AQA 8464 SOW BOND

The Case of the Missing Market: The Bond Market and Why It Matters for Financial Development

The Case of the Missing Market: The Bond Market and Why It Matters for Financial Development
... Institute Working Paper Series No 11 July 2000 The Case of the Missing Market: The Bond Market and Why It Matters for Financial Development Richard J Herring and Nathporn Chatusripitak ADB I NSTITUTE ... maturities of less than year), notes (with maturities of to years) and bonds (usually with maturities greater than years) 18 market and holding it until the maturity of the forward contract, the forward ... of Financial Infrastructure and Efficient Financial Markets 14 The Role of Government as Issuer 24 Conclusion: The Example of Thailand 28 References 33 V The Case of the Missing Market: The Bond...
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Bài 2 – phần 2: Định giá Trái phiếu (Bond Valuation)

Bài 2 – phần 2: Định giá Trái phiếu (Bond Valuation)
... price) trái phiếu Giá trị dòng tiền lãi suất thay đổi Giá trị trái phiếu = Giá trị lãi p hưởng + Giá trị mệnh giá (B = PV of coupons + PV of par) Giá trị trái phiếu = Giá trị niên kiêm + Giá trị ... (Interest Rate Risk) Thay đổi giá thay đổi lãi suất Trái phiếu dài hạn chịu rủi ro giá trái phiếu ngắn hạn Ví dụ Giá trái phiếu $ Lãi suất % Giá trái phiếu có lãi suất trái phiếu 10% năm với mức lãi ... rate), mệnh giá với giá trái phiếu (par value = bond price) Nếu lợi tức đáo hạn lớn lãi suất trái phiếu (YTM > coupon rate), mệnh giá lớn giá trái phiếu (par value > bond price) Trái phiếu bán...
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Chapter 6 interest rate & bond valuation

Chapter 6   interest rate & bond valuation
... Principles of Managerial Finance / 6th edition Contemporary Bonds  Zero/Low Coupon Bonds  Junk Bonds  Floating Rate Bonds  Extendible Notes  Putable Bonds  International Bonds Copyright © 2011 Pearson ... Managerial Finance / 6th edition Interest Rate Fundamentals  Interest rates act as a regulating device that control the flow of funds between suppliers and demanders  Interest Rate: The compensation ... Principles of Managerial Finance / 6th edition Features Of A Bond & Interest Rate Securities Issue  Conversion Feature: Allows bondholders to convert their bonds to a stated number of shares...
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Tài liệu Chương III: Trái phiếu và định giá trái phiếu (Bond Valuation) pdf

Tài liệu Chương III: Trái phiếu và định giá trái phiếu (Bond Valuation) pdf
... • • • • • Khái niệm trái phiếu Phân loại trái phiếu Định giá trái phiếu Quan hệ trái phiếu lãi suất Hệ số tín nhiệm trái phiếu 2 3 1.Khái niệm trái phiếu Định nghĩa: • Trái phiếu loại chứng khoán ... Lãi định kỳ P= Giá trái phiếu C ( + kd ) Lãi suất yêu cầu + C ( + kd ) + + C ( + kd ) Thời hạn trái phiếu N + M ( + kd ) N Mệnh giá trái phiếu 14 Định giá trái phiếu • Hãy định giá trái phiếu ... hạn năm, mệnh giá $1000 trái suất hàng năm 6%? Giả định lãi suất yêu cầu trái phiếu 5.6%/năm 15 15 Định giá trái phiếu $60 $60 $60 + $1000 16 16 Định giá trái phiếu Giá trái phiếu tách thành...
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Tài liệu Chapter 6: Carbon-carbon bond formation pptx

Tài liệu Chapter 6: Carbon-carbon bond formation pptx
... the formation of a benzoylpalladium intermediate which either reacts with the alkynol or liberates benzoic acid; hence the formation of considerable amounts of the latter Carbon-carbon bond formation ... is of great interest Carbon-carbon bond formation 221 Aqueous palladium-catalyzed Sonogashira coupling reactions were also applied for the preparation of polymers (see Chapter 7) 6.4 Allylic ... relatively large quantities (10 mol %), the resulting compound catalysed the cross-coupling Carbon-carbon bond formation 215 of chloroaromatics with phenylboronic acid (Scheme 6.10) [28] Sulfurcontaining...
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Tài liệu Developing Regional Bond Markets In East Asia: The Way Forward ppt

Tài liệu Developing Regional Bond Markets In East Asia: The Way Forward ppt
... investors in East Asia? - How could these markets be Developing regional bond markets in East organized? Would they emerge in Asia enhances global financial stability the course of economic integration ... currencies Developing bond markets in alternatives to regional bond markets for the regional level as well as the domestic cross-border bond financing The global level reduces over-reliance on bank financial ... Building the Institutional Foundation for Regional Bond Market in East Asia Ito, Takatoshi, The ABC of ABC bonds” Park, Yung-Chul and Daekeun Park, “Creating Regional Bond Markets in East Asia:...
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Tài liệu Bond markets and banks in emerging economies docx

Tài liệu Bond markets and banks in emerging economies docx
... very low interest on many accounts 3.1 Banks as users of bond markets Banks as purchasers of bonds In some economies, banks are major holders of corporate bonds For example, in Indonesia banks hold ... virtue of making banks more subject to market discipline Banks specialising in longer-term lending will tend to issue long-term bonds to lock in funding 3.3 Banks as securitisers Where bond markets ... holding company, may help in this 3.2 Banks as issuers of bonds Banks use bond markets to supplement deposits as a source of funds Indeed, in many cases (eg Brazil, China, Germany, India, Indonesia,...
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Tài liệu Latin America’s local currency bond markets: an overview ppt

Tài liệu Latin America’s local currency bond markets: an overview ppt
... correlations since January 2003 of Latin American local currency bonds with: (a) Asian and European emerging market local currency bonds (0.48 and 0.30, respectively); (b) the foreign currency EMBI ... (0.52); and (c) 10-year US Treasury notes (0.18) This last set of correlations has been lower for Latin American local currency bonds than the corresponding sets for Asian and European local currency ... Global government bonds in local currency: an overview Several Latin American countries, both at the government and corporate levels, have issued global bonds denominated in local currency during...
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Tài liệu THE IMPACT OF FIRM''''S CHARACTERISTICS ON JUNK-BOND DEFAULT pptx

Tài liệu THE IMPACT OF FIRM''''S CHARACTERISTICS ON JUNK-BOND DEFAULT pptx
... early-warning model for bond default WARNING SIGNALS OF DEFAULT The definition of default can have a wide spectrum of interpretations In this paper, the definition of default is based on the same criteria ... adjust the variation of debt by the book value of the firm The larger the variation of debt, the more likely that default will ensue Closely related to long term debt is the effect of long-term ... determine the level of significance of the variable coefficients included in the model The Impact Of Firm's Characteristics On Junk-Bond Default 51 TESTING THE MODEL GOODNESS OF FIT To test the model...
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Tài liệu HIGH-YIELD BOND MARKET PRIMER docx

Tài liệu HIGH-YIELD BOND MARKET PRIMER docx
... in the high-yield bond market As well, cyclical businesses, such as chemical producers, use the high-yield market to weather downturns Leveraged buyouts (LBOs) typically use high-yield bonds as ... presence in the high-yield market over the 2003-05 bull market (Source: Merrill Lynch year-end 2004) High-yield bond characteristics As stated, there are many ways a high-yield bond can be structured, ... & Poor’s LCD High-Yield Bond Marker Primer Page of yield indenture generally is viewed as “tighter” than that on investment-grade bonds, but looser than on bank loan indentures Marketing of an...
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Tài liệu HEDGING BOND RISK WITH INVERSE ETFs pdf

Tài liệu HEDGING BOND RISK WITH INVERSE ETFs pdf
... restructuring Bonds and bond portfolios can also be influenced by credit risk, reinvestment risk, inflation risk, prepayment risk and liquidity risk : : proshares.com Hedging Your Bond Portfolio ... Funds ( ETFs ) ProShares introduced the first geared (leveraged and inverse) ETFs in the United States in 2006 Today, the firm offers over 130 alternative ETFs Benefits and Risks of Inverse Bond ETFs ... lower performance Hedging with an Inverse Bond ETF On the right is a simple illustration of the effect of a hedge on a portfolio It shows a $100,000 bond portfolio that is hedged with a $10,000...
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Tài liệu A COMPREHENSIVE QUANTITATIVE MODEL FOR ANALYZING BOND REFUNDING DECISIONS pptx

Tài liệu A COMPREHENSIVE QUANTITATIVE MODEL FOR ANALYZING BOND REFUNDING DECISIONS pptx
... Financial Obligations,” Journal of Finance 36, 1981, pp 97111 A Comprehensive Quantitative Model For Analyzing Bond Refunding Decisions 27 Maris, B .A. , “Analysis of Bond Refunding with Overlapping ... and A. J Kalotay, “Optimal Bond Calling and Refunding, ” Interfaces 9, 1979, pp 36-49 Brennan, M.J and E.S Schwartz, “Savings Bonds, Retractable Bonds and Callable Bonds,” Journal of Financial Economics ... in any comprehensive bond refunding analysis This paper describes a quantitative model which allows a comprehensive analysis of bond refunding by including both fixed-rate and floating-rate bonds...
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Tài liệu Taxable Bond Investing: Bond Funds or Individual Bonds? pptx

Tài liệu Taxable Bond Investing: Bond Funds or Individual Bonds? pptx
... This section explores advantages of mutual funds in the corporate bond, mortgagebacked securities, and Treasury bond markets Diversification Corporate bonds In the corporate bond market, the ... Some of the bond fund advantages cited in the table are more pronounced for corporate bonds and mortgage-backed securities than for Treasury bonds These advantages are addressed in more detail ... building a portfolio of individual corporate bonds, mutual funds provide readily available, diversified portfolios Mortgage-backed securities In the mortgagebacked market, the need for diversification...
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