2. •
. ¯¯
•
.
•
.

3. –
•
•
•
¯ •
'¯ , •
¯
quot;

4. –
, •
. ¯
¯ •
. ¯
. quot; •

6. PREFERRED LOAN -
.
¯ :
¯ ¯
. ¯,
01/01/2003 -
¯

7. REDEMPTION -
quot; •
, ¯ •
.quot;
. quot; •

8. LINKAGE -
quot; , , •
. ¯
, , ,¯
'¯
: •
( ) .1
.2
+ .3
. – .4

9. INTEREST -
/ quot; •
.' ¯ ,
¯ •
.

10. ACCRUED INTEREST –
, , •
.

11. TAX -
¯ •
.
: quot; •
. , 10% .
. , 15% .
. 2004

12. PRIOD TO MATURITY –
. •
. ¯quot; •
•
–
¯

13. quot;
¯ •
.
, , quot; •
.

14. ADJUSTED VALUE –
( )
. quot; •
. quot; – •
: •
, ,quot; ¯
.
.

15. xrydn jenp dqxead xry m` – ei'ib`qic
.m`eznd
xrydn deab dqxead xry m` – ei'b`
.m`eznd

16.  n  M1
P = 100+ [C ⋅ (1− t )]⋅ ⋅
m
 365 M0
. - Pm
( ) -C
. ' -n
. -t
. 0, ¯ 1, -M

17. EXPECTED INDEX –
(¯ -) •
.
•
.

18. –
YIELD TO MATURITY
•
, quot; ¯
.
quot; •
. . ¯

19. ¯ •
. ¯
quot;: •
¯ .2%
. , 2%

20. , ¯ •
.
. •
/ ¯ •
.
= ¯ ¯ •
.
. = ¯ •

21. ¯
, •
,quot; ,
.

22. ¯
. ¯ •
•
. ¯
¯ •
.

23. ¯
=N , ¯ =R
 
R
 N 1 +  − 1  × 100 =
 100  
 
¯ ¯,

24. –quot;
=n quot; =V
=r =P
=m ( ) =T
=g =i
=M
=B

25. quot;
P ⋅ r ⋅ (1 − T )
n
P
V =∑ +
(1 + i ) (1 + i )
n n
t =1
C = P ⋅ r ⋅ (1 − T ) :
C 
1 P
V = 1 − +
 (1 + i )n  (1 + i )n
i 

26. quot;
¯
C+F
C C
Br = + + .... +
1 + r (1 + r ) (1 + r )
2 n
YTM = r

27. quot;
C+F
C C
Bm = + + ..... +
1 + ytm (1 + ytm ) (1 + ytm )
2 n
[ ]+
C 1− 1
F
(1+ ytm )2
Bm =
(1 + ytm )n
ytm
[ ]+
c ⋅ F 1− 1
F
(1+ ytm )n
Bm =
(1 + ytm )n
ytm

28. quot;
( d) ( )
Bm = C⋅ d1 +C⋅ d2 +.....+(C + F) ⋅ dn

29. quot;
(Forward)
C C
Bm = + +
(1+ r1) (1+ r1)⋅ (1+ r2 )
C+F
C
+ +....+
(1+ r1)⋅ (1+ r2 )⋅ (1+ r3 ) (1+ r1)⋅....(1+ rn )