This document defines key terms related to bonds, including par value, coupon rate, coupon payments, maturity date, call price, required return, yield to maturity, and yield to call. It also discusses how the value of a bond changes over time based on its coupon rate and the required rate of return. Finally, it briefly covers default risk, bond ratings, and different types of bonds.
BONDS, FEATURES OF BONDS, BOND VALUATION, MEASURING YIELD, ASSESSING RISK, TYPES OF LONG- TERM DEBT INSTRUMENTS, SERIAL BONDS, TYPES OF RISK, SEMI- ANNUAL BONDS, YIELD TO CALL, YIELD TO MATURITY, DEFAULT RISK & FACTORS AFFECTING DEFAULT RISK & BOND RATINGS, etc.
BONDS, FEATURES OF BONDS, BOND VALUATION, MEASURING YIELD, ASSESSING RISK, TYPES OF LONG- TERM DEBT INSTRUMENTS, SERIAL BONDS, TYPES OF RISK, SEMI- ANNUAL BONDS, YIELD TO CALL, YIELD TO MATURITY, DEFAULT RISK & FACTORS AFFECTING DEFAULT RISK & BOND RATINGS, etc.
Fixed coupon payments and final payment at maturity, except when the borrower defaults.
Possibility of gain (loss) from fall (rise) in interest rates
Depending on the debt issue, illiquidity can be a problem. (Illiquidity means it is possible that you cannot sell these securities quickly.)
Fixed Income securities- Analysis and Valuation. Very useful for CFA and FRM level 1 preparation candidates. For a more detailed understanding, you can watch the webinar video on this topic. The link for the webinar video on this topic is https://www.youtube.com/watch?v=r9j6Bu3aUNI
Fixed Income Securities Yield Measures.pptxanurag202001
Sources of Return
Yield Measures for Fixed-Rate Bonds
Yield to Call
Yield to Put
Yield to Worst
Cash Flow Yield
Yield Measures for Floating Rate Notes
Yield Measures for Money Market Instruments
Theoretical Spot rates (Bootstrapping)
Derivation of Forward Rates
Yield Spreads
Riding the Yield Curve
Fixed coupon payments and final payment at maturity, except when the borrower defaults.
Possibility of gain (loss) from fall (rise) in interest rates
Depending on the debt issue, illiquidity can be a problem. (Illiquidity means it is possible that you cannot sell these securities quickly.)
Fixed Income securities- Analysis and Valuation. Very useful for CFA and FRM level 1 preparation candidates. For a more detailed understanding, you can watch the webinar video on this topic. The link for the webinar video on this topic is https://www.youtube.com/watch?v=r9j6Bu3aUNI
Fixed Income Securities Yield Measures.pptxanurag202001
Sources of Return
Yield Measures for Fixed-Rate Bonds
Yield to Call
Yield to Put
Yield to Worst
Cash Flow Yield
Yield Measures for Floating Rate Notes
Yield Measures for Money Market Instruments
Theoretical Spot rates (Bootstrapping)
Derivation of Forward Rates
Yield Spreads
Riding the Yield Curve
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
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• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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@Pi_vendor_247
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There is no set date for when Pi coins will enter the market.
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Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
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Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
1. 1 - 1
Lecture 7
Bonds and Valuation
Par or Face Value -
• The amount of money that is paid to the bondholders at
maturity. For most bonds this amount is $1,000. It also
generally represents the amount of money borrowed by the
bond issuer.
Coupon Rate -
• The coupon rate, which is generally fixed, determines the
periodic coupon or interest payments. It is expressed as a
percentage of the bond's face value. It also represents the
interest cost of the bond to the issuer.
2. 1 - 2
2
Definitions
Coupon Payments -
• The coupon payments represent the periodic interest
payments from the bond issuer to the bondholder. The
annual coupon payment is calculated by multiplying the
coupon rate by the bond's face value. Since most bonds
pay interest semiannually, generally one half of the annual
coupon is paid to the bondholders every six months.
Maturity Date -
• The maturity date represents the date on which the bond
matures, i.e., the date on which the face value is repaid. The
last coupon payment is also paid on the maturity date.
3. 1 - 3
3
Definitions
Call Price -
• The amount of money the issuer has to pay to call a
callable bond (there is a premium for calling the bond
early). When a bond first becomes callable, i.e., on the call
date, the call price is often set to equal the face value plus
one year's interest.
Required Return -
• The rate of return that investors currently require on a
bond.
4. 1 - 4
4
Definitions
Yield to Maturity -
• The rate of return that an investor would earn if he bought
the bond at its current market price and held it until
maturity. Alternatively, it represents the discount rate
which equates the discounted value of a bond's future
cash flows to its current market price.
Yield to Call -
• The rate of return that an investor would earn if he bought
a callable bond at its current market price and held it until
the call date given that the bond was called on the call
date.
5. 1 - 5
Bond markets
Primarily traded in the over-the-counter
(OTC) market.
Most bonds are owned by and traded
among large financial institutions.
Just like the PSX bonds are traded and
profit loss at the market price.
6. 1 - 6
Key Features of a Bond
Par value – face amount of the bond, which
is paid at maturity (assume $1,000).
Coupon interest rate – stated interest rate
(generally fixed) paid by the issuer. Multiply by
par value to get dollar payment of interest.
Maturity date – years until the bond must be
repaid.
Issue date – when the bond was issued.
Yield to maturity - rate of return earned on
a bond held until maturity (also called the
“promised yield”).
7. 1 - 7
Effect of a call provision
Allows issuer to refund the bond
issue if rates decline (helps the
issuer, but hurts the investor).
Borrowers are willing to pay a higher
interest rate, and lenders/investors
require a higher rate, for callable
bonds.
Most bonds have a deferred call and
a declining call premium.
8. 1 - 8
What is a sinking fund?
Provision to pay off a loan over its
life rather than all at maturity.
Similar to amortization on a term
loan.
Reduces risk to investor, shortens
average maturity.
But not good for investors if rates
decline after issuance.
9. 1 - 9
The value of financial assets
N
N
2
2
1
1
r)
(1
CF
...
r)
(1
CF
r)
(1
CF
Value
0 1 2 N
r%
CF1 CFN
CF2
Value
...
11. 1 - 11
Changes in Bond Value over
Time
What would happen to the value of these
three bonds if its required rate of return
remained at 10%:
Years
to Maturity
1,184
1,000
816
10 5 0
13% coupon rate
7% coupon rate
10% coupon rate.
VB
12. 1 - 12
Bond values over time
At maturity, the value of any bond must equal its
par value.
If rd remains constant:
The value of a premium bond would decrease
over time, until it reached $1,000.
The value of a discount bond would increase
over time, until it reached $1,000.
A value of a par bond stays at $1,000.
13. 1 - 13
An example:
Current and capital gains yield
Find the current yield and the capital
gains yield for a 10-year, 9% annual
coupon bond that sells for $887, and
has a face value of $1,000.
Current yield = $90 / $887
= 0.1015 = 10.15%
14. 1 - 14
Semiannual bonds
1. Multiply years by 2 : number of periods = 2N.
2. Divide nominal rate by 2 : periodic rate (I/YR)
= rd / 2.
3. Divide annual coupon by 2 : PMT = ann cpn /
2.
INPUTS
OUTPUT
N I/YR PMT
PV FV
2N rd / 2 cpn / 2 OK
OK
15. 1 - 15
What is the value of a 10-year, 10%
semiannual coupon bond, if rd = 13%?
1. Multiply years by 2 : N = 2 * 10 = 20.
2. Divide nominal rate by 2 : I/YR = 13 / 2 = 6.5.
3. Divide annual coupon by 2 : PMT = 100 / 2 =
50.
INPUTS
OUTPUT
N I/YR PMT
PV FV
20 6.5 50 1000
- 834.72
16. 1 - 16
Default risk
If an issuer defaults, investors
receive less than the promised
return. Therefore, the expected
return on corporate and municipal
bonds is less than the promised
return.
Influenced by the issuer’s financial
strength and the terms of the bond
contract.
18. 1 - 18
Evaluating default risk:
Bond ratings
Bond ratings are designed to reflect
the probability of a bond issue going
into default.
Investment Grade Junk Bonds
Moody’s Aaa Aa A Baa Ba B Caa C
S & P AAA AA A BBB BB B CCC C