# Paris

Submitted By Hilton
Words 16006
Pages 65
Problems and Solutions
1 CHAPTER 1—Problems
On 12/04/01, consider a ﬁxed-coupon bond whose features are the following:
• •

1.1 Problems on Bonds
Exercise 1.1 face value: \$1,000 coupon rate: 8% • coupon frequency: semiannual • maturity: 05/06/04 What are the future cash ﬂows delivered by this bond? Solution 1.1 1. The coupon cash ﬂow is equal to \$40 8% × \$1,000 = \$40 2 It is delivered on the following future dates: 05/06/02, 11/06/02, 05/06/03, 11/06/03 and 05/06/04. The redemption value is equal to the face value \$1,000 and is delivered on maturity date 05/06/04. Coupon = Exercise 1.3 An investor has a cash of \$10,000,000 at disposal. He wants to invest in a bond with \$1,000 nominal value and whose dirty price is equal to 107.457%. 1. What is the number of bonds he will buy? 2. Same question if the nominal value and the dirty price of the bond are respectively \$100 and 98.453%. Solution 1.3 1. The number of bonds he will buy is given by the following formula Number of bonds bought = Cash Nominal Value of the bond × dirty price

Here, the number of bonds is equal to 9,306 n= 2. n is equal to 101,562 n= Exercise 1.4 10,000,000 = 101,571.31 100 × 98.453% 10,000,000 = 9,306.048 1,000 × 107.457%

On 10/25/99, consider a ﬁxed-coupon bond whose features are the following:

face value: Eur 100

2
Problems and Solutions • •

coupon rate: 10% coupon frequency: annual • maturity: 04/15/08 Compute the accrued interest taking into account the four different day-count bases: Actual/Actual, Actual/365, Actual/360 and 30/360. Solution 1.4 The last coupon has been delivered on 04/15/99. There are 193 days between 04/15/99 and 10/25/99, and 366 days between the last coupon date (04/15/99) and the next coupon date (04/15/00).

The accrued interest with the Actual/Actual day-count basis is equal to Eur 5.273 193 × 10% × Eur 100 = Eur 5.273 366 The accrued...

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