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Essentials of Investments: Chapter 11 - Managing Bond Portfolios

Essentials of Investments: Chapter 11 - Managing Bond Portfolios presents Bond Pricing Relationships, Rules for Duration, Callable Bonds, Mortgage Backed Securities, Passive Managemen, Bond Index Funds. | CHAPTER 11 Managing Bond Portfolios INVESTMENTS | BODIE, KANE, MARCUS McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. 16-2 Bond Pricing Relationships 1. Bond prices and yields are inversely related. 2. An increase in a bond’s yield to maturity results in a smaller price change than a decrease of equal magnitude. 3. Long-term bonds tend to be more price sensitive than short-term bonds. INVESTMENTS | BODIE, KANE, MARCUS 16-3 Bond Pricing Relationships 4. As maturity increases, price sensitivity increases at a decreasing rate. 5. Interest rate risk is inversely related to the bond’s coupon rate. 6. Price sensitivity is inversely related to the yield to maturity at which the bond is selling. INVESTMENTS | BODIE, KANE, MARCUS 16-4 Figure 16.1 Change in Bond Price as a Function of Change in Yield to Maturity INVESTMENTS | BODIE, KANE, MARCUS 16-5 Table 16.1 Prices of 8% Coupon Bond (Coupons Paid Semiannually) INVESTMENTS | BODIE, KANE, .