证券基础知识——与bond相关的几个知识点discount factor，Spot rates，forward rates

peachpi

于 2011-05-13 11:19:00 发布

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分类专栏： Bond & Debt Finance 证券知识文章标签： stream types reference security

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本文介绍了债券估值的基础知识，包括估算现金流、确定适当的折现率以及计算预计现金流的现值。债券投资者可以期待两种现金流量：周期性的票息收入和本金回收。此外，文章还探讨了Forward Rates和Spot Rates的概念，它们分别是未来单个时间段的利率和未来多时间段的年平均利率。

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Fundamentals of bond valuation

The value (or price) of any financial asset-such as a bond-can be determined by summing the asset's discounted cash flows. There are three steps in the bond valuation processes:

1. Estimate the cash flows. For a bond, there are two types of cash flows: (1) the annual or semiannual coupon payments and (2) the recovery of principal at maturity, or when the bond is retired.

2. Determine the appropriate discount rate. The approximate discount rate is either the bond's yield to maturity (YTM) or a series of spot rates.

3. Calculate the PV (present value) of the estimated cash flows. The PV is determined by discounting the bond's cash flow stream by the appropriate discount rate(s).

(Bond valuation in wiki -- is the determination of the fair price of a bond. As with any security or capital investment, the theoretical fair value of a bond is teh present value of the stream of cash

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