S*******t
发帖数: 97 | 1 我看到一些new bond, expected yield是2.0%,但是expected coupon是4.0%。这是不是
说对于$100的bond,每年有$4的coupon,等到mature了以后还给你的是$102?
那么对于secondary market上的bond, ask yield是怎么计算的呢？我看到有recent
trade是$122, coupon是5.75%的bond, ask yield是1.44.不是很明白。 | y****i
发帖数: 778 | 2 1) No,等到mature了以后还给你的是$100, not $102. You need to pay premium when
the bond is issued, so the initial offering price is >$100.
Yield rate is the interest earned by the buyer on the bond purchased which
is expressed as a percentage of the total investment. Coupon rate is the
amount of interest derived every year, expressed as a percentage of the bond
's face value. Yield is the real return of the bond, coupon rate is only
based on face value, or say $100.
2) How many years are the bond? Most likely 5 year to maturity. You pay
122$ now and the issuer pay you 5.75% interest based on $100 face value but
only $100 at maturity, so your real return is only 1.44% not 5.75%.
【在 S*******t 的大作中提到】
: 我看到一些new bond, expected yield是2.0%,但是expected coupon是4.0%。这是不是
: 说对于$100的bond,每年有$4的coupon,等到mature了以后还给你的是$102?
: 那么对于secondary market上的bond, ask yield是怎么计算的呢？我看到有recent
: trade是$122, coupon是5.75%的bond, ask yield是1.44.不是很明白。
| S*******t
发帖数: 97 | 3 多谢。对于第一个问题，那么这个yield 2%是如何体现呢？比如我买$100的bond, 花了
$105. 5年以后除了每年的coupon dividend, 回到手的还是$100? 那2%的yield return
是会给你2%的利息吗？
对于第二个问题，看来secondary market的bond最后return并不是很高。是不是一般都
应该focus on new issued bond?
when
bond
but
【在 y****i 的大作中提到】
: 1) No,等到mature了以后还给你的是$100, not $102. You need to pay premium when
: the bond is issued, so the initial offering price is >$100.
: Yield rate is the interest earned by the buyer on the bond purchased which
: is expressed as a percentage of the total investment. Coupon rate is the
: amount of interest derived every year, expressed as a percentage of the bond
: 's face value. Yield is the real return of the bond, coupon rate is only
: based on face value, or say $100.
: 2) How many years are the bond? Most likely 5 year to maturity. You pay
: 122$ now and the issuer pay you 5.75% interest based on $100 face value but
: only $100 at maturity, so your real return is only 1.44% not 5.75%.
| y****i
发帖数: 778 | 4 The coupon rate is higher than yield rate in the first case. The issuer will
pay you more than 2%, say 3-4% interest every year. Yield = coupon / your
purchase price if you do not consider compound interest.
No. The new issued bond yield is always based on daily market, so you can
not find a deal if the whole market is moving up. You need to spend more
time in secondary market and choose the one whose ask price is lower than
3rd party price and not because of downgrade. Because muni bond liquidity is
worse than corporate bond, the spread is high and the buyer can purchase a
good yield bond some time much lower than 3rd party price. But when you want
to sell it before maturity, you need to call Fidelity to get a bid quote
and often the selling price will be lower than 3rd party price too.
New issued bond yield is good during 2009-2011, need to wait another big
crisis to have the rate going back to that level.
return
【在 S*******t 的大作中提到】
: 多谢。对于第一个问题，那么这个yield 2%是如何体现呢？比如我买$100的bond, 花了
: $105. 5年以后除了每年的coupon dividend, 回到手的还是$100? 那2%的yield return
: 是会给你2%的利息吗？
: 对于第二个问题，看来secondary market的bond最后return并不是很高。是不是一般都
: 应该focus on new issued bond?
:
: when
: bond
: but
|
|
