I had a number of comments wanting to know about krill oil and why I made it part of the treatment protocol. Your wish is my command. Krill oil, logically enough, comes from krill, which are small, shrimp like crustaceans that inhabit the cold ocean areas of the world, primarily the Antarctic and North Pacific Oceans. Despite their small size—one to five centimeters in length—krill make up the largest animal biomass on the planet. According to Neptune Technologies , the Canadian company that holds the patent for krill oil extraction, there are approximately million tons of krill roaming around in these northern seas, , tons of which are harvested annually. A krill, in profile.
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Features of the major types of bond issues are presented along with their legal issues, risk characteristics, and indenture convents. The chapter then introduces students to the important concept of valuation and demonstrates the impact of cash flows, timing, and risk on value. It explains models for valuing bonds and the calculation of yield-to-maturity using either an approximate yield formula or calculator. Students learn how interest rates may affect their ability to borrow and expand business operations or assets under personal control.
With short-term interest rates near 0 percent in , suppose the Treasury decided to replace maturing notes and bonds by issuing new Treasury bills, thus shortening the average maturity of U. Discuss the pros and cons of this strategy. The U. Treasury would face many of the same considerations as those faced by a company that is considering revision of its average debt maturity. Short-term rates are normally lower, reducing total financing costs.
However, if the U. Treasury relies on short-term rates and short-term rates rise, the cost of financing the federal debt could end up being higher. Even more serious is the risk that the U. Treasury may not be able to find buyers of new Treasury bills when old Treasury bills mature. According to market segmentation theory, there is a limited amount of demand for short-term securities. Excessive short-term demand might push up the cost of seasonal business loans higher, hindering business and tax revenues.
Another concern that the U. Treasury would have to face is whether the financing adjustment would diminish the high regard with which Treasury bills are held. Currently, Treasury bills are as close as we can get to a risk-free rate in the real world. The average maturity of outstanding U. Treasury debt is about 5 years. Suppose a newly issued 5-year Treasury note has a coupon rate of 2 percent and sells for par.
What happens to the value of this debt if the inflation rate rises 1 percentage point, causing the yield-to-maturity on the 5- year note to jump to 3 percent shortly after it is issued? The nominal rate of interest is the actual rate of interest charged by the supplier and paid by the demander. If total U. If the discount rate increases.
The real rate of interest is the rate that creates an equilibrium between the supply of savings and demand for investment funds. Assuming the Treasuries are priced at par. The nominal rate of interest differs from the real rate of interest due to two factors: Treasury bill. The graphic presentation of this relationship is the yield curve. Division of the interest payment by the total debt results in an interest rate of 3.
Publishing as Prentice Hall. What does this suggest about the incentives of government policy makers to pursue policies that could lead to higher inflation? Based on the information provided in the Opener. The term structure of interest rates is the relationship of the rate of return to the time to maturity for any class of similar-risk securities. Chapter 6 Interest Rates and Bond Valuation Debt priced at par provides a coupon payment sufficient to pay the required rate of return.
Downward sloping: Long-term borrowing costs are lower than short-term borrowing costs. The upward-sloping yield curve has been the most prevalent historically. The liquidity preference theory is an explanation for the upward-sloping yield curve. According to the expectations theory. This theory states that long-term rates are generally higher than short-term rates due to the desire of investors for greater liquidity. The bond indenture is a complex and lengthy legal document stating the conditions under which a bond is issued.
The trustee may be a paid individual. The market segmentation theory is another theory that can explain any of the three curve shapes. Both bond indentures and trustees are means of protecting the bondholders. In the Fisher equation. These can increase or reduce the risk of a security. Thirteenth Edition 3. For a given class of securities. Since the market for loans can be segmented based on maturity.
Covenants included in a debt agreement or stock issue defining the rights and restrictions of the issuer and the purchaser. Borrowing costs are relatively similar for short. The possibility that changes in the interest rates on similar securities will cause the value of the security to change by a greater amount the longer its maturity. The risks that are debt specific are default.
The most commonly used class of securities is U. Upward sloping: Short-term borrowing costs are lower than long-term borrowing costs. The curve can take any of the three forms. The possibility that the issuer will not pay the contractual interest or principal as scheduled. If supply is greater than demand for short-term funds at a time when demand for long-term loans is higher than the supply of funding.
The ease with which securities can be converted to cash without a loss in value. Certain securities issued by agencies of state and local governments are exempt from federal. An upward-sloping curve is the result of increasing inflationary expectations. Treasury securities. Waive the violation. A foreign bond. Violation of any of the standard or restrictive loan provisions gives the lender the right to demand immediate repayment of both accrued interest and principal of the loan. Stock purchase warrants.
Chapter 6 Interest Rates and Bond Valuation 7. Short-term borrowing is normally less expensive than long-term borrowing due to the greater uncertainty associated with longer maturity loans. The major factors affecting the cost of long-term debt or the interest rate. If a bond has a conversion feature. Since the lender is committing funds for a long period of time. Eurobonds are bonds issued by an international borrower and sold to investors in countries with currencies other than that in which the bond is denominated.
The bond rating affects the rate of return on the bond. Bonds are quoted in percentage of par terms. The higher the rating. Ratings are the result of detailed financial ratio and cash flow analyses of the issuing firm. A quote of This feature allows the issuer to retire outstanding debt prior to maturity and. Standard provisions include such requirements as providing audited financial statements on a regular schedule.
A call feature gives the issuer the opportunity to repurchase. Current yields are calculated by dividing the annual interest payment by the current price. A financial manager must understand the valuation process in order to judge the value of benefits received from stocks. For example. These constraints are intended to assure the lender that the borrowing firm will maintain a specified financial condition and managerial structure during the term of the loan.
An example is a French-franc denominated bond issued in France by an English company. It provides extra compensation to bondholders for the potential opportunity losses that would result if the bond were called due to declining interest rates. The number of years to maturity must be multiplied by two. The coupon rate is generally a fixed rate of interest. Three key inputs to the valuation process are: The value of any asset is the PV of future cash flows expected from the asset over the relevant time period.
The three key inputs in the valuation process are cash flows. The basic bond valuation equation for a bond that pays annual interest is: Cash flows—the cash generated from ownership of the asset. The equation for value is: The valuation process applies to assets that provide an intermittent cash flow or even a single cash flow over any time period. The annual interest must be converted to semiannual interest by dividing by two.
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Features of the major types of bond issues are presented along with their legal issues, risk characteristics, and indenture convents. The chapter then introduces students to the important concept of valuation and demonstrates the impact of cash flows, timing, and risk on value. It explains models for valuing bonds and the calculation of yield-to-maturity using either an approximate yield formula or calculator. Students learn how interest rates may affect their ability to borrow and expand business operations or assets under personal control. With short-term interest rates near 0 percent in , suppose the Treasury decided to replace maturing notes and bonds by issuing new Treasury bills, thus shortening the average maturity of U.
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