"#$%#ก&'(

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 4
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ก
ก
 
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ก


 ก


1. <#' %ก=>ก?@'A>$%ก? B&%CD#E' ก@'
2. <#' %ก=>ก?"A " "@$&G#E' ก@'
3. <#' %ก=>ก?"A&B  YTC J$ YTM
4. <#' %ก=>ก?@'!%ก&"!กก$E < #E' ก@' J$ ก!%% %
&" GAD#E' ก@'

!
"
1. $%ก? B&%CD#E' ก@'
2. Yield to maturity, YTM
3. Interest rate risk
4. Reinvestment rate risk
5. ก!%% %
#E' ก@'
6. S!!%"T$G&"!กกT %B # UJ$ ก!%% %
#E' ก@'
7. E

1
 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

ก#$%&!ก (Bond)
1. &(' (Par value): "@$&G('
#E' ก@' %ก$E ! ('%
 % &
กB# D#E' ก@'
2. %ก
U
E('
#E' ก@' (Coupon interest rate): A' B Coupon rate &@ก%
&('
ก! ('ก
UG\ %ก$E ! ('%
!กก$E < #E' ก@' (ก#E' ก@'!Gก
U\$ &%U)
3. E&
กB#  (Maturity): !B  \! ก %#E' ก@'! A@ก(AGA ]>ED#E' ก@'! $$Eก\
#$%!กก&%UJก
4. % ก#E' ก@' (Issue date)
5. &"!กกT %B # U (Default risk): &"T@'ก#E' ก@'("G"A!G
ก
UJ$  ' & "&
กB# B
Call Provision

D'กB# < กก#E' ก@'& กG &
กB# 


?%! '!G& <#'JกGT@'A#E' ก@'"กกG&(' ""กก#E' ก@'& กG &

กB# 
Call Premium

!B     '  " ก !G   " "  " ก   ก#E' ก@' & กG  &
กB  #  _"% ก !
กB# <#'Gก%
ก
U!G 1 \ A'#E' ก@'A@กก& `< \ 1

!B   '!G" U ! $$'%& = INT ÷ N

%G Par value = 1,000; Maturity = 10 years; Coupon rate = 10% A'#E' ก@'A@กก
& `< \ 1, Call premium = 1,000 × 0.1 = 100 J$ Premium ! $$'%
& = 100 ÷ 10 = 10% g %U A'#E' ก@'A@กก& `< \ 2, Call premium = 100 -
(100 × 0.1) = 90
Deferred Call

D'กB# <#'#E' ก@'"AA@กก& (' #$%!ก  $# >กB# (' _%(
กB# <#'"Aก#E' ก@'& (' #$%!กก#E' ก@'(J$' " 5-10 \
• ก
!ก%-.ก
 กกก ก%-
/ก ก 0

ก%ก
U< '$$$ กก#E' ก@'& กG &
กB# ! GT@'ก#E'
ก@'   #%  ' E กก@'  "(' JG ! B  <#' T@'  $ E < #E' ก@' %U   _ก ! (' %

T$
J  %ก
U@G(

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 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

% %U T@' ก@' # T@'ก#E' ก@' !> "! !G "D>U J$ T@' < #'" # T@' $E < #E' ก@'
'ก "กกG&(' < กD#E' ก@'"Aก& (' (Callable bond)

#E' ก@'_%("D'กB# กก%
Deferred call J$ Call premium
• Sinking fund provision

D'กB# < ก!G&  ' $ED#E' ก@' J ! !G& &%U
  % &
กB# 

"$%ก? &$'ก%
กTG B &  ก@'j  k J

Amortization

j ก$&"<#'JกG %ก$E  j ก$  $&
กB# _
g$

JG! ("Gj T$G %ก$E A'%ก
U< '$$$`#$%"
กก#E' ก@'  ! B<#' ' ('%
ก!G& " B($E G
! ('%
%T$
J BกG Coupon rate D#E' ก@' %U
• ก


 ; ก
 (Financial Asset Valuation)

%&$ (Discount rate, ri) !j ' E ก!%# E B#%

ก$E %U # !j
' E &G_ก ]>ก& %T$
J ! ('%
!กก$E  "&"Gก%
ri = r* + IP + LP + MRP + DRP
= %ก
UJ'! + G  op
+ G `&$G + G &"' E&
กB# 
+ G &"' กT %B # U

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 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

• ก%$
 ก   10 O
 Coupon interest rate 10% 0 = 1,000 S
-- (rd) = 10%

"@$&G#E' ก@' = "@$&GS!!E

% ก
U + "@$&GS!!E
%  '

• 

TU- V
;
!W" 3% YW%.--
;

Z 13% V
/ก
 0 
 ก

"%&$"D>U ! @กG Coupon rate "@$&GD#E' ก@'! $$BกG&(' ]>

กG j กD#E' ก@'J

Discount (DBกG&(')

• 

TU- V- 3% YW%.-- -
Z 7% V
/ก
 0 
 ก

4
 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

"%&$ $$! BกG Coupon rate "@$&GD#E' ก@'! @กG&(' ]>

กG j กD#E' ก@'J

Premium (D@กG&(')

Yield to Maturity, YTM

YTM #"A> %T$
J ('%
"A#E' ก@'! &
กB# 
กG qPromised
yieldr
• ก%$ YTM !ก  10 O Coupon interest rate 9%  O 0 1,000

 ก! 0-`VV 887 

• ก%$ YTM  i  rd
J &G i = 10%

J &G i = 11%

5
 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

• ก%$ YTM

! ก`VV 1,134.02 
J &G i = 8%

J &G i = 7%

A' Coupon rate < rd #E' ก@'! A@กD  &BกG&(' กG DJ

Discount

A' Coupon rate = rd #E' ก@'! A@กD  &(' กG D Par value

A' Coupon rate > rd #E' ก@'! A@กD  &@กG&(' กG DJ

Premium

A' rd @D>U &#E' ก@'! $$

6
 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

 % &
กB#  &#E' ก@'! Gก%
&('

Interest rate risk

Interest rate (or price) risk #"A> &"!ก%ก
U ก$G& A'%ก
U
@D>U &D#E' ก@'! $$ ED#E' ก@'  GT$ก 
Gก$ J$D&#E' ก@'
%  "!กก$ J$D%ก
U"กD>U

Reinvestment rate risk

Reinvestment rate risk #"A> &"ก!กก B ('%
($E G  %
ก
UBกG" B<#'('%
('!ก$E $$
 : ""G A@ก Lottery 500,000
 G JT ! B %U ($E J$ Bg
G j ก
U"<' G % <!$E < #E' ก@' E 1 \ " YTM 10% T$
J !กก$E \
 1 = 500,000 × 0.10 = 50,000
 J$ ('%
 ' 500,000
ก$%
&  B($E G A'
%ก
U$$j 3% T$
J !กก$E ! $$j 500,000 × 0.03 = 15,000
 JGA'
G % <!! $E &%UJกj $  30 \ (("G< GJ&G 1 \) T$
J ! ('%
! &\$
50,000
 j $ 30 \

#E' ก@'  : &"!ก%ก
U@ JG&"!กก$E GB

#E' ก@'  %U : &"!ก%ก
UB JG&"!กก$E G@

("G"ก$E <("G"&"
• ก
กV  -ก
" O 2 " (Semiannual Bond)
1. &@!B  \' 2 <#'('!B  %U#" → (2 × n)
2. #%ก
U
E('
#E' ก@' (Nominal rate) ' 2 <#'('%ก
UG&>\
(Periodic rate) → (rd ÷ 2)

7
 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

3. #ก
U!GG\' 2 <#'('ก
U!GG&>\ → (INT ÷ 2)
• ก%$
 ก   10 O 0 1,000  Coupon interest rate 10%  O
กV  -ก
" กWO S-- 12%  O
ก
U!GG&>\ = (1,000 × 0.10) ÷ 2 = 50

!B  %U#" = 10 × 2 = 20 
%&$G&>\ = 12 ÷ 2 = 6%

•  

ก.ก -" (1) ก 0 1,000    10 O V 
-ก
" ก f O (Annual bond)  (2) ก 0 1,000    10 O V  -ก
" ก f
WO (Semiannual bond)  V
ก.ก.-
&B  EFF% D Semiannual bond:

10.25% > 10% EFF% D Annual bond g %U ! $ก$E < Semiannual bond
#E' ก@'E 10 \ Coupon interest rate 10% G\ "ก!Gก
U\$ 2 &%U #E' ก@'"&('
1,000
 #E' ก@'D& 1,135.90
 A'A! &
กB#  " YTM 8% #E' ก@' U"Aก& กG
&
กB# (' (`#$%ก#E' ก@'(J$' 5 \) & 1,050

<#'&B #%T$
J ! ('%
!กกA#E' ก@' U! A>% A@กก& (Yield to call,
YTC)
ก
U!GG&>\ = (1,000 × 0.10) ÷ 2 = 50

!B  %U#" = 5 × 2 = 10  ( %
A>\ 5)
ก& #E' ก@'& 1,050
 ( \ 5)
%&$G&>\ = ?

8
 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

J &G i = 3%

J &G i = 4%

• $Y"ก $V0-/S
 ก YTM  YTC

_%( A'#E' ก@'D@กG&(' (Sell at a premium) Coupon interest rate > rd g %U
#E' ก@'! "J _ '"! A@กก& กG &
กB#  % %U &E&#%! ('%
%T$
J Gก%

YTC B#%
#E' ก@'DJ

Premium

YTM B#%
#E' ก@'D  &(' J$ #E' ก@'DJ

Discount

9
 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

กV--ก (Bond Ratings)

• Thai Credit Rating Agency

TRIS
Investment grade: AAA AA A BBB
Junk bonds: BB B C

FITCH
Investment grade: AAA AA A BBB
Junk bonds: BB B CCC CC C

`VV 
/ 

 Vกก/--j%" SกV--ก

T$กB   ก (Financial performance)
 Debt ratio %G # U G %
 Coverage ratios ('JกG interest coverage ratio %G J&""A< ก
B # U
 Current ratios %G E #"E 

D'กB# G k D#E' ก@'
 #E' ก@'"#$%ก ก% # ("G"#$%ก ก%
 D'กB# กก%
ก!G&  '
 E&
กB# 

10
 "#$%#ก&'(
ก ก
ก ก     MB505
 4
University of the Thai Camber of Commerce
. 
  !

S!!% k
 &""A`DกB(
 `J$'"' ก} 

D'
%&%

 ` %
T
กก%
 &' #
ก D
?%
 _

%C



$%ก? B&%CD#E' ก@' ('JกG &(' %ก
U
E('
#E' ก@' E&
กB#  % 
ก#E' ก@' J$ &"!กกT %B # U

"@$&G#E' ก@' = "@$&GS!!E
% ก
U + "@$&GS!!E
%  '
VB = [(Par value × Coupon rate) × PVIFAi%,n] + (Par value × PVIFi%,n)

YTM #"A> %T$
J ('%
"A#E' ก@'! &
กB# 

YTC #"A> %T$
J ! ('%
!กกA#E' ก@'! A>% A@กก&

Interest rate risk #"A> &"!ก%ก
U ก$G& A'%ก
U@D>U &
D#E' ก@'! $$

Reinvestment rate risk #"A> &"ก!กก B ('%
($E G  %
ก
UBกG" B<#'('%
('!ก$E $$

S!!%"T$G&"!กกT %B # UJ$ ก!%% %
#E' ก@' ('JกG T$กB  
ก D'กB# G k D#E' ก@' &""A`DกB( J$ `J$'"' ก} 


D'
%&%
j '

ก
Brigham, E.F., Ehrhardt, M.C., Financial Management: Theory and Practice, 11th Edition, 2005. South-Western
Thomson. (Main text)
Copeland, T.E., Weston, J.F., Shastri, K., Financial Theory and Corporate Policy, 4th Edition, 2005. Pearson-
Addison Wesley.
Bruner, Robert., Case Studies in Finance: Managing for Corporate Value Creation, 5 th Edition, 2005. McGraw-
Hill.

11