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Overview of what is a bond and why they are seen&n(一)

作者:来来来 整理:本网站论文网 录入时间:2011-12-13 23:15:33

  ● 张美霓 Flavia Cheong

  A bond is a long term debt security. It represents debt

  because the investors ac-tually lend the face amount to the

  bond is-suer. However, unlike loans, bonds can be traded in

  the open market, ie. the investor need not hold it to

  maturity or suffer a pe-nalty should he choose to sell the

  bond.

  A typical bond (plain vanilla) specifies:

  -the amount of the loan. The face a-mount or par value

  is the amount that the bond issuer has agreed to repay. A

  typical face amount is S$1,000 for bonds issued by the

  Singapore government;

  -a fixed date when the principal is due. The date on

  which the principal is required to be repaid is called the

  maturity date;

  -if the bond is secured by a collateral. Investors of

  the Orchard 300 bond issued by Hallgaden Investment Pte Ltd

  ( a joint venture between Singapore Press Holdings and Lum

  Chang) have the first legal mort-gage rights to The

  Promenade, a commer-cial property at the heart of Orchard

  Road.

  -The contractual amount of interest which is paid out

  either every six months or annually. The coupon rate is

  deter-mined largely by market conditions at the time of the

  bond''s sale. Once determined, it is set contractually for

  the life of the bonds. However, some bonds have interest

  rates that fluctuate during the life of the bond, usually at

  a spread over a reference rate. These are called variable

  rate bonds or floating rate notes (FRN).

  One example of a fixed rate bond is the Singapore

  Government Bond 4.5% 03/00, the issuer is the Government of

  Singapore, the interest payable is 4.5%. The SGB''s coupon

  is payable on a semi-annual basis, i.e. the Singapore

  Government will pay the investor 2.25% of S$1,000 or $22.40

  every six months. The government promises to repay the

  principal in March 2000 to the investor. On the other hand,

  the DBS Land 4/00 FRN pays a coupon of 35 basis points over

  the 6 months Singapore dollar swap rate, where the reference

  rate is fixed every six months and the principal is due on

  April 2000.

  Prior to the early 1980s, the bond market was comprised

  mainly of ''plain vanilla'' bonds with simple cashflow

  structures, where coupon payments and maturity were fixed at

  the outset. But since then, the market has progressed, and

  many securities in the bond market have options embedded in

  them. Examples include securities such as "callable bonds"

  and "puttable bonds". The former offers the issuer the

  option to redeem the bonds at an earlier date, and in this

  case, the investor is usually paid a pre-mium over the par

  value to compensate for the inconvenience. Suppose interest

  rates have fallen

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