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阿远酱 · 2023年03月29日

coupon为什么是40不是80

  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%

给出的coupon rate都是年化的吗

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王琛_品职助教 · 2023年03月30日

嗨，从没放弃的小努力你好：


1

是的，coupon rate 是年化的概念

请参考固收学科原版书 P434

P435


2

在企业发行人学科中，计算 cost of debt 时，一定要注意付息频率，是每年付息一次，还是半年付息一次

如果是半年付息一次，一定要注意两点，以这道题的数据为例

第一点，每期的 coupon 不是 80，而是 40

第二点，按计算器算出的 i 等于 531%，并不是 YTM，YTM 是 i 乘以 2，等于 10.63%

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努力的时光都是限量版，加油！

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