INTRODUCTION Financial services are an important component of financial system. The smooth functioning of financial system depends upon the range of financial services extended by the providers. Fi...
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CHAPTER 9 : BOND
%ut %ut not good good for for in"e in"est stor orss if rate ratess decline aer issuance.
Bond?
A long-term debt instrument in which a borrower agrees to make payments of princi principal pal and inter interest est,, on speci specicc dates, to the holders of the bond
Key featured of bond? Par value: face face amount amount of of the bond, which is paid at maturity maturity Coupon interet rate : stated stated interest interest rate (generally xed) paid by the issuer. issuer. ul! ul!pl ply y by par par "alu "alue e to get get doll dollar ar payment of interest. !aturity date : year yearss un!l un!l the the bond bond must be repaid. "ue date: when the bond was issued. #iel #ield d to $atu $aturi rity ty: rate ate of of ret retur urn n earned on a bond held un!l maturity (also called the #promised yield$). E%e&t of a Call Proviion Allows issuer to refund the bond issue if rates decline (helps the issuer, but hurts the in"estor). %orro %orrower werss are are willin willing g to pay pay more, more, and lenders re&uire more, for callable bonds. ost bonds ha"e a deferred call and a declining call premium. '(at i a in)in* fund? 'ro"ision to pay o a loan o"er its life rather than all at maturity. imi imila larr to amor amor!* !*a! a!on on on a term term loan. +educ +educes es risk risk to in"e in"est stor or,, short shortens ens a"erage maturity. CHAPTER -: ANA.#/"/ O+ +"NANC"A. /TATE!ENT
