ACCA考试F9知识点：Bonds-高顿教育ACCA培训机构官方网站

ACCA考试F9知识点：Bonds

2015年08月28日
10:12
作者：中国ACCA学习网
来源：高顿财经
阅读：（144）

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摘要：【高顿ACCA小编】2015年 ACCA 考试即将开始，我们将第一时间公布考试相关内容，请各位考生密切关注高顿ACCA，预祝大家顺利通过ACCA考试。今天为大家带来的...

　【高顿ACCA小编】2015年ACCA考试即将开始，我们将第一时间公布考试相关内容，请各位考生密切关注高顿ACCA，预祝大家顺利通过ACCA考试。今天为大家带来的是ACCA考试F9知识点：Bonds

　　Bond—a writtenacknowledgement of a debt, usually given under the company's seal, containing provisions for payment of interest and repayment of principal. The debt may be secured on some or all of the company's assets.

Type	Secured Bonds	Unsecured Bonds
Security and voting rights	● Can be secured by one or more specific asset （e.g. over property）, this is known as a fixed charge. ● Secured by a class of assets （e.g. net current assets or working capital）, this is known as a floating charge. ● On default, the assets used as security are sold and the proceeds applied towards repaying the debt. ● No voting rights.	● No security. ● Holders have the same rights as ordinary creditors. ● No voting rights.
Income	● A fixed annual amount （interest）, usually expressed as a percentage of nominal value.	● A fixed annual amount （interest）, usually expressed as a percentage of nominal value.

　　In the UK, bonds are

　　usually issued with a face value of £100.

　　They can be traded on

　　the bond market and reach a market price.

　　Hence, if a bond is

　　"selling at a premium of 15%", this means that a bond with a face value of ?100

　　is currently selling for £115.

　　This indicates that the

　　rate of interest on this bond is attractive when compared with current market

　　rates, creating demand for the bond and a rise in price.*

　　In the US the face

　　value of a bond is usually $1,000.

　　2. Deep Discount Bonds

　　Deep discount

　　bonds—bonds issued at a large discount to nominal value (i.e. issued well below

　　face value) and redeemable at par on maturity.*

　　With deep discount

　　bonds, investors receive a large capital gain on redemption, but are paid a low

　　rate of interest, if any, during the term of the loan.

　　These bonds offer a

　　cash flow advantage to the borrower. This is especially

　　useful for financing projects which produce weak cash flows in early years.

　　3.Zero-Coupon Bonds

　　Zero-coupon bonds—bonds

　　issued at a discount to face value and which pay zero annual interest.

　　Zero-coupon bonds have

　　the following advantages:

　　The issuing company

　　pays no interest and the only cash payout is at the bonds' maturity.

　　Investors gain from the

　　difference between issue and redemption price.

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