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ypshen · 2022年05月26日

expects the new issue to be priced at par value平价发行的概念是什么,可否详细讲解下

NO.PZ2016021705000033

问题如下:

Two years ago, a company issued $20 million in long-term bonds at par value with a coupon rate of 9 percent. The company has decided to issue an additional $20 million in bonds and expects the new issue to be priced at par value with a coupon rate of 7 percent. The company has no other debt outstanding and has a tax rate of 40 percent. To compute the company's weighted average cost of capital, the appropriate after-tax cost of debt is closest to:

选项:

A.

4.2%.

B.

4.8%.

C.

5.4%.

解释:

A  is correct.

The relevant cost is the marginal cost of debt. The before-tax marginal cost of debt can be estimated by the yield to maturity on a comparable outstanding. After adjusting for tax, the after-tax cost is 7(1 0.4) = 7(0.6) = 4.2%.

expects the new issue to be priced at par value

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已采纳答案

王琛_品职助教 · 2022年05月27日

嗨,从没放弃的小努力你好:


1

平价发行,就是债券的价格,「等于」债券的面值;如果题目有这个条件,其实是想说,折现率等于 coupon rate

比如现在有一个债券,面值是 1000,三年到期,coupon rate 是 10%,那第一年到第三年,每年可以获得现金流为 1000*10%=100,第三年还收到本金 1000

现在我们有了以上的信息,可以使用计算器第三行,计算一下折现率,看等于多少

N = 3

PV = -1000 (对应债券价格,现金流出)

PMT = 100 (每年获得现金流 100)

FV = 1000 (第三年还获得本金 1000)

CPT I/Y = 10,即 折现率 为 10%,等于 coupon rate

2

关于债券的溢价、折价、平价发行及之间的区别,其实是固收的重点,咱们在企业发行人学科只是简单提一下,主要掌握结论:平价发行时,折现率等于 coupon rate 即可

更多详细内容,也请参考固收学科 Reading 41 Introduction to Fixed-Income valuation 的第二个视频 Relationships Between Price and Bond Characteristics (Yield & Time)

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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