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syzsg004 · 2022年11月01日

FV为什么不是1000+40

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000022

问题如下：

Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot.Com’s marginal tax rate is 38 percent, its after-tax cost of debt is closest to:

选项：

A.

6.2 percent.

B.

6.4 percent.

C.

6.6 percent.

解释：

C is correct.

FV = $1,000; PMT = $40; N = 10; PV = -$900

Solve for i. The six-month yield, i, is 5.3149%

YTM = 5.3149% × 2 = 10.62985%

r d (1−t) = 10.62985%(1−0.38) = 6.5905% rd(1 − t) = 10.62985%(1 − 0.38) = 6.5905%

我好像记得fixed income 计算的时候是到期价格加上coupon，什么时候要加什么时候不要加

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1 个答案

王琛_品职助教 · 2022年11月02日

嗨，努力学习的PZer你好：


1

如果是画债券的现金流图，最后一期的现金流，确实是 1000 + 40

如果是列债券的价格公式，最后一期的现金流，确实是 1000 + 40

2

但如果是按计算器，PMT 就代表每期的现金流，包括发生在最后一期的 40

所以 FV 就是期末到期归还的「本金」

请参考一级固收学科的基础班视频例题

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syzsg004 · 2022年11月02日

明白了，我搞混了

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