Fixed Income reading 42: fixed income securities: defining elements
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Đề bài Thiết kế dây truyền sợi pha Cotton Pes 67 33 N44 làm sợi dọc dệt vải sản lượng 15000 tấn năm
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o there is a balloon payment at bond maturity, just as with a bullet structure. o unlike a bullet structure, the final payment includes just the remaining unamortized principal amount rather than the full principal amount. Eg: Consider a $1,000 face value 5-year bond with an annual coupon rate of 5%. With a partially amortizing structure, the bond’s promised payments at the end of each year would be as follows How to calculate PMT: PV = -1,000 (=F); n = 5; I/Y = 5%; FV = 200 (394.78-194.78) PMT = 194.78 a.3) Sinking fund provisions (điều khoản mua lại) provide for the repayment of principal through a series of payments over the life of the issue Details of sinking fund provisions vary. o There may be a period during which no sinking fund redemptions are made. o The amount of bonds redeemed (trái phiếu đc mua lại) according to the sinking fund provision could decline/ increase each year. o Some bond indentures allow the company to redeem twice the amount required by the sinking fund provision a doubling option or an accelerated sinking fund. The price at which bonds are redeemed under a sinking fund provision is typically par but can be different from par. Interest rates have risen since issuance Market price < Sinking fund redemption price Interest rates have fallen since issuance Market price > Sinking fund redemption price the issuer can satisfy the sinking fund provision by buying bonds in the open market with a par value equal to the amount of bonds that must be redeemed. the bond trustee will select outstanding bonds for redemption randomly mua trái phiếu trên thị trường với giá rẻ hơn giá mua lại từ bondholders với một khoản tương đương với khoản phải mua lại để đáp ứng sinking fund provision mua lại trái phiếu bằng cách chọn ngẫu nhiên do lãi suất phải trả khi tái phát hành TP sẽ thấp hơn lãi suất phải trả hiện tại Sinking fund provisions offer both advantages and disadvantages to bondholders. tải về 2.83 Mb. Chia sẻ với bạn bè của bạn:
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