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- Risky Coupon Bonds as a Portfolio of Zero-Coupon Bonds
- This paper characterizes conditions under which a risky coupon bond is equivalent to a portfolio of risky zero-coupon bonds. This characterization is extended to enable the estimation of firm specific zero-coupon bond prices from risky coupon bond prices for the determination of firm specific credit risk curves. This paper provides...
- White papers 2004-02-01
Additional Resources
- Should I Buy A Zero Coupon Bond?
- This calculator compares two bond investments buying a bond at a substantial discount to par value and receiving no coupon (a zero-coupon bond), and buying a bond with a coupon. User can select a Treasury security, corporate bond or municipal bond. Treasury securities are exempt from state income taxes. Municipal...
- Tools & templates 2008-01-01
- Which Is Better: Discount Or High Coupon Rate?
- This calculator computes rates of return, before and after taxes, for a discounted bond and high-coupon bond. Generally, you pay a price below par value discount for a bond that has a low coupon rate relative to market interest rates. You pay a price above par value premium for a...
- Tools & templates 2008-01-01
- Putting Compound Interest to Work Through Zero Coupon Bonds
- In chemistry, a compound substance refers to a combination of two or more elements that cannot be separated. In math, a compound fraction means a fraction that has a numerator, a denominator, or both that contain fractions. In finance, compound interest means an investor is likely to achieve his financial...
- White papers
- HSBC adds to US government bond team.
- Byline: Vivek Ahuja HSBC has strengthened its government bond team in New York with the hire of Ralph Axel from Lehman Brothers as a US government strategist.Axel's hire is in line with HSBC's strategy to build up its government bond franchise and follows the...
- Research articles 2003-07-25
- Zero Coupon Securities
- This tutorial encapsulates about Zero Coupon Securities. A zero coupon security, or a "stripped bond" is basically a regular coupon paying bond without the coupons. The process of "stripping" or "zeroing" a bond is usually done by a brokerage or bank. The bank or broker stripping the bonds then registers...
- White papers
- Lloyds Bond Exchange Paves Way For Record Cash Call
- By Jane MerrimanLONDON (Reuters UK) - Lloyds Banking Group LLOY got strong demand for a 9 billion pound bond exchange, an indication of possible appetite for the bank's record share issue due to price on Tuesday.Lloyds, 43-percent owned by the government, said on Monday the bond exchange offer to non-U.S....
- News items 2009-11-23
- Zero Coupon Or Strip Bonds
- The cash flows of a normal bond consist of the regular interest or coupon payments, that take place over the term of the bond, and the principal repayment that occurs at maturity of the bond. For example, the cash flows of the Government of Canada 8% bond with a maturity...
- White papers
- Fitch Rates Venezuela's 'Venezolano I' Bonds 'BB-'
- NEW YORK -- Fitch Ratings has assigned the following ratings to the Bolivarian Republic of Venezuela's bonds under the 'El Venezolano I' combined offer: --USD750 million 30-year Eurobond, 7% coupon, long-term Issuer Default Rating IDR of 'BB-'; --VEB806.250 billion 7-year variable coupon bond, long-term IDR of 'BB-'; ...
- Research articles 2007-11-13
- Assessing the Current Price of a Bond
- The current price of a bond is the amount investors are prepared to pay for it, which in practice will be somewhere between the bid price and the asking price.Investors can check current prices to gauge how much a particular bond might cost them. They can also track changes in...
- Articles 2007-10-09
- What Is My Current Yield On Coupon Income Received?
- This calculator shows the current yield of a bond. Yields are provided before and after taxes. Current yield equals the bond coupon rate divided by the bond's current price.
- Tools & templates 2008-01-01
- RUSSIA: GAZPROM BOND OFFERING.(Brief Article)
- State-run gas monopolist Gazprom successfully placed a 1 billion euro ($1.138 billion) bond offering on 16 September, Rosbalt reported the next day. The seven-year offering, priced at par with a coupon of 7.8 percent, is the first part of a $5 billio State-run gas monopolist Gazprom...
- Research articles 2003-09-25
- RUSSIA: GAZPROM APPROVES 10 BILLION-RUBLE BOND ISSUE.(Brief Article)
- Gazprom's board of directors approved a 10 billion-ruble ($330 million) bond issue on 30 June, the company announced in a press release the same day. The three-year bonds will carry a semiannual coupon of 4 percent and have a minimum issue price of 9 Gazprom's board...
- Research articles 2003-07-10
- Investing for monthly income: … through a bond portfolio
- Do you need monthly income from your portfolio? Create your own monthly income bond portfolio A simple bond portfolio constructed, as the table to the right shows, will provide monthly income to the investor as the semi-annual coupon payments are due in each month. Moreover as this is not a...
- Research articles 1996-05-01
- More Yield Curve Modelling at the Bank of Canada
- This paper continues the work started by Bolder and Stréliski (1999) and considers two alternative classes of models for extracting zero-coupon and forward rates from a set of observed Government of Canada bond and treasury-bill prices. This approach employs a B-spline basis for the space of cubic splines to fit...
- White papers 2002-10-01
- Bond Spreads
- The term bond spreads or spreads refer to the interest rate differential between two bonds. Mathematically, a bond spread is the simple subtraction of one bond yield from another. Bond spreads are the common way that market participants compare the value of one bond to another, much like price-earnings ratios...
- White papers
- A Comparison of Bond Pricing Models in the Pricing of Credit Risk
- This paper compares alternative default-free bond pricing models in their abilities to price the credit risk of companies. The theoretical framework is the reduced-form approach of Duffie and Singleton (1999). The parameters of a CKLS (1992) type stochastic differential equation that describes the dynamics of the credit spreads on coupon...
- White papers 2003-01-01
- Bond Expert: Thursday Outlook
- John Jansen submits: Prices of Treasury coupon securities have experienced severe hemorrhaging in overnight trading and have broken down to new lows in the process. There does not appear to be a single story acting as the catalyst for the rout. Supply is the main factor as...
- External links 2009-05-07
- Fitch Assigns 'AAA' Rating to ZARS 2004-2
- Business Editors NEW YORK--BUSINESS WIRE--May 5, 2004 Fitch Ratings has assigned an 'AAA' rating to the Zero Accrual Receipts ZARS, series 2004-2. ZARS is an investment structured by Lazard Freres & Co. LLC, whereby investors gain exposure to a yield-enhanced, zero-coupon bond issued by Resolution Funding Corporation. (RefCo...
- Research articles 2004-05-05
- Baltimore Gas and Electric Co. completes $700M bond offering
- Baltimore Gas and Electric Co. announced on Friday that it has completed a $700 million bond offering. The offering consisted of $300 million aggregate principal amount of notes maturing on Oct. 1, 2016 with a coupon of 5.90 percent, and $400 million aggregate principal amount of notes maturing on Oct....
- Research articles 2006-10-16
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