AFM 472 - Class 13 Excel

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Unformatted text preview: ,040 2,849 2,130 1,065 1,751 1,354 538.24 434.06 540.92 345.44 213.35 6.4780693 347.14 9.8679489 272.74 7.8407428 2.16% 1.84% Sum of Amt O/S * Coupon Sum of Amt O/S Average Coupon 20,966 3,461 6.06 4,115.40 24.186761 833.22 2.90% Average Bond 90-Day T-Bills 5-year T-Bonds 10-year T-Bonds 30-year T-Bonds Average Yield 3.67 6.26 6.58 7.46 Current Yield 0.04 1.62 2.83 3.76 Rating AAA AA A BBB BB B CCC Average Spread 0.86 1.09 1.45 2.13 3.93 5.84 12.05 Current 0.72 0.87 1.19 2.07 3.34 4.47 8.16 Maturity 1-3yr 3-5yr 5-7yr 7-10yr 10-15yr 15yr+ Average Spread 1.39 1.52 1.73 1.72 1.70 1.81 Current 0.92 1.31 1.64 1.85 1.88 1.92 Terminal Growth Rate Question: Does it make sense for a growth rate to be higher than the Rf? Historically, real GDP growth is ~3%; 6% nominal growth and 3% inflation If a 10-year bond yield is 2.83%, what does it say about inflation? What does the inflation assumption say about nominal GDP growth? For the past 5 years: Average GDP Growth Average Inflation Average Real Growth 2.35% 1.53% 0.81% Terminal Growth Assumption 1.53% Da ta Pricing Date Aug-01-2013 Jul-31-2013 Jul-30-2013 Jul-29 -2013 Jul-26 -2013 Jul-25-2013 Jul-24 -2013 Jul-23-2013 Jul-22-2013 Jul-19 -2013 Jul-18-2013 Jul-17-2013 Jul-16 -2013 Jul-15-2013 Jul-12-2013 Jul-11-2013 Jul-10-2013 Jul-09 -2013 Jul-08-2013 Jul-05-2013 Jul-03-2013 Jul-02-2013 Jul-01-2013 Jun-28-2013 Jun-27-2013 Jun-26 -2013 Jun-25-2013 Jun-24 -2013 Jun-21-2013 Jun-20-2013 Jun-19 -2013 Jun-18-2013 Jun-17-2013 Jun-14 -2013 Jun-13-2013 Jun-12-2013 Jun-11-2013 Jun-10-2013 Jun-07-2013 Jun-06 -2013 Jun-05-2013 Jun-04 -2013 Jun-03-2013 Ma y-31-2013 Ma y-30-2013 Ma y-29 -2013 Ma y-28-2013 Ma y-24 -2013 Ma y-23-2013 Ma y-22-2013 Ma y-21-2013 Ma y-20-2013 Ma y-17-2013 Ma y-16 -2013 Ma y-15-2013 Ma y-14 -2013 Ma y-13-2013 Ma y-10-2013 Ma y-09 -2013 Ma y-08-2013 Ma y-07-2013 Ma y-06 -2013 Ma y-03-2013 Ma y-02-2013 Ma y-01-2013 Apr-30-2013 Apr-29 -2013 Apr-26 -2013 Apr-25-2013 Apr-24 -2013 Apr-23-2013 Apr-22-2013 Apr-19 -2013 Apr-18-2013 Apr-17-2013 Apr-16 -2013 Apr-15-2013 Apr-12-2013 Apr-11-2013 Apr-10-2013 Apr-09 -2013 Apr-08-2013 Apr-05-2013 Apr-04 -2013 Apr-03-2013 Apr-02-2013 Apr-01-2013 Ma r-28-2013 Ma r-27-2013 Ma r-26 -2013 Ma r-25-2013 Ma r-22-2013 Ma r-21-2013 Ma r-20-2013 Ma r-19 -2013 Ma r-18-2013 Ma r-15-2013 Ma r-14 -2013 Ma r-13-2013 Ma r-12-2013 Ma r-11-2013 Ma r-08-2013 Ma r-07-2013 Ma r-06 -2013 Ma r-05-2013 Ma r-04 -2013 Ma r-01-2013 Feb-28-2013 Feb-27-2013 Feb-26 -2013 Feb-25-2013 Feb-22-2013 Feb-21-2013 Feb-20-2013 Feb-19 -2013 Feb-15-2013 Feb-14 -2013 Feb-13-2013 Feb-12-2013 Feb-11-2013 Feb-08-2013 Feb-07-2013 Feb-06 -2013 Feb-05-2013 Feb-04 -2013 Feb-01-2013 Ja n-31-2013 Ja n-30-2013 Ja n-29 -2013 Ja n-28-2013 Ja n-25-2013 Ja n-24 -2013 Ja n-23-2013 Ja n-22-2013 Ja n-18-2013 Ja n-17-2013 Ja n-16 -2013 Ja n-15-2013 Ja n-14 -2013 Ja n-11-2013 Ja n-10-2013 Ja n-09 -2013 Ja n-08-2013 Ja n-07-2013 Ja n-04 -2013 Ja n-03-2013 Ja n-02-2013 Dec-31-2012 Dec-28-2012 Dec-27-2012 Dec-26 -2012 Dec-24 -201...
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