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1、Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall1ObjectiveValuation of fixed income securitiesExplain why bond prices changeCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall2 8.1 Using Present Value Formulas to Value Known Flows 8.2 The Basic Building Blocks: Pure

2、Discount Bonds 8.3 Coupon Bonds, Current Yield, and Yield-to-Maturity 8.4 Reading Bond Listings 8.5 Why Yields for the same Maturity Differ 8.6 The Behavior of Bond Prices Over TimeCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall3Copyright 2009 Pearson Education, Inc. Publishing as

3、 Prentice Hall411.752,15$015. 111015. 040011160niipmtPVCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall5NIPVPMTFV601.5%?15,752.11-4000Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall6NIPVPMT FV60 1.6% ?15,354.66-400 0Copyright 2009 Pearson Education, Inc. Publishi

4、ng as Prentice Hall7Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall8nnnnnjjjipmtipmtipmtipmtipmtPV11*11*.11*11*11*1122111Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall9Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall10Copyright 2009 Pearson Ed

5、ucation, Inc. Publishing as Prentice Hall11Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall12Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall13Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall14Copyright 2009 Pearson Education, Inc. Publishing as

6、Prentice Hall15Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall16111nnPFiiPFCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall17111nnPFiiPFCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall18Copyright 2009 Pearson Education, Inc. Publishing as Prenti

7、ce Hall19%41. 519000100001211nPFiNIPVPMTFV2?5.41%9,0000-10,000Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall20Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall21Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall22Copyright 2009 Pearson Education,

8、Inc. Publishing as Prentice Hall23Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall24FipmtPiipmtiPFPiFiipmtPnnnn111111&11111Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall25Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall26Copyright 2009 Pear

9、son Education, Inc. Publishing as Prentice Hall2700.1076$1001000100081010010008901001000960PPCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall2891.075, 1$0728. 110010000600. 11000417. 1100%28. 71810000, 1%00. 61890000, 1%17. 41960000, 132313 , 0212, 0111 , 0PPiiiCopyright 2009 Pears

10、on Education, Inc. Publishing as Prentice Hall29Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall30Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall31NIPVPMTFV3?7.10%-1076 1001000Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall32Copyright 2009 Pear

11、son Education, Inc. Publishing as Prentice Hall33Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall34Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall3501111&11111110&0&0&11111nnnnnnippfippfpxfipixixniifiixpCopyright 2009 Pearson Education, Inc. Publi

12、shing as Prentice Hall36Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall37 ytm1yieldcoupon 1ytm1ytm1yieldcurrent 1111110&0&0&11111nfxnpxnniiixniifiixpCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall38Copyright 2009 Pearson Education, Inc. Publishing as

13、 Prentice Hall39Yield Relationships00.020.040.060.080.10.120.140.160.180.2600.00800.001000.001200.001400.001600.001800.00PriceYieldcoupon_ycurrent_yy_t_mCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall40Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall41Yield Relat

14、ionships0.070.090.110.13800.001000.001200.00PriceYieldcoupon_ycurrent_yy_t_mCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall42Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall43Two Yield Curves (Pure Discount)0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%051015

15、20Years to MaturityYield to MaturiryCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall44Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall45Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall46Copyright 2009 Pearson Education, Inc. Publishing as Prentic

16、e Hall47Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall48Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall49Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall50Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall51Copyright 2009 Pears

17、on Education, Inc. Publishing as Prentice Hall52Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall53Dymanic Yield Curve0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%05101520years to maturityYield to matutiryCurrent5-year10-year15-Year20-YearCopyright 2009 Pearson Education, Inc. Publishing as Prentice Hall54Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall55Interest Rates0.00%1.00%2.00%3.00%4.00%5.00%6

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