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MANAJEMEN INVESTASI DAN PORTOFOLIO Lecture 6a: Managing Bond Portfolios

MANAJEMEN INVESTASI DAN PORTOFOLIO Lecture 6a: Managing Bond Portfolios. 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. Bond Pricing Relationships.

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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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