ACCA考试F9知识点：Bonds
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...
【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.
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
