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CHAPTER 5 INTRODUCTION TO THE VALUATION OF DEBT SECURITIES LEARNING OUTCOMES After reading Chapter 5 you should be able to: • • • • • • • • • • • • • • • describe the fundamental principles of bond valuation. , estimate expected cash flows, determine an appropriate discount rate or rates, and compute the present value of the cash flows). define a bond’s cash flows. describe the difficulties of estimating the expected cash flows for some types of bonds. compute the value of a bond, given the expected cash flows and the appropriate discount rates.

Commercial paper is sold on a discount basis and has a maturity less than 270 days. Bank obligations in addition to the traditional corporate debt instruments include certificates of deposits and bankers acceptances. Asset-backed securities are securities backed by a pool of loans or receivables. The motivation for issuers to issue an asset-backed security rather than a traditional debt obligation is that there is the opportunity to reduce funding cost by separating the credit rating of the issuer from the credit quality of the pool of loans or receivables.

What is the value of a 4% 8-year Treasury issue? b. Suppose that the 4% 8-year Treasury issue is priced in the market based on the on-the-run 8-year Treasury yield. 65% divided by 2. 65% discount rate? c. Given the arbitrage-free value found in part a and the price in part b, what action would a dealer take and what would the arbitrage profit be if the market priced the 4% 8-year Treasury issue at the price found in part b? d. What process assures that the market price will not differ materially from the arbitrage-free value?

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