•
    .       ¯¯
                 •
        .
                 •
.
–
                     •
                     •
                     •
             ¯       •
'¯       ,           •
     ...
–
                    ,       •
        .               ¯
        ¯                   •
    .           ¯
.       quot;   ...
PREFERRED LOAN -
  .
      ¯                  :
                             ¯        ¯
                     .           ¯...
REDEMPTION -
         quot;                  •
     ,                  ¯   •
                   .quot;
.        quot;     ...
LINKAGE -
             quot;                   ,   ,        •
                 .     ¯
,        ,           ,¯
           ...
INTEREST -
          /           quot;       •
.' ¯              ,
              ¯               •
                       ...
ACCRUED INTEREST –

   ,       ,         •
       .
TAX -
    ¯                                    •
                                   .
            :           quot;       ...
PRIOD TO MATURITY –
      .                •
              .   ¯quot;   •
                       •
                  –

  ...
quot;
¯                           •
                .
    ,               ,   quot;   •
        .
ADJUSTED VALUE –
                (   )
    .       quot;                        •
        .                quot;       –  ...
xrydn jenp dqxead xry m` – ei'ib`qic
             .m`eznd



 xrydn deab dqxead xry m` – ei'b`
             .m`eznd
                     n  M1
P = 100+ [C ⋅ (1− t )]⋅    ⋅
 m
                        365 M0
                          ...
EXPECTED INDEX –
              (¯   -)   •
      .
                        •
          .
–
YIELD TO MATURITY

                                  •
       ,          quot;       ¯
                      .
      quo...
¯             •
    .          ¯
              quot;:      •
                ¯ .2%
.           ,    2%
,                           ¯           •
                    .
                        .                   •
            ...
¯
     ,               •
,quot;               ,
             .
¯
            .       ¯       •
                            •
        .               ¯
¯                           •
    .
¯

      =N ,            ¯        =R

                 
          R
 N 1 +      − 1  × 100 =
       100      
...
–quot;

=n             quot;   =V
 =r                =P
=m    (    )       =T
=g                  =i

                   =...
quot;
              P ⋅ r ⋅ (1 − T )
        n
                                    P
V =∑                           +
    ...
quot;
                              ¯

                               C+F
       C      C
Br =      +          + .... +
  ...
quot;
                                     C+F
        C         C
Bm =        +            + ..... +
     1 + ytm (1 + yt...
quot;
       ( d)     (    )

Bm = C⋅ d1 +C⋅ d2 +.....+(C + F) ⋅ dn
quot;
      (Forward)
       C           C
Bm =        +                  +
     (1+ r1) (1+ r1)⋅ (1+ r2 )
               ...
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אגרות חוב

  1. 1. • . ¯¯ • . • .
  2. 2. – • • • ¯ • '¯ , • ¯ quot;
  3. 3. – , • . ¯ ¯ • . ¯ . quot; •
  4. 4. PREFERRED LOAN - . ¯ : ¯ ¯ . ¯, 01/01/2003 - ¯
  5. 5. REDEMPTION - quot; • , ¯ • .quot; . quot; •
  6. 6. LINKAGE - quot; , , • . ¯ , , ,¯ '¯ : • ( ) .1 .2 + .3 . – .4
  7. 7. INTEREST - / quot; • .' ¯ , ¯ • .
  8. 8. ACCRUED INTEREST – , , • .
  9. 9. TAX - ¯ • . : quot; • . , 10% . . , 15% . . 2004
  10. 10. PRIOD TO MATURITY – . • . ¯quot; • • – ¯
  11. 11. quot; ¯ • . , , quot; • .
  12. 12. ADJUSTED VALUE – ( ) . quot; • . quot; – • : • , ,quot; ¯ . .
  13. 13. xrydn jenp dqxead xry m` – ei'ib`qic .m`eznd xrydn deab dqxead xry m` – ei'b` .m`eznd
  14. 14.  n  M1 P = 100+ [C ⋅ (1− t )]⋅ ⋅ m  365 M0 . - Pm ( ) -C . ' -n . -t . 0, ¯ 1, -M
  15. 15. EXPECTED INDEX – (¯ -) • . • .
  16. 16. – YIELD TO MATURITY • , quot; ¯ . quot; • . . ¯
  17. 17. ¯ • . ¯ quot;: • ¯ .2% . , 2%
  18. 18. , ¯ • . . • / ¯ • . = ¯ ¯ • . . = ¯ •
  19. 19. ¯ , • ,quot; , .
  20. 20. ¯ . ¯ • • . ¯ ¯ • .
  21. 21. ¯ =N , ¯ =R   R  N 1 +  − 1  × 100 =  100     ¯ ¯,
  22. 22. –quot; =n quot; =V =r =P =m ( ) =T =g =i =M =B
  23. 23. quot; P ⋅ r ⋅ (1 − T ) n P V =∑ + (1 + i ) (1 + i ) n n t =1 C = P ⋅ r ⋅ (1 − T ) : C  1 P V = 1 − +  (1 + i )n  (1 + i )n i 
  24. 24. quot; ¯ C+F C C Br = + + .... + 1 + r (1 + r ) (1 + r ) 2 n YTM = r
  25. 25. quot; C+F C C Bm = + + ..... + 1 + ytm (1 + ytm ) (1 + ytm ) 2 n [ ]+ C 1− 1 F (1+ ytm )2 Bm = (1 + ytm )n ytm [ ]+ c ⋅ F 1− 1 F (1+ ytm )n Bm = (1 + ytm )n ytm
  26. 26. quot; ( d) ( ) Bm = C⋅ d1 +C⋅ d2 +.....+(C + F) ⋅ dn
  27. 27. quot; (Forward) C C Bm = + + (1+ r1) (1+ r1)⋅ (1+ r2 ) C+F C + +....+ (1+ r1)⋅ (1+ r2 )⋅ (1+ r3 ) (1+ r1)⋅....(1+ rn )

×