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Bond Prices

Bonds are debt instruments, investment in bonds can yield high return, and while investing it is prudent to have a clear overview about bond prices. Bonds are loans in form of securities. In generic, bonds are issued by credit institutions, companies, public authorities and supernational institutions. In case of bonds, an issuer promise to pay a specific sum of money after a certain span of time. Investment in bonds involve high risks, financial analysts study the dynamics of trading and valuing bonds.

Bond prices refer to the amount in which bonds are issued and these bond prices can considerably differ. In United States, bond prices and price values have a relationship with the creditworthiness of the issuer. Leading financial advisory service providers are consistently carrying out researches to estimate credit stature of various bond issuers. If the credit rating of the issuer goes downhill, it considerably affects the bond price. Bond prices are volatile and can influence performance of the mutual funds that are holding the bonds. Institutional investors regularly monitor the credit rating of the bond issuers.

A bond issuing firm determine the bond prices and a prospective investor should have a clear insight about the techniques to analyze bond prices as it can suggest the future yields. Bond valuation is the method of calculating the potential market price or “Fair price”.


The bond prices can be categorized into three main categories as follows:
  • Premium bonds: In premium bonds, the bond's price remain higher compared to current prevailing rates.
  • Discount bonds: The bonds with a discount rate less than prevailing discount rates.
  • At par bonds: Price of bonds with at par value.
The amount of coupon payments depends upon the price of the bonds. If a bond purchaser sell a bond in the secondary market in the period between two interest receiving dates, the accrued interest since last payment date should be paid to the secondary purchaser and this concept is known as “Dirty price concept'. Bond price calculation is exceedingly important for an effective bond valuation. If no interest amount is paid in the secondary market, the bond gets sold at a “Clean price”.

Price of bonds may vary in different bond markets as follows:
  • Municipal market
  • Government market
  • Corporate market
  • MBS/ABS Market
The price in which investors are willing to pay for an existing bond is the bond price.
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