Bond Math: The Theory Behind the Formulas by Donald J. Smith

By Donald J. Smith

A bond calculation fast reference, whole with context and alertness insights

Bond Math is a short and straightforward source that places the intricacies of bond calculations right into a transparent and logical order. this easy, readable advisor presents a convenient reference, instructing the reader the right way to take into consideration the necessities of bond math. even more than simply a e-book of formulation, the emphasis is on how one can take into consideration bonds and the linked math, with lots of examples, anecdotes, and thought-provoking insights that usually run counter to standard knowledge. This up to date moment variation comprises well known Bloomberg pages utilized in fixed-income research, together with the Yield and unfold research web page, plus a spouse site whole with a web Workbook of a number of selection questions and solutions and spreadsheet routines. exact assurance of key calculations, together with thorough causes, supply functional information to operating bond professionals.

The bond industry is the most important and so much liquid on this planet, encompassing every little thing from Treasuries and funding grade company paper to municipals and junk bonds, buying and selling over $900 billion day-by-day within the U.S. by myself. Bond Math is a consultant to the inevitable calculations curious about handling bonds, with specialist perception at the portfolios and funding options that places the maths in point of view. transparent and concise with no sacrificing element, this publication is helping readers to:

Delineate the features of other kinds of debt securities
Calculate implied ahead and notice premiums and factors
Work with charges of go back, yield information, and rate of interest swaps
Understand duration-based hazard measures, and more
Memorizing formulation is something, yet rather studying how you can mentally strategy the maths at the back of bonds is whatever else solely. This process areas calculations in context, and permits more uncomplicated transition from idea to program. For the bond specialist looking a brief math reference, Bond Math offers that and much more.

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Extra resources for Bond Math: The Theory Behind the Formulas

Example text

D’autres ratios peuvent être créés à besoin en mettant en rapport deux éléments du compte de résultat ou un élément du compte de résultat à une autre donnée comptable ou financière. Nature du ratio Évolution de l’activité de l’entreprise Évaluation de la profitabilité de l’entreprise Évaluation de la rentabilité de l’entreprise Mode de calcul (CA N+1 – CA N)/CA N (VA N+1 – VA N)/VA N Résultat de l’exercice/ chiffre d’affaires HT Interprétation Taux de croissance du chiffre d’affaires Taux de croissance de la valeur ajoutée Taux de marge nette Marge commerciale/ vente de marchandises Taux de marge brute d’exploitation Taux de marge commerciale Résultat de l’exercice/ capitaux propres Taux de rentabilité financière Résultat d’exploitation/ capitaux investis Taux de rentabilité économique EBE/chiffre d’affaires HT POINTS CLEFS ➤ Le résultat d’exploitation mesure la performance économique issue des activités industrielles et commerciales indépendamment de la politique de financement de l’entreprise.

BFR = BFR exploitation + BFR hors exploitation Le besoin en fonds de roulement d’exploitation (BFRE) Le BFRE représente la composante la plus importante du BFR. Il est issu du décalage entre les flux réels et les flux financiers qui vont créer : Un besoin de financement à l’actif, généré par l’exploitation de l’entreprise (stocks, créances commerciales, TVA déductible, par exemple). Une ressource de financement au passif, engendrée par l’exploitation de l’entreprise (crédit fournisseurs, TVA à payer, dettes sociales, par exemple).

Elles ont pour effet d’augmenter la trésorerie disponible. C’est en prélevant sur cette trésorerie que l’entreprise finance les emplois. Parmi les emplois, nous retrouvons par exemple les charges décaissables, les acquisitions d’immobilisations, les remboursements d’emprunts, les stocks ou les créances clients. Le bilan fonctionnel présente le cumul de ces flux de ressources et d’emplois échangés depuis la création de l’entreprise. Pour rendre compte de ces échanges, le premier principe qui préside à la construction du bilan fonctionnel est l’évaluation à la valeur d’origine des flux de ressources et d’emplois.

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