Principles of Finance · 免费预览
利率风险、违约风险与信用评级
债券持有人面临利率风险，即收益率上升时价格下跌，以及违约风险，即错过支付的可能性；信用评级概括了违约风险，而相对于美国国债的利差则为其定价。
1. The two dominant risks
The two dominant risks
2. How ratings grade default
How ratings grade default
3. The credit spread prices default
The credit spread prices default
4. Managing the two risks
Managing the two risks
5. The two risks distinguished
Which pairing correctly distinguishes interest rate risk from default risk?
6. Rating categories
Which rating marks the boundary between investment grade and high yield on the Standard and Poor's scale?
7. Why ratings lag markets
Why do bond prices and credit spreads often signal trouble before a rating downgrade arrives?
8. Computing the spread
A five-year corporate bond yields 6 percent while the five-year Treasury yields 4 percent. What is the credit spread, and what does it price?
9. Flight to quality explained
In a market panic, Treasury prices rise while corporate prices fall. What explains the opposite moves?
10. Matching maturity to assets
Why does rate risk argue for matching bond maturities to the life of the assets being financed?
11. The three-letter top grade
What three-letter Standard and Poor's rating sits at the very top of the scale? Write the letters.
12. The difference in yields
What two-word term names the gap between a corporate bond's yield and the matched Treasury's yield, pricing default risk? Answer in lowercase.
13. The three rating agencies
Name any one of the three major rating agencies named in this lesson. Answer with the last word of its name only if multiword.
14. The missing payments' name
What two-word term names the risk that an issuer pays late or not at all? Answer in lowercase.