Inc. BarCharts's BarCharts QuickStudy Finance PDF

By Inc. BarCharts

ISBN-10: 1423200012

ISBN-13: 9781423200017

This QuickStudy consultant is an overview of the elemental themes taught in Finance classes. because of its condensed structure, use it as a writing advisor yet no longer instead for assigned type paintings.

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Example text

It calculates the coupon income as a proportion of the price paid for the bond. For this to be an accurate representation of return, the bond would have to be more like an annuity than a fixed-term instrument. Current yield is useful as a “rough and ready” interest rate calculation; it is often used to estimate the cost of or profit from holding a bond for a short term. For example, if short-term interest rates, such as the one-week or three-month, are higher than the current yield, holding the bond is said to involve a running cost.

P= C (1 + r ) + C (1 + r )2 + C (1 + r )3 + ..... 1) where P = the bond’s fair price C = the annual coupon payment r = the discount rate, or required yield N = the number of years to maturity, and so the number of interest periods for a bond paying an annual coupon M = the maturity payment Chapter 1 showed that the price and yield of a bond are two sides of the same relationship. 2). 2). (−n )C (−n ) M dP (−1)C (−2)C = + + ..... 3). The expression in brackets is the average time to maturity of the cash flows from a bond weighted according to the present value of each cash flow.

As noted earlier, for bonds that are trading ex-dividend, the accrued coupon is negative and is subtracted from the clean price. 26). S. Treasuries and Eurobonds, for example —do not have ex-dividend periods and therefore trade cum dividend right up to the coupon date. Day-Count Conventions In calculating the accrued interest on a bond, the market uses the daycount convention appropriate to that bond. These conventions govern both the number of days assumed to be in a calendar year and how the days between two dates are figured.

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BarCharts QuickStudy Finance by Inc. BarCharts


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