'Year bond' diaporamas de présentation

finan

finan. Chapter 3: Valuing Firm Output and Pricing Securities How do you assign values to investments and opportunities and how do you compare them? . Valuation Issues 3- 2. Identifying the stream of future benefits

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FIN 30220: Macroeconomic Analysis

FIN 30220: Macroeconomic Analysis. Capital Markets. Recall that production is a function of labor, capital and technology. Capital Markets determine investment, which affects the evolution of the capital stock over time. Annual Depreciation Rate. Purchases of New Capital.

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Chapter 6

Chapter 6. The Risk Structure and Term Structure of Interest Rates. Risk Structure of Interest Rates. Bonds with the same maturity have different interest rates due to: Default risk Liquidity Tax considerations. Risk Structure of Interest Rates.

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FIN 30220: Macroeconomic Analysis

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Objectives:

Measuring Interest Rate Risk. Objectives: Consider the relationship between the yields of different maturity zero coupon bonds: the Expectations Hypothesis. Understand the interest rate risk of zero coupon bonds and the risk-adjusted Expectations Hypothesis.

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Objectives:

Measuring Interest Rate Risk. Objectives: Consider the relationship between the yields of different maturity zero coupon bonds: the Expectations Hypothesis. Understand the interest rate risk of zero coupon bonds and the risk-adjusted Expectations Hypothesis.

526 views • 39 slides

Long-Term Liabilities: Bonds and Notes

12. Long-Term Liabilities: Bonds and Notes. Student Version. 1. Compute the potential impact of long-term borrowing on earnings per share. 12-2. 1. Bond.

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Long-Term Liabilities: Bonds and Notes

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YIELD SPREADS

YIELD SPREADS. Y n = Y r + I + P where Y n is the nominal yield, Y r is the real yield - yield on U.S. Treasury inflation-indexed bonds (see WSJ), I is the expected inflation rate over the life of the bond - regular Treasury yield minus inflation-indexed yield,

526 views • 35 slides

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FINC4101 Investment Analysis

FINC4101 Investment Analysis. Instructor: Dr. Leng Ling Topic: Term Structure Analysis. Learning objectives. Define term structure of interest rates and yield curve. Explain the purpose of theories of the term structure Describe the expectations theory and discuss its implications.

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Mortgage-Backed and Asset-Backed Securities: High Credit Quality and Cash Flow Stability

Mortgage-Backed and Asset-Backed Securities: High Credit Quality and Cash Flow Stability. Jim Womack, CFA Managing Director & Principal March 2011. Mortgage-Backed & Asset-Backed Securities Introduction: High Credit Quality and Cash Flow Stability.

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TERM STRUCTURE OF INTEREST RATES (also called YIELD CURVE)

TERM STRUCTURE OF INTEREST RATES (also called YIELD CURVE). A PLOT OF YIELD TO MATURITY VS. MATURITY. EXPECTATIONS THEORY OF TERM STRUCTURE. Y n = the nominal bond yield for a bond covering n years r n = the expected "forward" yield for a one year bond covering the one year period n .

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Managing Bond Portfolios Active Management Strategies

Managing Bond Portfolios Active Management Strategies. Managing Fixed Income Securities: Basic Strategies. Active strategy Trade on interest rate predictions Trade on market inefficiencies Passive strategy Control risk Balance risk and return. Yield Curve Changes.

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Duration

Duration. Duration is an empirical method of measuring the true life of a bond portfolio Comes into play in determining how to manage a bond portfolio. Six Propositions Regarding Interest Rate Sensitivity. Bond prices and yields are inversely related

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Bonds and Risk

Bonds and Risk. Liquidity Risk Default Risk Bond rating agencies Investment grade v. junk bonds Covenants and other indentures Interest Rate Risk. Relationship Between Bond Pricing and Yield. If you can only remember one thing, remember this:

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www.rtsgroup.net

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Financial Institutions and Markets

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Pop Quiz 2

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