Get An Introduction to the Bond Markets (The Wiley Finance PDF

By Patrick J. Brown

ISBN-10: 0470015837

ISBN-13: 9780470015834

This e-book offers an creation to the bond markets for practitioners and new entrants who have to comprehend what they're, how they paintings and the way they are often used, yet don't want to be intimidated by way of mathematical formulae. through the top of the ebook readers might be in a position to come to a decision even if to take a position within the bond marketplace. The mathematical formulae can be relegated to the appendices and supplemented via a better half web site which permits clients to go into their very own bond marketplace investments, to simulate expected occasions and spot the results.Patrick Brown is recognized as Chairman of the ecu Bond fee (recently retired)The merely bond publication that doesn't depend seriously on mathematical formulae

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Extra resources for An Introduction to the Bond Markets (The Wiley Finance Series)

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For example, with Japanese Government bonds, interest accrues every day except on 29 February in a leap year. Similarly, in the denominator of the accrued interest equation, the number of days in year calculation varies from bond to bond, and even sometimes from coupon-payment period to How Do You Price and Value a Bond? 33 coupon-payment period for the same bond. The number of days in a year could be 360, 362, 364, 365, 366 or 368 days. These variations occur in a variety of ways. In practice there are five main ways of calculating accrued interest: Actual/actual Actual/360 Actual/365 30E/360 30U/360 Actual calendar days divided by actual number of days in period times number of periods in year Actual calendar days divided by 360 Actual calendar days divided by 365 30 day month (European method) divided by 360 30 day month (US method) divided by 360 This list of calculation methods is not exhaustive.

What options has the issuer given the investor? These are almost always positive in the investor’s point of view. e. a right to ask for early repayment, or the option to convert the bond at predefined rates into another investment, such as the equity shares of the issuing company. How great is the possibility that the issuer will not be able to repay the coupon payments and the capital in a timely way? In order to answer this question at least partially, many issues have now been given a credit rating by one or more credit rating agencies.

In order to try and make the chapter more comprehensible to non-mathematicians, most of the formulae have been relegated to Appendix B. 1 COMPOUND INTEREST You have all heard the old adage that the value of a security is that price at which there are the same number of buyers as sellers. If the security is reasonably liquid, the price moves up and down in small steps according to the perception of the buyers and the sellers. Unfortunately, this does not help in the case of a bond which is illiquid and has not traded for six months.

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An Introduction to the Bond Markets (The Wiley Finance Series) by Patrick J. Brown

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