This document discusses a structured bond issuance called TIANA by a company called Estructurados Tiana. TIANA bonds work by allocating most of the capital raised to a low-risk deposit that is expected to cover at least 90% of the bond's nominal value at maturity. A small portion of capital is invested in options linked to assets like stocks, commodities, or indexes to provide potential upside for investors. The first TIANA program aims to protect 90-110% of investors' capital. Specific issuances are shown investing fully in bank deposits while allocating the options portion to different exchange-traded funds.

7.  An 11% coupon bond with annual payments and 10
years to maturity is callable in 3 years at a call price
of $1,100. If the bond is selling today for 975, the
yield to call is:

9. PROBLEMA
 A coupon bond that pays interest annually has a
par value of $1,000, matures in 5 years, and has a
yield to maturity of 10%. What is the value of the
bond today if the coupon rate is 8%?

10.  Question 7 - #96114
 Your answer: A was correct!
 FV = 1,000
 N = 5
 I = 10
 PMT = 80
 Compute PV = 924.18.
 This question tested from Session 15, Reading 54,
LOS a.

11. PROBLEMA
 Assume a city issues a $5 million bond to build a
hockey rink. The bond pays 8% semiannual interest
and will mature in 10 years. Current interest rates
are 6%. What is the present value of this bond?

12.  Your answer: A was correct!
 Since current interest rates are lower than the
coupon rate the bond will be issued at a premium.
FV =
 $5,000,000; N = 20; I/Y = 3; PMT =
(0.04)($5,000,000) = $200,000. Compute PV = $-
5,743,874
 This question tested from Session 15, Reading 54,
LOS a.

13. PROBLEMA
 Tony Ly is a Treasury Manager with Deeter Holdings, a
large consumer products holding company. The
Assistant
 Treasurer has asked Ly to calculate the current yield
and the Yield-to-first Call on a bond the company holds
that
 has the following characteristics:
 7 years to maturity
 $1,000 face value
 7.0% semi-annual coupon
 Priced to yield 9.0%
 Callable at $1,060 in two years
 If Ly calculates correctly, the current yield and yield to
call are approximately:

14.  Your answer: A was incorrect. The correct answer was B)
 To calculate the CY and YTC, we first need to calculate the
present value of the bond: FV = 1,000, N = 14 = 7 A—
 2, PMT = 35 =(1000 A— 0.07)/2, I/Y = 4.5 (9 / 2), Compute
PV = -897.77 (negative sign because we entered the
 FV and payment as positive numbers).
 Then, CY = (Face value A— Coupon) / PV of bond = (1,000
A— 0.07) / 897.77 = 7.80%.
 And finally, YTCA calculation: FV = 1,060 (price at first call),
N = 4 (2 A— 2), PMT = 35 (same as above), PV = -
 897.77 (negative sign because we entered the FV and
payment as positive numbers), ComputeI/Y = 7.91
(semiannual
 rate, need to multiply by 2) = 15.82%.

15. PROBLEMA
 Randy Harris is contemplating whether to add a
bond to his portfolio. It is a semiannual, 6.5% bond
with 7 years
 to maturity. He is concerned about the change in
value due to interest rate fluctuations and would like
to know the
 bond’s value given various scenarios. At a yield
to maturity of 7.5% or 5.0%, the bond’s fair
value is closest to

16.  Given a YTM of 7.5%, calculate the value of the
bond as follows:
 N = 14; I/Y = 7.5/2 = 3.75%; PMT = 32.50; FV =
1,000; CPT → PV = 946.30
 Given a YTM of 5.0%, calculate the value of the
bond as follows:
 N = 14; I/Y = 5/2 = 2.5%; PMT = 32.50; FV = 1,000;
CPT → PV = 1,087.68

31. EMISIÓN DE BONOS TITULIZADOS
ESTRUCTURADOS TIANA
La mayor parte del
capital se deposita
en una institución
financiera con
calificación AAA, en
una proporción
calculada para que,
al sumar los
intereses, equivalga
por lo menos al
90% del nominal del
bono más la prima
de las opciones.
Una pequeña
cantidad del dinero
recibido por los
compradores de los
bonos se invierte en
opciones
apalancadas sobre
acciones,
commodities, ETFs
o índices de renta
fija generados por
una institución con
grado de inversión.
Capital protegido:
- Primer Programa:
90%-110%
Se prioriza al sector
no institucional
TIANA -Titulización de Activos con Nominal
Asegurado

32. EMISIÓN DE BONOS TITULIZADOS
ESTRUCTURADOS TIANA
Si un inversionista entrega
$1,000 (monto mínimo de
inversión), una parte, por
ejemplo $900, va a un
depósito a plazo fijo en un
banco, que al cabo de dos
años (vencimiento del
bono) valdrá $1,000 (por
los intereses ganados).
Los $100 restantes se
usan para comprar una
opción sobre algún
instrumento financiero
como un ETF (Exchange
Traded Fund), una acción
o un commodity. El
rendimiento de este activo
determinará la ganancia
del inversor.

33. EMISIÓN DE BONOS TITULIZADOS
ESTRUCTURADOS TIANA
PRIMER PROGRAMA Primera Emisión Segunda
Emisión
Tercera Emisión
Fecha de Colocación 08/02/2013 19/04/2013 20/09/2013
Monto Colocado S/. 103,160,000 S/. 38,336,000 S/. 23,253,000
Número de Partícipes 322 113 166
Moneda Nuevos Soles Nuevos Soles Nuevos Soles
Valor Nominal 1000 1000 1000
Instrumento
Subyacente
100% Depósito
BCP
100% Depósito
BCP
100% Depósito BCP
Activo Subyacente JP Morgan ETF
Efficiente 5
JP Morgan ETF
Efficiente 5
BNP Paribas GURU
Global Emerging 6% vol
.target
Plazo 2 años 2 años 2 años y 3 meses