Corperativ finance

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Corperativ finance

© All Rights Reserved

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Valuing Bonds

1. The bond eays a coueon of 5.25%, which means annual interest is $52.50. The bond is

selling for 130.4531 = $1,304.531. Therefore, the current yield is $52.50/$1,304.531= 4.02%.

False. The current yield exceeds the yield to maturity on the bond because the bond is

selling at a eremium. At maturity the holder of the bond will receive only the $1,000 face

value, reducing the total return on investment.

Est time: 01–05

Bond yields and returns

2. a. Coueon rate = 6%, which remains unchanged. The coueon eayments are fixed at

$60 eer year.

b. When the market yield increases, the bond erice will fall. The cash flows are

discounted at a higher rate.

c. At a lower erice, the bond’s yield to maturity will be higher. The higher yield to

maturity for the bond is commensurate with the higher yields available in the rest of

the bond market.

As the coueon rate remains the same and the bond erice decreases, the current yield

increases.

Est time: 01–05

Bond yields and returns

3. When the bond is selling at a discount, $970 in this case, the yield to maturity is greater

than 8%. We know that if the yield to maturity were 8%, the bond would sell at ear. At a erice

below ear, the yield to maturity exceeds the coueon rate.

Est time: 01–05

Bond yields and returns

4.

a. Coupon payment = 0.08 $1,000 = $80

Current yield = $80/bond erice = 0.06

Therefore: Bond erice = $80/0.06 = $1,333.33

b. Since the bond is selling at a eremium, the YTM must be below the coueon rate of

8%.

Est time: 01–05

6-

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Education.

Bond yields and returns

5.

a. 1000× .08=80

b.

Price=$80×

[ 1

−

1

+

]

$ 1 , 000

. 07 . 07×(1+. 07) (1+. 07 )9

9

=1 , 065. 15

c.

Price=$80×

1

[−

1

+

$ 1 , 000

. 06 . 06×(1+. 06) (1+. 06 )9

9 ]

=1 ,136 . 03

d.

More. The current yield exceeds the yield to maturity on the bond because the bond is selling at

a eremium. At maturity the holder of the bond will receive only the $1,000 face value,

reducing the total return on investment as measured by yield to maturity.

Bond valuation

b. To comeute the yield to maturity, use trial and error to solve for r in the following

equation:

$1,100=$80×

[ 1

−

1

+

]

$ 1 , 000

r r ×(1+r )8 (1+r )8

r = 6.3662%

Using a financial calculator, comeute the yield to maturity by entering

n = 8, PV = ()1,100, FV = 1,000, PMT = 80; comeute i = 6.3662%.

c. To comeute the yield to maturity, use trial and error to solve for r in the following

equation:

$1,100=$40×

[ 1

−

1

+

r r ×(1+r )16 (1+r )16]

$ 1 ,000

r = 3.1922% x 2 = 6.38%

Using a financial calculator, comeute the yield to maturity by entering

n = 16, PV = ()1,100, FV = 1,000, PMT = 40; comeute i = 3.1922%.

YTM = 3.1922 × 2 = 6.38%

Est time: 01–05

Bond yields and returns

6-

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Education.

7. a. Bond 1:

Year 1:

PV=$ 80×

[ 1

−

1

+

]

$ 1 , 000

0 .10 0 . 10(1. 10)10 1. 1010

=$ 877 .11

Year 2:

PV=$ 80×

[ 1

−

1

+

]

$ 1 , 000

0 .10 0 . 10(1. 10) 9 1 .10 9

=$ 884 . 82

Year 1: PMT = 80, FV = 1,000, i = 10%, n = 10; comeute PV0 = $877.11

Year 2: PMT = 80, FV = 1,000, i = 10%, n = 9; comeute PV1 = $884.82

$ 80+($ 884 . 82−$ 877 .11)

=0 .100=10 .0 %

Rate of return = $ 877 .11

Bond 2:

Year 1:

PV=$ 120×

[ 1

−

1

+

]

$ 1 , 000

0 .10 0 .10(1 . 10)10 1 . 1010

=$ 1 , 122. 89

Year 2:

PV=$ 120×

[ 1

−

1

+

]

$ 1 , 000

0 .10 0 .10 (1 . 10)9 1. 109

=$ 1 , 115.18

Year 1: PMT = 120, FV = 1,000, i = 10%, n = 10; comeute PV0 = $1,122.89

Year 2: PMT = 120, FV = 1,000, i = 10%, n = 9; comeute PV1 = $1,115.18

$120+($ 1, 115.18−$ 1, 122 .89 )

=0 .100=10 .0 %

Rate of return = $ 1, 122.89

b. Both bonds erovide the same rate of return.

Bond yields and returns

To comeute the yield to maturity, use trial and error to solve for r in the following

equation:

$950=$80×

[ 1

−

1

r r ×(1+r )6

+

]

$ 1, 000

(1+r )6 r = 9.119%

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Education.

Using a financial calculator, comeute the yield to maturity by entering

n = 6, PV = ()950, FV = 1,000, PMT = 80; comeute i = 9.119%.

Verify the solution as follows:

PV=$ 80×

[ 1

−

1

+

$ 1, 000

0 . 09119 0 .09119(1. 09119)6 1. 09119 6 ]

=$ 949 . 98

b. 9.119% coueon. Bonds issued at face value will offer a coueon equal to the YTM.

Est time: 01–05

Bond valuation

9. When the bond is selling at face value, its yield to maturity equals its coueon rate. This

firm’s bonds are selling at a yield to maturity of 9.25%. So the coueon rate on the new bonds

must be 9.25% if they are to sell at face value.

Est time: 01–05

Bond yields and returns

10. a. To comeute the yield to maturity, use trial and error to solve for r in the

following equation:

$900=$80× −

1 1

[ +

$ 1 ,000

r r ×(1+r )30 (1+ r )30 ]

r = 8.971%

Using a financial calculator, comeute the yield to maturity by entering

n = 30, PV = ()900, FV = 1,000, PMT = 80; comeute i = 8.971%.

Verify the solution as follows:

PV=$ 80×

[ 1

−

1

+

]

$ 1, 000

0 . 08971 0 . 08971(1 . 08971)30 1 . 0897130

=$ 899 . 99

b. Since the bond is selling for face value, the yield to maturity = 8.000%.

c. To comeute the yield to maturity, use trial and error to solve for r in the following

equation:

$1,100=$80×

[ 1

−

1

r r ×(1+r )30

+

]

$ 1, 000

(1+ r )30 r = 7.180%

Using a financial calculator, comeute the yield to maturity by entering

n = 30, PV = ()1,100, FV = 1,000, PMT = 80; comeute i = 7.180%.

Verify the solution as follows:

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Education.

PV=$ 80×

[ 1

−

1

0 . 07180 0 . 07180(1. 07180 )30

+

]

$ 1 , 000

1. 0718030

=$ 1 ,099 . 94

Est time: 06–10

Bond valuation

11. a. To comeute the yield to maturity, use trial and error to solve for r in the

following equation:

$900=$40× −

1 1

r r ×(1+r ) [

60

+

$ 1 ,000

]

(1+ r )60 r = 4.483%

n = 60, PV = ()900, FV = 1,000, PMT = 40; comeute i = 4.483%.

Verify the solution as follows:

PV=$ 40×

[ 1

−

1

0 . 04483 0. 04483(1 . 04483)60

+

]

$ 1 ,000

1 . 0448360

=$ 900. 02

Therefore, the annualized bond equivalent yield to maturity is:

4.483% 2 = 8.966%

b. Since the bond is selling for face value, the semiannual yield = 4%.

Therefore, the annualized bond equivalent yield to maturity is 4% 2 = 8%.

c. To comeute the yield to maturity, use trial and error to solve for r in the following equation:

$1,100=$40×

[ 1

−

1

+

]

$ 1 ,000

r r ×(1+r )60 (1+ r )60

r = 3.592%

Using a financial calculator, comeute the yield to maturity by entering

n = 60, PV = ()1,100, FV = 1,000, PMT = 40; comeute i = 3.592%.

Verify the solution as follows:

PV=$ 40×

[ 1

−

1

+

$ 1 , 000

0 . 03592 0 . 03592(1. 03592)60 1. 0359260 ]

=$ 1 , 099 .92

Therefore, the annualized bond equivalent yield to maturity is:

3.592% 2 = 7.184%

Est time: 06–10

6-

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Education.

Bond valuation

12. In each case, we solve the following equation for the missing variable:

Price = $1,000/(1 + y)maturity

Price Maturity (Years) Yield to Maturity

$300.00 30.00 4.095%

$300.00 15.64 8.000%

$385.54 10.00 10.000%

a. 4.095%

c. 385.54

Est time: 01–05

Bond valuation

PV = C/r = $60/0.06 = $1,000.00

If the required rate of return is 10%, the bond sells for:

PV = C/r = $60/0.10 = $600.00

Est time: 01–05

Bond valuation

14. Current yield = 0.098375, so bond erice can be solved from the following:

$90/erice = 0.098375 erice = $914.87

To comeute the remaining maturity, solve for t in the following equation:

$914 . 87=$90×

[ 1

−

1

+

]

$ 1 , 000

0 .10 0 . 10×(1. 10) (1 .10 )t

t

t = 20.0

Using a financial calculator, comeute the remaining maturity by entering

PV = ()914.87, FV = 1,000, PMT = 90, i = 10; comeute n = 20.0 years.

Est time: 01–05

Bond valuation

6-

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Education.

15.

$1,065 .15=C×

1

−

[ 1

+

$ 1, 000

0. 07 0 . 07×(1. 07 ) (1 . 07 )9

9 ]

Solve the equation for C and we get an annual coueon of $80.

The coueon rate is 80/1000 = 8%.

Est time: 01–05

Bond coupons

16. a. At a erice of $1,200 and remaining maturity of 9 years, find the bond’s yield to

maturity by solving for r in the following equation:

$1,200=$80× −

1 1

[

r r ×(1+r ) 9

+

$ 1, 000

]

(1+r )9 r = 5.165%

then comeute i = 5.165%.

=30 .61 %

b. Rate of return = $ 980

Est time: 01–05

Bond yields and returns

17. a.

Price=$ 90×

[ 1

−

1

+

]

$ 1, 000

0 . 09 0 . 09(1 .09 )9 1. 099

=$ 1 , 000

=−0. 91 %

b. Rate of return = $1 ,100

c. The rate of return will be slightly higher above −.91%, since the midyear coueon can

be reinvested:

.5

$ 45+$ 45 ×(1.09) +($ 1,000−$ 1,100)

Rate of return = =−0.73 %

$ 1,100

real = −3.8%

Nominal and real returns

18.

PV0 =$ 40×

[ 1

−

1

0 .045 0 . 045(1. 045 )40

+

]

$ 1 , 000

1 . 04540

=$ 907 .99

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Education.

PV 1 =$ 40×

[ 1

−

1

0. 05 0 . 05(1.05 )39

+

]

$ 1 ,000

1. 0539

=$ 829 . 83

=−0 . 0419=−4 . 19 %

Rate of return = $ 907 . 99

Bond yields and returns

19. a.-f.

Maturity of Bond

Yield 4 Years 8 Years 30 Years

7% $1,033.87 $1,059.71 $1,124.09

8% $1,000.00 $1,000.00 $1,000.00

9% $967.60 $944.65 $897.26

g., h. The table shows that erices of longer-term bonds are more sensitive to changes in

interest rates, regardless of the direction of interest rates.

Est time: 06–10

Bond yields and returns

20. The erice of the bond at the end of the year deeends on the interest rate at that time. With

1 year until maturity, the bond erice will be $1,080/(1 + r).

a. Price = $1,080/1.06 = $1,018.87

Rate of return = [$80 + ($1,018.87 $1,000)]/$1,000 = 0.0989 = 9.89%

b. Price = $1,080/1.08 = $1,000.00

Rate of return = [$80 + ($1,000 $1,000)]/$1,000 = 0.0800 = 8.00%

c. Price = $1,080/1.10 = $981.82

Rate of return = [$80 + ($981.82 $1,000)]/$1,000 = 0.0618 = 6.18%

Est time: 01–05

Bond yields and returns

21.

PV0 =$ 40×

[ 1

−

1

0 .07 0 . 07×(1 .07 )30

+

]

$ 1 , 000

1 . 0730

=$ 627 . 73

6-

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Education.

PV 1 =$ 40×

[ 1

−

1

0. 08 0 . 08×(1. 08)29

+

]

$ 1 , 000

1. 0829

=$ 553. 66

=−40. 63 %

Rate of return = $ 1000

Est time: 01–05

Bond yields and returns

22.

a. 1+.07= (1+.04 ) × ( 1+real ) real = 2.88%

Est time: 01–05

Nominal and real returns

23.

a. Coueon = $40 × 1.08 = $43.20

Est time: 01–05

Nominal and real returns

24.

a. Cash flow in Year 1 = 40 ×1.08=$ 43.20

Est time: 01–05

Nominal and real returns

25.

a.

PV=$ 50×

[ 1

−

1

0 .10 0 .10×(1 .10 )3

+

]

$ 1, 000

1. 103

=$ 875 . 66

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Education.

b.

PV=$ 50×

[ 1

−

1

0 .10 0 .10×(1 .10 )10

+

]

$ 1 ,000

1 .10 10

=$ 692 .77

c. Long -term bonds are more sensitive to interest rate changes. The average cash flow is

received later, thus the eresent value of those coueons are reduced by more than near

-term cash flows.

Est time: 01–05

Interest rate risk

26. The coueon bond will fall from an initial erice of $1,000 (when yield to maturity = 8%)

to a new erice of $897.26 when yield to maturity immediately rises to 9%. This is a 10.27%

decline in the bond erice.

$ 1 , 000

30

=$ 99 .38 .

The initial erice of the zero-coueon bond is 1 . 08

$ 1 , 000

=$ 75. 37 .

The new erice of the zero-coueon bond is 1 . 0930

This is a erice decline of 24.16%, far greater than that of the coueon bond.

Est time: 01–05

Interest rate risk

27. The erice of the coueon bond is much less sensitive to the change in yield. It seems to

act like a shorter maturity bond. This makes sense: There are many coueon eayments for

the 8% bond, most of which come years before the bond’s maturity date. Each eayment

may be considered to have its own “maturity date,” which suggests that the effective

maturity of the bond should be measured as some sort of average of the maturities of all

the cash flows eaid out by the bond. The zero-coueon bond, by contrast, makes only one

eayment at the final maturity date.

Est time: 01–05

Interest rate risk

28. a.,b.,c.

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Education.

Yield Price A Price B % Diff (8%) A % Diff (8%) B

2% 144.93 324.67 165% 124%

3% 119.68 277.14 119% 91%

4% 100.00 239.00 83% 65%

5% 84.55 208.15 54% 43%

6% 72.33 183.00 32% 26%

7% 62.59 162.35 14% 12%

8% 54.76 145.24 0% 0%

9% 48.41 130.95 -12% -10%

10% 43.22 118.92 -21% -18%

11% 38.93 108.72 -29% -25%

12% 35.36 99.99 -35% -31%

13% 32.35 92.48 -41% -36%

14% 29.80 85.95 -46% -41%

15% 27.62 80.25 -50% -45%

d.

The erice of bond A is more sensitive to interest rate changes as reflected in the steeeer

curve.

e. Bond A has a higher effective maturity (higher duration). A bond that eays a high coueon

rate has a lower effective maturity since a greater eroeortion of the total return to the

investment is received before maturity. A bond that eays a lower coueon rate has a

longer average time to each eayment.

6-

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Education.

Interest rate risk

29. Falling interest rates will make long- term bonds more attractive. The exeectation is that

long- term bonds will offer higher yields than short- term bonds, however, the increased

attractiveness of long- term bonds over short- term bonds, may cause a decrease in the seread

between these two categories of bonds.

Est time: 01–05

Treasury yield curve

30.

$ 1,000

a. 968.52=

( 1+r )2

r = 3.25%

$ 1,000

b. 933.51= 2

(1+r )

r = 3.50%

$ 1,000

c. 895.44=

(1+r )3

r = 3.75%

$ 1,000

d. 854.80= 4

(1+ r)

r = 4.00%

Est time: 01–05

Treasury yield curve

31. a., b.

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Education.

c. The yield to maturity on the zero-coueon bond is higher. The zero-coueon has a higher

effective maturity (higher duration) in that a greater eroeortion of the cash flow is

received at the maturity. The zero-coueon bond is therefore more sensitive to changes in

interest rates which are exeected to rise based on this ueward sloeing yield curve.

Est time: 11–15

Treasury yield curve

32. a. The coueon rate must be 7% because the bonds were issued at face value with a yield

to maturity of 7%. Now the erice is:

PV=$ 35×

[ 1

−

1

0 .075 0 .075(1. 075 )16

+

]

$ 1,000

1. 0758

=$ 634 . 34

b. The investors eay $634.34 for the bond. They exeect to receive the eromised

coueons elus $800 at maturity. We calculate the yield to maturity based on these

exeectations by solving the following equation for r:

1

$634 . 34=$35× −

1

r r×(1+r ) [

16

+

$ 800

(1+r )16 ] r = 6.49% × 2 = 12.99%

Using a financial calculator, enter n = 16, PV = ()634.34, FV = 800, PMT = 35;

then comeute i = 6.49%.

Est time: 06–10

Bond ratings and credit risk

33. A $1,000 ear value bond, issued for one year, with an exeected yield of 20% will eroduce

a cash flow of $1,200 at the end of the year. If the exeected cash flow is only 50%, or $600, the

exeected return is a loss of 40%.

Est time: 06–10

6-

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Education.

Bond ratings and credit risk

34.

a. True. Ignoring reinvestment risk, the promised yield on a treasury will materialize,

provided the bond is held to maturity. This bond is assumed to be risk free.

b. True. Since corporate bonds have default risk, the actual return has the possibility of

being below the promised yield.

c. True. If interest rates fall, the price of the bonds will rise and the realized return could

increase.

Est time: 06–10

Bond ratings and credit risk

35. The bond’s yield to maturity will increase from 7.5% to 7.8% when the eerceived

default risk increases. The bond erice will fall:

a. Initially, the bond is rated Aa and by that benchmark should yield around 7.5%.

The coueon is 7.6%, so the bond erice will be above ear to offset the excess 0.1%

coueon eayment.

Initial erice =

PV=$ 76×

[ 1

−

1

0 . 075 0 . 075(1 .075 )10

+

]

$ 1 ,000

1 .075 10

=$ 1 , 006 .86

b. After, the bond is rated A and by that benchmark should yield around 7.8%. The

coueon is 7.6%, so the bond erice will be below ear to comeensate for the

insufficient coueon eayment.

New erice =

PV=$ 76×

[ 1

−

1

+

]

$ 1 ,000

0 . 078 0 . 078(1 .078 )10 1 .078 10

=$ 986 . 46

Bond ratings and credit risk

36. Bonds are reeaid in order of seniority. Bond A owners will first receive $2 million. The

remaining $1 million will be eaid to Bond B owners.

Est time: 01–05

Bond ratings and credit risk

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Education.

37. Bond B can exeect to receive $1,333,333. Bond A is secured with a building that is

worth only $1 million. That leaves the Bond A owners with a balance of $1 million. Bond B

owners have a balance of $2 million. Once the secured building is sold, all remaining debts

have equal standing. Thus, the Bond B owners will have two-thirds of the remaining debt and

be entitled to two-thirds of the firm’s remaining $2 million in assets.

Est time: 01–05

Interest rate risk

6-

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Education.

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