July 2011
Beginner
288 pages
7h 22m
English
Content preview from BOND MATH: The Theory Behind the FormulasBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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A Real Market Discount Corporate Bond
Figure 4.1 shows the Bloomberg Yield Analysis (YA) page for the 6 5/8% Ford Motor Co. bond that matures on October 1, 2028. Its flat price was 77 (percent of par value) for settlement on January 26, 2010. Its street convention yield to maturity was a hefty 9.229%, but that of course assumes no default. This bond was once investment grade—it was issued on September 30, 1998, as a 30-year noncallable offering at a de minimis OID price of 98.882 (percent of par value). It has since been downgraded to “junk” status—it is a classic “fallen angel” market discount bond.
FIGURE 4.1 Bloomberg Yield Analysis Page, Ford Motor 6 5/8% Bond Due 10/01/2028, Assuming 35% Ordinary Income Tax Rate and 20% Capital Gains Rate ...
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