cũng được coi là trái phiếu có năng suất cao. Các trái phiếu này chủ yếu là ban hành các tập đoàn y và cũng bởi thành phố. Họ có nguy cơ cao mặc định bởi vì khi được ban hành như không có bảo đảm và có một yêu cầu thấp về tài sản. Các loại trái phiếu: • Bỏ phiếu trái phiếu | Investment Analysis and Portfolio Management 6. The role of the bond ratings as the integrated indicator for the investor is important in the evaluation of yield and prices for the bonds. The bond rating and the yield of the bond are inversely related the higher the rating the lower the yield of the bond. 7. Macroeconomic factors changes of which have an influence to the interest rates increase or decrease are level of investment savings level export import government spending taxes. 8. Term structure of interest rates is a yield curve displaying the relationship between spot rates of zero-coupon securities and their term to maturity. The resulting curve allows an interest rate pattern to be determined which can then be used to explain the movements and to forecast interest rates. The 3 main factors influencing the yield curve are identified market forecasts and expectations about the direction of changes in interest rates presumable liquidity premium in the yield of the bond market inefficiency or the turn from the long-term or short-term cash flows to the short-term or long term cash flows. 9. In the bond market investment decisions are made more on the bond s yield than its price basis. There are three widely used measures of the yield Current Yield Yield-to-Maturity Yield- to- Call. Current Yield indicates the amount of current income a bond provides relative to its market price. Yield- to- Maturity is the fully compounded rate of return earned by an investor in bond over the life of the security including interest income and price appreciation. Yield- to- Maturity is the most important and widely used measure of the bonds returns and key measure in bond valuation process. Yield-to-Call measures the yield on the bond if the issue remains outstanding not to maturity but rather until its specified call date. 10. The decision for investment in bond can be made on the bases of two alternative approaches 1 using the comparison of yield-to-maturity and appropriate .
