreign, and external/international markets that are underwritten internationally.
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Interest rate swap
This document discusses interest rate swaps. It defines an interest rate swap as an agreement to exchange interest rate payments, with one leg fixed and the other floating. Common types include paying fixed rate interest to receive floating, and vice versa. Interest rate swaps are used to hedge against rising or falling interest rates by transforming fixed deposits/borrowings to floating, or floating to fixed. Examples show how swaps can benefit entities by reducing income/funding costs if rates move in the desired direction.
Financial Derivatives
This document provides an overview of financial derivatives, including:
- A derivative is a financial instrument whose value is derived from an underlying asset. Common types of derivatives include forwards, futures, options, and swaps.
- Derivatives can be traded over-the-counter (OTC) between two parties or on an exchange.
- In Pakistan, derivatives on financial assets trade on the Pakistan Stock Exchange, while commodity derivatives trade on the Pakistan Mercantile Exchange.
Structured products
Structured products are pre-packaged investment strategies based on derivatives that allow investors to customize their risk-return objectives. They provide downside protection of principal and allow gains to be tailored from capital growth, income, or a combination. For example, a simple structured product may invest 80% in debt for guaranteed return of principal and 20% in equities, protecting against losses but participating in equity upside. More complex structures using quantitative strategies can aim for higher returns. While offering benefits like risk management, structured products are complex, illiquid, and high-cost, so may not be suitable for all investors.
Risk associated with bonds
The document outlines several types of risks associated with bond investments:
1) Interest rate risk, inflation risk, reinvestment risk, and credit risk pose the greatest threats as they relate to changes in rates that can decrease bond prices or the value of future cash flows.
2) Call risk, liquidity risk, and event risk also impact bond holders, such as the bond being paid off early, difficulty selling the bond, or external events negatively affecting the issuer.
3) Investors in foreign bonds face additional exchange rate risk if the foreign currency fluctuates against the domestic currency.
Indian corporate Bond market
This is the comprehensive and latest presentation on Indian Corporate Bond market. It starts with basic features, 3 Main pillars of Indian Corp bond market ecosystem & its importance. It then covers Primary Placement, Valuation/MTM as per RBI/FIMMDA norms, Valuation using excel IRR() function with example, Credit rating scales, Market timing & Reporting.
It also covers few topics like ISIN & ends with challenges and Limitation of India corp bond market.
Liquid funds
Liquid funds are short-term investment funds that invest in money market instruments like certificates of deposit, commercial paper, and treasury bills. They offer high liquidity with maximum lock-in periods of 3 days and redemption within 24 hours. Liquid funds aim to provide stable returns with minimal risk compared to other mutual funds. They are a good alternative to fixed deposits, providing potentially higher tax-free returns while maintaining low risk and high liquidity. Common types are liquid funds, which have restrictions on mark-to-market losses, and liquid plus funds, which take on slightly higher risk for higher returns.
Debt Funds
This document discusses debt funds, which invest in fixed income instruments like bonds and generate regular income. It categorizes different types of debt mutual funds like liquid funds, ultra short term funds, and fixed maturity plans. Key terms related to debt funds like average maturity, modified duration, and yield to maturity are explained. The risks and returns of different debt fund categories are compared to fixed deposits and savings bank accounts. Tax treatment of returns from debt funds is also covered. Illustrative examples show how debt fund returns are impacted by changes in interest rates based on the fund's modified duration.
Financial derivatives
The document provides an overview of financial derivatives, including definitions and types. It discusses common derivative instruments such as forwards, futures, options, and swaps. Forwards and futures are agreements to buy or sell an asset at a future date, while options provide the right but not obligation to buy or sell. Swaps involve exchanging cash flows. Derivatives are used for hedging risks and discovering prices. While they provide benefits like risk management, criticisms include speculation and increased systemic risk. The derivatives market has evolved over centuries with early markets in rice and currencies, and modern exchanges in commodities, stocks and foreign exchange.
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Foreign exchange rates & quotes
There are two types of foreign exchange quotations: European and American. European quotations give the price of a currency in terms of units of another currency, while American quotations give the price in terms of dollars per unit of another currency. Direct quotes give the home currency price per unit of foreign currency, while indirect quotes give the opposite. Cross rates can be calculated using exchange rates between two currencies and a third currency. The TT buying rate is used for clean inward or outward remittances, while the bill buying rate factors in exchange and forward margins to account for delays in collection. The bill selling rate adds an exchange margin to the base rate to cover document handling costs.
Futures contract
Futures contracts are exchange-traded contracts that specify the quality, quantity, and delivery details of an underlying asset. They are settled daily based on changes in the spot price. Margins are deposited to minimize the risk of default. Key features of futures include daily settlement, offsetting trades to close positions before maturity, and delivery or cash settlement at expiration unless closed out earlier. Basis risk arises from uncertainty about the relationship between futures and spot prices when hedges are closed out.
Future forward and option
This document provides an overview and introduction to currency futures, options, and swaps. It defines these derivative instruments and discusses how they work. Specifically, it explains how currency futures contracts are traded and marked to market daily on an exchange. It also outlines the basics of currency options, including the types of options and how they are priced. Finally, it defines currency and interest rate swaps as agreements to exchange cash flows, and discusses why companies enter into swaps.
International bond market
This document summarizes the international bond market. It defines international bonds as bonds issued in a currency other than that of the investor or broker, including eurobonds issued in a foreign currency and foreign bonds issued by a foreign government or corporation. International bonds are further classified as euro bonds denominated in a currency but sold internationally, foreign bonds offered by a foreign borrower domestically, and global bonds issued and traded outside the currency's home country. The document also lists some key features and types of international bonds such as corporate bonds, government bonds, zero-coupon bonds, convertible bonds, and floating rate notes.
Issuing securities procedure and regulations
Describes the procedure of issuing securities. A company must adhere to certain rules and regulations that it must follow if it wants to issue bonds/securities. These are discussed
Bond markets
The document discusses various types of fixed income securities including bonds, their key features such as coupon rate, maturity date, and yield. It also covers bond market sectors such as the domestic bond market, foreign bond market, and international bond market. Various government bond issuers from countries around the world are also outlined.
Forex exchange
Foreign exchange refers to the conversion of one country's currency to another's. It is facilitated by banks through their currency stock balances. The foreign exchange market operates globally 24/7 to set exchange rates. Key participants include central banks, which aim to align rates with economic needs, commercial companies that trade smaller amounts, and speculators who accept exchange rate risk. Rates are determined by supply and demand factors like interest rates, inflation, and economic stability. The market consists of spot transactions for immediate delivery and forward contracts for future delivery. Measures in India developed the forex market through institutional reforms and expanded participation.
Interest Rate Risk
Interest rate risk exists when the value of an interest-bearing asset may change due to fluctuations in interest rates. Various hedging instruments can be used to mitigate interest rate risk, including swaptions, floors, caps, collars, forward rate agreements (FRAs), futures, and interest rate swaps (IRS). These instruments allow entities to hedge against rising or falling interest rates by locking in rates for future periods. Important considerations in managing interest rate risk include the duration and cash flows of hedging instruments used.
Bond market with an overview bond market of Bangladesh
he most important event in the history of Bond market in Bangladesh is that from January 10, 2005 Bonds are being traded in the secondary market.
FX Forwards and Futures
A forward contract locks in an exchange rate for a currency transaction that will occur at a future date. Currency futures contracts are similar to forwards but are standardized and traded on an exchange, with the exchange clearinghouse assuming default risk rather than the contract counterparties. Swaps involve an initial spot transaction combined with a forward contract to reverse the spot transaction and lock in an exchange rate to convert the currency back to the original one at the end of the period.
Global bond market
This document provides an overview of the global bond market. It discusses how global bonds are issued simultaneously across multiple markets and trade domestically. The bond markets are classified into blocks like the dollar block and European blocks. The key features of international bonds are that they are debt instruments issued in foreign currencies to channelize savings. Global bond markets are divided into internal/national markets where issuers are domestic or foreign, and external/international markets that are underwritten internationally.
Finance Function,Different types of Accounts for NRI, Methods of IN Trade , D...
Finance Function: Financial Institutions in International Trade. Non-resident Accounts: Repatriable and Non Repatriable, Significance for the Economy and Bank. -- Methods of IN Trade Settlement: Open Account, Clean Advance, Documentary Credit, Documentary Collection. - Documentary Credits (Letter of Credit): Types of LC – Parties, Mechanism with illustration
Interest rate swap
This document discusses interest rate swaps. It defines an interest rate swap as an agreement to exchange interest rate payments, with one leg fixed and the other floating. Common types include paying fixed rate interest to receive floating, and vice versa. Interest rate swaps are used to hedge against rising or falling interest rates by transforming fixed deposits/borrowings to floating, or floating to fixed. Examples show how swaps can benefit entities by reducing income/funding costs if rates move in the desired direction.
Financial Derivatives
This document provides an overview of financial derivatives, including:
- A derivative is a financial instrument whose value is derived from an underlying asset. Common types of derivatives include forwards, futures, options, and swaps.
- Derivatives can be traded over-the-counter (OTC) between two parties or on an exchange.
- In Pakistan, derivatives on financial assets trade on the Pakistan Stock Exchange, while commodity derivatives trade on the Pakistan Mercantile Exchange.
Structured products
Structured products are pre-packaged investment strategies based on derivatives that allow investors to customize their risk-return objectives. They provide downside protection of principal and allow gains to be tailored from capital growth, income, or a combination. For example, a simple structured product may invest 80% in debt for guaranteed return of principal and 20% in equities, protecting against losses but participating in equity upside. More complex structures using quantitative strategies can aim for higher returns. While offering benefits like risk management, structured products are complex, illiquid, and high-cost, so may not be suitable for all investors.
Risk associated with bonds
The document outlines several types of risks associated with bond investments:
1) Interest rate risk, inflation risk, reinvestment risk, and credit risk pose the greatest threats as they relate to changes in rates that can decrease bond prices or the value of future cash flows.
2) Call risk, liquidity risk, and event risk also impact bond holders, such as the bond being paid off early, difficulty selling the bond, or external events negatively affecting the issuer.
3) Investors in foreign bonds face additional exchange rate risk if the foreign currency fluctuates against the domestic currency.
Indian corporate Bond market
This is the comprehensive and latest presentation on Indian Corporate Bond market. It starts with basic features, 3 Main pillars of Indian Corp bond market ecosystem & its importance. It then covers Primary Placement, Valuation/MTM as per RBI/FIMMDA norms, Valuation using excel IRR() function with example, Credit rating scales, Market timing & Reporting.
It also covers few topics like ISIN & ends with challenges and Limitation of India corp bond market.
Liquid funds
Liquid funds are short-term investment funds that invest in money market instruments like certificates of deposit, commercial paper, and treasury bills. They offer high liquidity with maximum lock-in periods of 3 days and redemption within 24 hours. Liquid funds aim to provide stable returns with minimal risk compared to other mutual funds. They are a good alternative to fixed deposits, providing potentially higher tax-free returns while maintaining low risk and high liquidity. Common types are liquid funds, which have restrictions on mark-to-market losses, and liquid plus funds, which take on slightly higher risk for higher returns.
Debt Funds
This document discusses debt funds, which invest in fixed income instruments like bonds and generate regular income. It categorizes different types of debt mutual funds like liquid funds, ultra short term funds, and fixed maturity plans. Key terms related to debt funds like average maturity, modified duration, and yield to maturity are explained. The risks and returns of different debt fund categories are compared to fixed deposits and savings bank accounts. Tax treatment of returns from debt funds is also covered. Illustrative examples show how debt fund returns are impacted by changes in interest rates based on the fund's modified duration.
Financial derivatives
The document provides an overview of financial derivatives, including definitions and types. It discusses common derivative instruments such as forwards, futures, options, and swaps. Forwards and futures are agreements to buy or sell an asset at a future date, while options provide the right but not obligation to buy or sell. Swaps involve exchanging cash flows. Derivatives are used for hedging risks and discovering prices. While they provide benefits like risk management, criticisms include speculation and increased systemic risk. The derivatives market has evolved over centuries with early markets in rice and currencies, and modern exchanges in commodities, stocks and foreign exchange.
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A pénz időértéke
- 1. Készítette: Bagaméri Brigitta Pénzügy és számvitel szak Levelező tagozat 2. Évfolyam
- 2. A pénz időértéke A pénz jövőértékét befolyásoló tényezők Jövőbeli bevétel mai értékének meghatározói Jelen és jövőérték számítás Speciális pénzáramok és számításuk
- 3. A pénz időértékét a kamatláb fejezi ki Időérték esetén jelenértékről és jövőértékről beszélünk Két legfontosabb alapelve: egységnyi mai pénz értékesebb, mint egységnyi jövőbeni esedékes pénz egységnyi biztos pénz értékesebb, mint egységnyi kockázatos pénz
- 4. Oka: • A mai pénzösszeget befektethetjük • Lemondunk a jelenbeli fogyasztásról • A későbbi pénzbefolyással kapcsolatban a kockázat is megjelenik Amit vizsgálunk: • pénzbeáramlás • pénzkiáramlás
- 5. jelenlegi pénz nagysága a pénzlekötés időtartama kamatláb mértéke kamatszámítás módja kamatfizetés gyakorisága
- 6. jövőbeli pénzösszeg nagysága diszkontráta mértéke bevétel jelentkezésének időpontja
- 7. JÖVŐÉRTÉK 0 * 1FV C r 100 Ft 110 Ft KAMAT r = 10%
- 8. JELENÉRTÉK 1 1 C PV r r = 10% 100 Ft 110 Ft
- 9. Annuitás: olyan pénzáramlások amelyekben az egyes évek jövedelmei, illetve pénzkiadásai azonos nagyságúak. Örökjáradék: olyan annuitás amelynek nincsen lejárata
- 10. 1 1 * 1 n PV C r r r Annuitás n-éven át tartó, fix összegű pénzáramlás
- 11. Örökjáradék Örökjáradék: olyan annuitás amelynek nincsen lejárata C PV r r = 10%