Sản lượng và giá trái phiếu Giá trái phiếu Vary với lãi suất Năng suất trưởng thành so với năng suất Tỷ giá hiện tại của rủi ro lãi suất Return The Curve Năng suất danh nghĩa và Giá thực của các biến thể lãi rủi ro mặc định trong trái phiếu doanh nghiệp. | 4ỉì ConHCflWEElttl Ct Í cruet fltertyage .five per etu ewentv Ụciir Sữnồ Ifi SZjtAnt . . V . w .iVflir j C . _. r .__ _ . jũ Hui 4flj mwmJ fịfi irrJ Ar f r r f-ỉ t ir r a Tdrv J r iir r-ỉ ir itr Srrrrf rr. tii. .sjfr-t. WR valuing bonds Bond Characteristics Reading the Financial Pages Bond Prices and Yields How Bond Prices Vary with Interest Rates Yield to Maturity versus Current Yield Rate of Return Interest Rate Risk The Yield Curve Nominal and Real Rates of Interest Default Risk Variations in Corporate Bonds Summary Bondholders once received a beautifully engraved certificate like this 1909 one for an Erie and Union Railroad bond. Nowadays their ownership is simply recorded on an electronic database. Courtesy of Terry Cox 255 nvestment in new plant and equipment requires money often a lot of money. Sometimes firms may be able to save enough out of previous earnings to cover the cost of investments but often they need to raise cash from investors. In broad terms we can think of two ways to raise new money from investors borrow the cash or sell additional shares of common stock. If companies need the money only for a short while they may borrow it from a bank if they need it to make long-term investments they generally issue bonds which are simply long-term loans. When companies issue bonds they promise to make a series of fixed interest payments and then to repay the debt. As long as the company generates sufficient cash the payments on a bond are certain. In this case bond valuation involves straightforward time-value-of-money computations. But there is some chance that even the most blue-chip company will fall on hard times and will not be able to repay its debts. Investors take this default risk into account when they price the bonds and demand a higher interest rate to compensate. In the first part of this material we sidestep the issue of default risk and we focus on . Treasury bonds. We show how bond prices are determined by
