Download PDF by Patrick J. Brown: An introduction to the bond markets
By Patrick J. Brown
This publication supplies an advent to the bond markets for practitioners and new entrants who have to comprehend what they're, how they paintings and the way they are often used, yet don't need to be intimidated by means of mathematical formulae. via the tip of the booklet readers should be capable of come to a decision even if to speculate within the bond industry. The mathematical formulae should be relegated to the appendices and supplemented by means of a better half web site which permits clients to go into their very own bond marketplace investments, to simulate expected occasions and spot the implications.
- Patrick Brown is recognized as Chairman of the ecu Bond fee (recently retired)
- The in simple terms bond booklet that doesn't count seriously on mathematical formulae
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Extra resources for An introduction to the bond markets
Do you know and understand the issuer? This question is probably more relevant with corporate issuers than with government or supranational entities. If a significant proportion of the company’s profits come from making a special type of widget, which you have not heard of and do not understand its potential, then you should be cautious as you might not have a feel for the risks involved. To address this concern, special-purpose vehicles normally highlight the purpose of and the risks involved in the issue.
Here, the 34 An Introduction to the Bond Markets convention is normally to accrue interest on an actual/360 basis, except in the case of sterling, where it is an actual/365 basis. As a result, over a year a non-sterling floating-rate note accrues more interest than its nominal annual coupon. 4 Consider a US dollar floating-rate note that pays a coupon on 30 June and 31 December 2006. 00 %. 0833 % Although the differences in the accrued interest calculations are not large, and for fixed-rate bonds average out over the year, they can be significant in the short term.
In the past some issuers have issued so-called ‘corridor’ issues where there has been both a maximum and a minimum interest rate. 20 Internationale Nederlanden Bank Subordinated Floating-Rate Notes 2005 The company issued $300 million of the notes in 1993 for redemption at 100 on 18 October 2005. The interest is paid semi-annually initially on 18 April and 18 October each year. The annual interest rate for each semi-annual period is set in advance at 14 % below the London Interbank Offer Rate for six month dollar deposits, but subject to a minimum of 5 % and a maximum of 8 %.
An introduction to the bond markets by Patrick J. Brown