An introduction to the bond markets by Patrick J. Brown

By Patrick J. Brown

This booklet offers an advent to the bond markets for practitioners and new entrants who have to comprehend what they're, how they paintings and the way they are often used, yet don't need to be intimidated via mathematical formulae. by way of the tip of the e-book readers might be capable of make a decision even if to take a position within the bond marketplace. The mathematical formulae could be relegated to the appendices and supplemented by means of a spouse web site which permits clients to go into their very own bond industry investments, to simulate expected occasions and notice the consequences.

  • Patrick Brown is famous as Chairman of the eu Bond fee (recently retired)
  • The in basic terms bond publication that doesn't depend seriously on mathematical formulae

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Example text

5 % above the London Interbank Offer Rate for six month sterling deposits. 1 Treasury bills Treasury bills are short-term money market instruments, with a life to maturity of typically four weeks to 12 months. They are issued by a number of governments including the UK and US. As they do not have a specified coupon, they are in effect zero-coupon instruments and are issued at a discount to their nominal (or face) value, at which price they are redeemed. In the UK, the Debt Management Office issues Treasury bills on a weekly basis each Monday.

Before we look at some of the factors that influence the discount rate that the market puts on a bond, there is a small digression on compound interest. A loan of £1000, which will be repaid without any interest tomorrow, is worth more to the lender than a similar loan which is repaid in one year, two years’ time or even 10 years’ time. If we assume the lender would like to make a return of 5 % a year on the money, the loan that is repayable tomorrow is worth almost £1000. 05 = £1000. 91 to someone who will repay the loan and the interest payments in 10 years’ time.

Most fixed-rate bonds pay coupons either annually or semi-annually, whereas most floating-rate notes pay coupons semi-annually, quarterly or even monthly. The coupon rate for an interest period is usually known just before the previous coupon payment. This enables the accrued interest on the note to be calculated in a relatively easy way. The majority of floating-rate notes in Europe set their interest payments relative to the London Interbank Offer Rate (LIBOR) for the appropriate currency and period or the Euro Interbank Offer Rate (EURIBOR) for the relevant period.

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