Fixed Income reading 42: fixed income securities: defining elements

???????????????? ???????? ???????????????????????? ???????????????????????????????????? = ???????????? − ???????????????????????????? ???????????????????????????????????????????? = ???????????? − ????

tải về 2.83 Mb.

Chế độ xem pdf

trang	86/90
Chuyển đổi dữ liệu	25.07.2022
Kích	2.83 Mb.
	#52729

1 ... 82 83 84 85 86 87 88 89 90

1. Fixed Income - Slide
Đề bài Thiết kế dây truyền sợi pha Cotton Pes 67 33 N44 làm sợi dọc dệt vải sản lượng 15000 tấn năm

FFO/debt Higher  lower credit risk FCF after dividends/debt Higher greater ability to service existing debt  lower credit risk Coverage
EBIT/ interest expense Higher  lower credit risk More conservative measure Benchmark values
6) Factors that influence the yield spreads (Los 47.i) Yield on an option-free corporate bond = (real risk-free interest rate + expected inflation rate +

𝒇𝒓𝒆𝒆 𝑪𝑭 𝒃𝒆𝒇𝒐𝒓𝒆 𝒅𝒊𝒗𝒊𝒅𝒆𝒏𝒅𝒔 = 𝑪𝑭𝑶 − 𝑪𝒂𝒑𝒊𝒕𝒂𝒍 𝒆𝒙𝒑𝒆𝒏𝒅𝒊𝒕𝒖𝒓𝒆 = 𝑪𝑭𝑶 − 𝑭𝑪𝑰𝒏

 excludes non-recurring items.
𝒇𝒓𝒆𝒆 𝑪𝑭 𝒂𝒇𝒕𝒆𝒓 𝒅𝒊𝒗𝒊𝒅𝒆𝒏𝒅𝒔 = 𝒇𝒓𝒆𝒆 𝑪𝑭 𝒃𝒆𝒇𝒐𝒓𝒆 𝒅𝒊𝒗𝒊𝒅𝒆𝒏𝒅𝒔 − 𝒅𝒊𝒗𝒊𝒅𝒆𝒏𝒅𝒔

 Free cash flow after dividends > 0
 represents cash that could pay down debt or accumulate on the balance sheet.
 or is a form of deleveraging, a positive indicator for creditworthiness
Leverage
ratios
Debt/capital
Capital = debt + equity
Lower  less credit risk
Debt/EBITDA
Lower  lower leverage  lower credit risk
More volatile for firms in cyclical industries or with high operating
leverage because of their high variability of EBITDA
FFO/debt
Higher  lower credit risk
FCF after
dividends/debt
Higher greater ability to service existing debt  lower credit risk
Coverage
ratios
EBITDA/interest
expense
Higher  lower credit risk
Used more often & higher than EBIT/interest expense ratio

Mai Nguyen
Dawn of Finance
68
EBIT/ interest
expense
Higher  lower credit risk
More conservative measure
Benchmark values:

Ratings agencies publish benchmark values for financial ratios that are associated with each ratings
classification.

Credit analysts can evaluate the potential for upgrades and downgrades based on subject company
ratios relative to these benchmarks.
6) Factors that influence the yield spreads (Los 47.i)
Yield on an option-free corporate bond = (real risk-free interest rate + expected inflation rate +
maturity premium) + (liquidity premium + credit spread)


tải về 2.83 Mb.

Chia sẻ với bạn bè của bạn:

1 ... 82 83 84 85 86 87 88 89 90