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Anleitung Zusammenfassung
7: Cash Flow Calculations 107 File name : 17BII-Plus-Manual-E-PRINT-030709 Print data : 2003/7/11 8 Bonds The BOND menu calculates the yield to maturity or price of a bond. It also calculates yield to call on a coupon date and accrued interest. You can specify the: • Calendar basis: 30/360 or actual/actual (days per month/days per year). Municipal, state, and corporate bonds issued in the United States are typically 30/360. U.S. Treasury bonds are actual/actual. • Coupon payments: semi-annual or annual. Most U.S. bonds are semi-annual. The BOND Menu FIN BUS SUM TIME SOLVE CURRX TVM ICNV CFLO BOND DEPRC TYPE SETT MAT CPN% CALL MORE YLD% PRICE ACCRU MORE Pressing y shows you the BOND menu and the type of bond currently specified: %(?%'( or 1?1; FH0;1<<419 or 1<<419. 108 8: Bonds File name : 17BII-Plus-Manual-E-PRINT-030709 Print data : 2003/7/11 Table 8-1. BOND Menu Labels Menu Label Description z# { | } ~ * . Displays a menu of bond types: 30/360 or actual/actual, semi-annual or annual. !Stores the settlement (purchase) date according to the current date format (MM.DDYYYY or DD.MMYYYY; see page 143). !Stores the maturity date or call date according to the current date format. The call date must coincide with a coupon date. !Stores the annual coupon rate as a percentage. Stores the call price per $100 face value. For a yield to maturity, make sure CALL equals 100. (A bond at maturity has a “call” value that is 100% of its face value.) !# )# !Stores or calculates the yield (as an annual percentage) to maturity or yield to call date. !Stores or calculates the price per $100 face value. !Calculates the interest accrued from the last coupon-payment date until the settlement date, per $100 face value. The calculator retains the values of the BOND variables until you clear them by pressing @c while the BOND menu is displayed. Clearing sets CALL to 100 and all other variables to zero. To see the value currently stored in a variable, press Rmenu label. 8: Bonds 109 File name : 17BII-Plus-Manual-E-PRINT-030709 Print data : 2003/7/11 110 8: Bonds File name : 17BII-Plus-Manual-E-PRINT-030709 Print data : 2003/7/11 Doing Bond Calculations Remember that values in the BOND menu are expressed per $100 face value or as a percentage. A CALL value of 102 means that the bond will be worth $102 for every $100 of face value when called. Some corporate bonds in the United States use the convention that the price of the bond is set to 100 if the coupon rate equals the yield, whether or not the settlement date is a coupon date. The BOND menu does not use this convention. To calculate the price or yield of a bond: 1. Display the BOND menu: press " y. 2. Press @c. This sets CALL=100. 3. Define the type of bond. If the message in the display does not match the type you want, press z. Calendar basis Interest period ! Pressing . sets the calendar basis to a 30-day month and a 360-day year. ! Pressing . sets the calendar basis to the actual calendar month and to the actual calendar year. ! Pressing . sets semi-annual coupon payments. ! Pressing . sets annual coupon payments. Press e to restore the BOND menu. 4. Key in the settlement date (MM.DDYYYY or DD.MMYYYY depending on the date format; see chapter 11) and press {. 5. Key in the maturity date or call date and press |. 6. Key in the coupon rate as an annual percent and press }. 7. Key in the call value, if any, and press ~. For a bond held to maturity, the CALL value must equal 100. (See step 3.) 8. To calculate a result, first press ) to access the remaining menu labels. Do either a or b: a. Key in the yield and press . Press * to calculate the price. b. Key in the price and press *. Press to calculate the yield. To calculate the accrued interest, press .. The total amount owed the seller is PRICE + ACCRU, that is: *+.=. " Calculating Fractional Values. When given a fractional value that must be entered in decimal form, do the arithmetic and then store the result directly into a variable. Do not clear the arithmetic and then retype the result before storing it.this is an unnecessary step that can cause incorrect answers due to rounding. See how the following example stores 83/8 in YLD%. Example: Price and Yield of a Bond. What price should you pay on August 10, 2003 for a 6.% U.S. Treasury bond that matures on May 1, 2018 if you wish a yield of 83/8%? The calendar basis is actual/actual and the coupon payments are semi-annual. (The example assumes MM.DDYYYY date format.) Keys: Display: Description: "s Since there is no call on this bond, set CALL = 100 @c by clearing variables. zu Sets bond type, if .e 1?1"FH0;1<<416 necessary. 8.102003 Stores settlement {#FH::L (purchase) date. (*?#(?$((%"F4<" 5.012018 Stores maturity date. 8: Bonds 111 File name : 17BII-Plus-Manual-E-PRINT-030709 Print data : 2003/7/11 |#01:8(.?(#?$(#*":4H" 6.75 }#75<68'&-."Stores annual coupon rate. )#Stores desired yield 3 8 +8" (displayed rounded to two #@9A68*&%*"decimal places).* *#52;7H8*'&%*"Result: pri...