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Bond valuation

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shekhar sharma
shekhar sharma

The document discusses various bond valuation concepts like coupon rate, current yield, spot interest rate, yield to maturity, yield to call, and realized yield. It provides examples to calculate these measures and explains how bond prices are determined based on factors like interest rates, time to maturity, and cash flows. Bond duration is introduced as a measure of interest rate risk exposure, and bond risks from default and changes in interest rates are explained.

Economy & FinanceBusiness
1 of 30
 
Bonds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Coupon rate ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Current yield ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Spot interest rate ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Yield to maturity (YTM) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Yield to call (YTC) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Realized YTM ,[object Object],[object Object]
Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],0 1 2 3 4 5 Investment 850 Annual interest 150 150 150 150 150 Reinvestment period @ 16% 4 3 2 1 0 FV of these CFs 271.5 234 202.5 174 150 Maturity value 1000
Bond prices ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Exercise 1 ,[object Object],[object Object],[object Object]
Exercise 2 ,[object Object],[object Object],[object Object],[object Object]
Exercise 3 ,[object Object],[object Object]
Exercise 4 ,[object Object]
Exercise 5 ,[object Object],[object Object],[object Object],[object Object]
Exercise 6 ,[object Object]
Bond pricing ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Bond risks ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Default risk ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Interest rate risk ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Interest rate risk ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Bond duration ,[object Object],[object Object],[object Object],[object Object],[object Object]
Example ,[object Object],[object Object],Year Cash flow PVF(14%) PV PV * Year 1 12 0.8772 10.5264 10.5264 2 12 0.7695 9.234 18.468 3 12 0.675 8.1 24.3 4 12 0.5921 7.1052 28.4208 5 12 0.5194 6.2328 31.164 5 105 0.5194 54.537 272.685 95.7354 386.0402
Exercise 7 ,[object Object]
Exercise 8 ,[object Object],[object Object],[object Object],[object Object]
Exercise 9 ,[object Object]
Exercise 10 ,[object Object]

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Bond valuation

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