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yan · 2023年11月04日

为什么再回购价格是5million呢

NO.PZ2023020602000193

问题如下:

A company had the following events related to $5 million of 10-year bonds with a coupon rate of 8% payable semiannually on 30 June and 31 December:

  • Issued on 1 January 2005, when the market rate of interest was 6%.
  • Bought back in an open market transaction on 1 January 2011, when the market rate of interest was 8%.
Which of the following statements best describes the effect of the bond repurchase on the financial statements for 2011? If the company uses the indirect method of calculating the cash from operations, there will be a:

选项:

A.$346,511 gain on the income statement. B.$743,873 gain on the income statement. C.$350,984 decrease in the cash from operations.

解释:

The book value of the bonds on 1 January 2011 is equal to the present value of the remaining coupon payments and principal discounted at the market rate at time of issue (3% per period).

Coupon = 0.08×0.5×5,000,000 = 200,000; there are 4 years remaining or 8 coupon payments.

Book value = 200,000 PV Annuity (n = 8; i = 3%) + 5.000,000 PV (n = 8; i = 3%)= 1,403,938 + 3,947,046 = 5,350,984

Using a financial calculator PMT = 200,000; FV = 5,000.000; (I % = 3%; N = 8);Compute PV = 5,350,984

Because the market interest rate when the bonds are bought back (8%) is equal to the coupon rate, the company can buy back the bonds at par $5,000,000.


On the cash flow statement the gain would be deducted from net income in calculating the cash from operations under the indirect method, and the cash paid to repurchase the bonds would be a cash outflow in the financing section.



1 个答案

王园圆_品职助教 · 2023年11月04日

同学你好,请注意看题目这两句话“A company had the following events related to $5 million of 10-year bonds with a coupon rate of 8%

  • “Bought back in an open market transaction on 1 January 2011, when the market rate of interest was 8%.

fixed income课程中应该也强调过,市场利率和coupon rate 相同的时候,债券的价格和面值就是相同的。所以回购的时候满足这个结论,自然说明回购时候债券价格就是5M

或者同学也可以自己举个例子试试。面值100元的债券,coupon rate 10%,市场利率10%,3年到期

P = 100*10%/(1+10%) + 100*10%/(1+10%)^2 + 100*(1+10%)/(1+10%)^3

最后这个P就是100


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