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MANAJEMEN INVESTASI DAN PORTOFOLIO Lecture 6a: Managing Bond Portfolios

Learn about managing bond portfolios and strategies including active trade on interest rate predictions, passive risk control, and bond pricing relationships. Understand the inverse relationship between bond price and yield, impact of maturity and coupon rate on price sensitivity, and more.

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MANAJEMEN INVESTASI DAN PORTOFOLIO Lecture 6a: Managing Bond Portfolios

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  1. MANAJEMEN INVESTASI DAN PORTOFOLIOLecture 6a: Managing Bond Portfolios MIP/MB-IPB/08

  2. Managing Fixed Income Securities: Basic Strategies Active strategy • Trade on interest rate predictions • Trade on market inefficiencies Passive strategy • Control risk • Balance risk and return MIP/MB-IPB/08

  3. Bond Pricing Relationships • Inverse relationship between price and yield. • An increase in a bond’s yield to maturity results in a smaller price decline than the gain associated with a decrease in yield. • Long-term bonds tend to be more price sensitive than short-term bonds. MIP/MB-IPB/08

  4. Bond Pricing Relationships (cont’d) • As maturity increases, price sensitivity increases at a decreasing rate. • Price sensitivity is inversely related to a bond’s coupon rate. • Price sensitivity is inversely related to the yield to maturity at which the bond is selling. MIP/MB-IPB/08

  5. Untukmelihat file lengkapnyasilahkanmenghubungikamidiwww.mb.ipb.ac.id

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