财管第七章思维导图

生成影

2024-07-08

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财务管理

利率风险

债券介绍

利率风险，债券等内容讲解

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思维导图大纲

Bond

Bond Definitions

Par value(face value)=pricipal amount, repaid t maturity,面值即本金到期偿还

Coupon rate=annual coupon divided by face value

Coupon=stated interest payment(票面利息)

YTM(Yield or Yield to maturity,到期收益率)=rate of return required in the market for bond,market rate, internal rate of return

Current Yield(利息收益率)=annual coupon/price（买入债券的成本）

YTM=currentyield+capital gains yeild(资本收益率)

Capital gains yield

Maturity date

Bond Value

Bond Value=PV of coupons+PV of par=PV of annuity +PV of lump sum

As interest rates increase, present values decrease,vice versa.

the Fisher Effect

(1+R)=(1+r)(1+h)

Approximation

R=r+h

interest rate(market value,yield to maturity)

Inflation and Interest Rates

Bond Indenture

The basic terms(基本条款) of the bonds

The total amount of bonds issued

A description of property used as security(担保), if applicable

Sinking fund provisions(偿债基金)

Call provisions(赎回条款)

Details of protective convenants(保护性条款)

positive covenants

negative covenants

Bond classifications

Registered(记名) vs. Bearer(不记名) Forms

Security

Collateral

secured by financial securities

Mortagage

Secured by real property,normally land or buildings

Debentures

unsecured

Notes

unsecured debt with original maturity less than 10 years

Seniority(优先级别)

偿还的优先次序

Examples

Treasury Securities

Municipal Securities

Coupon Bonds

零息债券挣资本利得

Floating-rate Bonds

other types

Interest Rate Risk

Price Risk

change in price due to changes in interest rates

Long-term bonds——more price risk

Low-coupon rate——more pricce risk

Reinvestment Rate Risk

Uncertainty concerning rates at which cash flows can be reinvested

Short-term bonds——more reinvestedment rate risk

High-coupon rate bonds——more reinvestment rate risk

Differences between Debt and Equity

Debt

Not an ownership interest

Creditors don't have voting rights

Interest is a cost of business tax deductible

Creditors have legal recourse

Excess debt can lead to finance ddistriss and bankcruptcy

Equity

Ownership interest

Common stockholders vote for the board of directors and other issues

Dividends are not a cost of business and not tax deductible

Dividends are not a liabiliaty,and stockholders have no legal recourse if dividends are not paid

An all equity firm can't bankrupt merely due to cebt since it has no debt

YTM and Cuopon rate思维导图模板大纲

YTM=Coupon rate

par value=bond price

YTM>Coupon rate

par value>bond price

YTM<Coupon rate

par value<bond price

思维导图模板大纲

Factors Affecting Bond Yields思维导图模板大纲

Real rate of interest

Interest rates or rates of return that have been adjusted for inflation

Expected future inflation premium

The portion of a nominal interest rate that represents compensation for expected future inflation

Interest rate risk premium

The compensation investors demand for bearing interest rate risk

Default risk premium

The portion of a nominal interest rate or bond yield that represents compensation for the possibility of default

Taxability premium

The portion of a nominal interest rate or bond yield that represents compensation for unfavorable tax status

Liquidity premium

The portion of a nominal interest rate or bond yield that represents compensation for lack of liquidity.

Coupon rate depends on the risk characteristics of the bond when issued思维导图模板大纲

A debenture has higher coupon rate than secured debt

Subordinated debenture has higher coupon rate than senior debt

A bond with a sinking fund has higher coupon rate than one without

A callable bond has higher coupon rate than non-callable bond

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财管第七章思维导图

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相关思维导图模版

﻿Bond

﻿Interest Rate Risk

﻿Differences between Debt and Equity

﻿YTM=Coupon rate

﻿YTM>Coupon rate

﻿YTM<Coupon rate