(1) The market interest rate at the time of bond issuance is 10%.
Issue price = present value of bill face value+present value of annual interest =1000/(1+10%) 5+1000 * 8% * (1+6544).
(2) The market interest rate at the time of bond issuance is 8%.
Issue price = present value of bill face value+present value of annual interest rate =1000/(1+8%) 5+1000 * 8% * (1+8%) (-5))
(3) The market interest rate at the time of bond issuance is 5%.
Issue price = present value of bill face value+present value of annual interest =1000/(1+5%) 5+1000 * 8% * (1+5%)).
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Conditions for issuing bonds:
The bond issuance conditions refer to the relevant factors that bond issuers must consider when issuing bonds to raise funds, including the issuance amount, face value, term, repayment method, coupon rate, interest payment method, issuance price, issuance cost, guarantee or not, etc. Because corporate bonds are usually classified according to the issuance conditions, the types of bonds to be issued are also determined when the issuance conditions are determined.
The bond issuer must submit a declaration to the bond management department in accordance with the regulations before issuing; The issuance of government bonds must be approved by the state budget examination and approval authority (such as Congress). The terms and regulations stated by the issuer in the statement are the conditions for the issuance of bonds. The main contents include: the number of bonds issued, the issue price, the repayment period, the coupon rate, the interest payment method, whether there is a guarantee, and so on.
The issuance conditions of bonds determine the profitability, liquidity and security of bonds, and directly affect the financing cost of issuers and the investment income of investors. For investors, the most important conditions for issuing bonds are coupon rate, repayment period and issue price, which are called the three basic conditions for issuing bonds because they determine the investment value of bonds. For issuers, in addition to the above conditions, the number of bonds issued is also more important, because it directly affects the financing scale. If the number of issues is too large, it will cause sales difficulties and even affect the issuer's reputation and the transfer price of future bonds.