Figure 7.1 cash flows for Xanth Co. bond
maturity [mə'tjuəriti] n.成熟, (支票等的)到期
Interest-only loan：纯利息贷款 Going rate：现有(市场)利率 Discount bond:折价债券 Built-in：固有的，内置的
CHAPTER 7
Interest rates and bond valuation
Bonds and bond valuation
When a corporation or government wishes to borrow to borrow money from the public on a long-term basis, it usually does so by issuing or selling debt securities that are generically called bonds.
溢价债券 premium [„pri:miəm]
7.1.3 Interest rate risk
Sensitivity:敏感性
Interest rate risk
7.1.4 Finding the yield to maturity: more trail and error
Engineer-speak for a problem or part of a problem where numbers can be "plugged" into an equation, at which point the answer can be "chugged" by a calculator. Yeah, so then you have all the variables and then it's just plug 'n chug to get the answer Plug & chug数字捣弄
Байду номын сангаас
apiece [ə‘pi:s] ad.每个，每件，每人
Nominal rate on an investment is the percentage change in the number of dollars you have. The real rate on an investment is the percentage change in how much you can buy with your dollarsin other words, the percentage change in your buying power the Fisher effect
Coupon [‘ku:pɔn] 票面利息 n.礼券，优惠券；配给券，票证 Level coupon bond:均衡带息债券 Face value：面值 Par value：面额 Par value bond：平价债券 Coupon rate：票面利率 Maturity：到期期限 Yield to maturity：到期收益率
当 期 收 益 率
插值法
例1:某剩余期限为4年的国债，票面利率为8%， 面值100元，每年付息一次，当前市场价格为 102元，求到期收益率。 8/(1+y)+8/(1+y)2+8/(1+y)3+108/(1+y)4=102 先计算当收益率为7%时的现值为103.3872， 在利用当收益率等于票面利率8%时的现值等于 100（其实不用计算），得出方程（7%X)/(7%-8%)=(103.3872-102)/(103.3872-100), 求解X=7.41%
“plug and chug”
Engineer-speak for a problem or part of a problem where numbers can be "plugged" into an equation, at which point the answer can be "chugged" by a calculator. Yeah, so then you have all the variables and then it's just plug 'n chug to get the answer
7.4 some different types of bonds
1. 2. 3.
Government bonds Zero coupon bond (or zeroes)(零息债券) Floating-rate bond
7.6 inflation and interest rates
real versus nominal rates