FIN 390 DeVry University Fixed Income Securities in Apple

Inc Research Paper

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FIN 390 DeVry University Fixed Income Securities in Apple Inc Research Paper

This assignment includes picking the company, a 7-10 page analysis, and works cited. Visuals or
graphs DO NOT count towards page count, but should still be used. Please read through this
assignment and criteria carefully. Please only take on this assignment if you are able to excell at
all the guidelines. I had a bad experience with someone on here that bullshit the whole
assignment and planarized blatantly and I had to report them. I will tip someone that meets all
these guidelines well!

Students should familiarize themselves with bonds and preferred stock as an investment
opportunity and as a source of funds. In this assignment, students will determine why a fixed-
income security may be offered by a firm, what features it must have in order to be attractive to
investors, and what kind of financial results were achieved. Balance sheet accounts as well as
certain ratios are to be analyzed.

Final Project Guidelines

Students should select a company that has issued bonds in the last 3 years so that the
information sources can provide sufficient financial data for analysis. The selection is
subject to faculty approval: the company and bond chosen should be posted no later than
Week 6 to the Q&A Forum where the professor will indicate approval/disapproval of the
selection before research should commence.

Post the following:

1. Your company choice

 2. The security chosen (select an individual bond, not a bond fund)
3. When that security was issued

The Final Project is made up of several sections, each listed below. Each section should be a
minimum of two pages (excluding charts, graphs, etc.). You will submit your Final Project in
Week 8.

 Papers should be 7-10 written pages in length, 10-point font, and double spaced. The
paper should include a cover page, table of contents, introduction, body of the report
(Sections 1-5), summary/conclusion, and works cited. Graphs, tables, and appendices
should be added when necessary, however, these items are not part of the total page
count.
 Even though this is not a scientific-type writing assignment and is mostly creative in
nature, references are still very important. At least three authoritative, outside references
are required (anonymous authors or web pages are not acceptable). These should be listed
on the last page titled “Works Cited.”
 Appropriate citations are required utilizing the APA standard.
 This paper is worth 230 total points and will be graded on quality of research topic and
paper information, use of citations, grammar, and sentence structure. See the grading
rubric below.

Milestones and Final Project

 Introduction: ( 10 ) Please construct a comprehensive introduction that lays out your
project.
 Section 1: Company Background: (20 points) This section should include what
industry the firm is in, its products, its competitors, and the stated main reason for
needing capital (to fund receivables, capacity expansion, retire older debt, etc.). If you
can’t find a specific discussion about this, then use your judgment as to why you think
the funds were needed and explain your reasoning.
 Section 2: Balance Sheets: (20 points) What did the balance sheet look like in the
quarter just prior to issuing the bonds? Include both a copy from before the issue and
after the issue. Calculate at least three of the ratios shown in the Moody’s Bond Rating
Chart contained in the Week 2 Lesson both before and after the bonds were issued, and
discuss why you think they are important to your report.
 Section 3: Trends in YTM and Price: (20 points) At what price and YTM was the
initial offering sold? Tabulate the price and YTM of the issue at the end of each calendar
quarter for the last six quarters. Then, plot the tabulated values to visualize the trends in
YTM and prices.
 Section 4: Rate of Return: (20 points) If you were one of the original investors in this
issue and you had invested $10,000, what would your total return be if you sold the
securities at today’s market price? Compute the current duration of the bond and add a
brief discussion about your calculations and what the results indicate.
 Section 5: WACC: (20 points) Compute the firm’s current WACC assuming the total
debt of the firm is in the issue that you analyzed. This means that if the company has
 more than one debt issue outstanding with a total face value of $X million and your
chosen issue involves $Y million, then assume that all $X million is in your issue. This
will simplify the calculations without diminishing learning value. Add a brief discussion
about your calculations and what the results indicate.
 Conclusion: (10 points) Based on your research in Sections 1-5, discuss at least three
overall conclusions about this offering. In your conclusion, please recap your analysis so
that a reader can draw upon your expertise in order to make an educated investment
decision. The conclusion should draw together all that you have researched and analyzed.
 Overall: Organize your project with a title page, table of contents, and reference list.
Clearly label each section and ensure pages are numbered. Show all calculations. If
calculations involve more than one line, put them in an appendix and show only the
results in the main paper. Sections should flow smoothly from one to another to ensure
continuity. Please edit your report so that it is something that makes you proud.