By A T Adams; et al

ISBN-10: 0470859180

ISBN-13: 9780470859186

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19 PAR YIELD CURVES Broadly speaking, the par yield curve is a graph of the relationship between the coupon rate that a new issue would have to offer to be priced at par, and the term to redemption. Note that when a stock stands at par, coupon rate and gross redemption yield are equal on a coupon payment date. The par yield curve is designed to standardise yields so as to eliminate the effect of coupon difference on the yield curve. It is not a relationship between average market yield and term to redemption.

7. 9 8 D < 100 À P 1 = (2:3) Â Simple yield to maturity ¼ þ P : P n; where P = current price, including accrued interest D = coupon (payable in half-yearly instalments) n = outstanding term to redemption (in years). The historical rationale for this incorrect formula is the ease of calculation. It understates (or overstates) the yield if the bond stands above (or below) the nominal value. 7 GROSS REDEMPTION YIELD Broadly speaking, gross redemption yield or gross yield to maturity is the annual rate of return to redemption for an investor who pays no tax.

This means that a shareholder receives the right to purchase one new share at a price of 100p for every four shares already held. There may be share price movement before a rights issue is carried out in response to the rights issue announcement, depending on the reasons for the additional finance. For example, the issue may be an indication that the company is unable to maintain its business from retained profits alone. On the other hand, the company may have the opportunity to invest in a particularly attractive project for which it requires finance.

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Investment mathematics by A T Adams; et al

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