By Frank J. Fabozzi
An utilized method of figuring out bond markets.
Through its utilized process, Fabozzi's Bond Markets prepares readers to investigate the bond marketplace and deal with bond portfolios with out getting slowed down within the theory.
This variation has been streamlined and up to date with new content material, and lines total improvements in response to prior editions’ reader and teacher suggestions.
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Additional resources for Bond Markets, Analysis and Strategies (8th Edition)
No consideration is given to the capital gain that the investor will realize when a bond is purchased at a discount and held to maturity; nor is there any recognition of the capital loss that the investor will realize if a bond purchased at a premium is held to maturity. The time value of money is also ignored. Yield to Maturity In the first section of this chapter, we explained how to compute the yield or internal rate of return on any investment. The yield is the interest rate that will make the present value Chapter 3 Measuring Yield 39 of the cash flows equal to the price (or initial investment).
In later chapters, we will describe the convention for quoting specific security types. 7 This amount is called accrued The exceptions are bonds that are in default. Such bonds are said to be quoted flat; that is, without accrued interest. 00 interest. The computation of accrued interest depends on the type of bond. For a Treasury coupon security (discussed in Chapter 6), accrued interest is based on the actual number of days the bond is held by the seller. For corporate and municipal bonds, accrued interest is based on a 360-day year, with each month having 30 days.
Predicting a change in an issue’s credit quality (reason 1) before that change is recognized by the market is one of the challenges of investment management. COMPLICATIONS The framework for pricing a bond discussed in this chapter assumes that: 1. 2. 3. 4. The next coupon payment is exactly six months away. The cash flows are known. The appropriate required yield can be determined. One rate is used to discount all cash flows. Let’s look at the implications of each assumption for the pricing of a bond.