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Search results “Default rate on bonds”
Cumulative probability of default on risky bond
 
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If we are given two spot rate term structures (spot rates for Treasuries and for risky corporate bond), the question is, what is the 2-year cumulative probability of default (PD)? We take THREE STEPS: 1. Compute 1-year forward rates; 2. Compute marginal probability of defaults; 3. Compute the 2-year cumulative probability of default
Views: 17286 Bionic Turtle
Bonds Default Risk and Credit Ratings
 
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Bond default risk; bond credit ratings; determinants of credit ratings; yield spreads of corporate and municipal bonds over Treasuries
Views: 1558 Elinda Kiss
Relationship between bond prices and interest rates | Finance & Capital Markets | Khan Academy
 
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Why bond prices move inversely to changes in interest rate. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/treasury-bond-prices-and-yields?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/introduction-to-the-yield-curve?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Both corporations and governments can borrow money by selling bonds. This tutorial explains how this works and how bond prices relate to interest rates. In general, understanding this not only helps you with your own investing, but gives you a lens on the entire global economy. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 495849 Khan Academy
Session 2: Understanding Risk - The Risk in Bonds
 
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In this session, we examine the risks of investing in bonds. Even if the payments on the bond are guaranteed (there is no default risk), you face interest rate risk after you buy the bond and we look at simple measures of interest rate risk exposure. We also look at the additional risk that comes from default, how best to measure that default risk and how much to demand as compensation for exposure to that risk.
Views: 12157 Aswath Damodaran
Junk bond default rate Up and early market warning
 
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Once junk bond fund crash, it can be very serious . The yield may not be worth the high risk.
Excel Finance Class 54: Bonds & Interest Rate Risk
 
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Download Excel workbook http://people.highline.edu/mgirvin/ExcelIsFun.htm Learn Interest Rate Risk: 1. The Longer The Maturity, The More YTM Affects Bond Price 2. The Lower The Coupon Rate, The More YTM Affects Bond Price
Views: 11811 ExcelIsFun
How to calculate the bond price and yield to maturity
 
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This video will show you how to calculate the bond price and yield to maturity in a financial calculator. If you need to find the Present value by hand please watch this video :) http://youtu.be/5uAICRPUzsM There are more videos for EXCEL as well Like and subscribe :) Please visit us at http://www.i-hate-math.com Thanks for learning
Views: 278141 I Hate Math Group, Inc
Introduction to the yield curve | Stocks and bonds | Finance & Capital Markets | Khan Academy
 
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Introduction to the treasury yield curve. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/relationship-between-bond-prices-and-interest-rates?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/introduction-to-bonds?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Both corporations and governments can borrow money by selling bonds. This tutorial explains how this works and how bond prices relate to interest rates. In general, understanding this not only helps you with your own investing, but gives you a lens on the entire global economy. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 348046 Khan Academy
How Are Bonds Rated?
 
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When investing in bonds, it may be beneficial to consider bond ratings. Learn about the three main ratings agencies and how they evaluate bond issuers. Questions or Comments? Have a question or topic you’d like to learn more about? Let us know: Twitter: @ZionsDirectTV Facebook: www.facebook.com/zionsdirect Or leave a comment on one of our videos. Open an Account: Begin investing today by opening a brokerage account or IRA at www.zionsdirect.com Bid in our Auctions: Participate in our fixed-income security auctions with no commissions or mark-ups charged by Zions Direct at www.auctions.zionsdirect.com
Views: 14868 Zions TV
Conditional default probability (hazard rate)
 
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Study note: Hazard rate (default intensity) is a conditional PD but it connotes an instantaneous rate of failure. As such, it can be used with elegance in the exponential distribution to compute the cumulative probability of default (cumulative PD). The conditional PD is the probability of default conditional on survival so far; e.g., 3-year conditional PD = probability of default in year 3 assuming the bond survives the prior two years.
Views: 26675 Bionic Turtle
Understanding credit spread duration and its impact on bond prices
 
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M&G’s Mario Eisenegger explains the basic dynamics of credit spread duration, a measure of how sensitive a bond’s price is to movements in credit spreads The video highlights the two drivers of credit spread duration; the coupon and maturity. Using some examples, we look at how coupon size and maturity periods impact a bond’s sensitivity to changes in spreads Finally, credit risk and credit spread duration are often mistaken for the same thing. Mario clarifies the difference between them
Views: 2573 Bond Vigilantes
Treasury bond prices and yields | Stocks and bonds | Finance & Capital Markets | Khan Academy
 
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Why yields go down when prices go up. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/annual-interest-varying-with-debt-maturity?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/relationship-between-bond-prices-and-interest-rates?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Both corporations and governments can borrow money by selling bonds. This tutorial explains how this works and how bond prices relate to interest rates. In general, understanding this not only helps you with your own investing, but gives you a lens on the entire global economy. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 235558 Khan Academy
Risks of Bonds
 
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This video examines various risks which are associated with investing in bonds. The areas of risk covered include: - Default Risk: the risk that the issuer will not be able to pay back the loan - Inflationary Risk: the risk that spending power will be eroded (-ve rate of return). - Callability Risk: the risk that the bond will be bought back for less than you paid for it. - Liquidity risk: the risk that you won't be able to sell when you want to. - Political Risk: actions taken by governments which affect the bond market - Interest rate risk: the risk that interest rates will rise thus lowering bond prices.
Bond Pricing on the Term Structure of Interest Rates with Expected Inflation Rate Changes
 
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Consider the following spot interest rates for maturities of one, two, three, and four years. Year | Rate 1 | 4% 2 | 5% 3 | 6% 4 | 7% What is the price of a four year, 4 percent coupon bond with a face value of $100? Assume the bond pays an annual coupon. What are our expectations of the yield for a one year bond that starts in one, two, and three years, i.e., what are the forward rates? Suppose the inflation expectations are a constant 2 percent, what are the expected real interest rates for each one year period in the future? Suppose that immediately after purchasing the bond that market expectations of the inflation rate decrease to a constant one percent. What are our new nominal forward rates? Assume expectations of real interest rates have not changed. In one year, what do we expect the new term structure of interest rates to be? In one year, what do we expect the price of the bond to be based on the new term structure of interest rates? What do we expect the holding period return to be if you sell it immediately after receiving the first year’s coupon? Note: There is a typo in calculating the holding period return. The correct formula is (92.22 - 90.17 + 4)/90.17 = 6.7% Note: A pdf of the solution is available from here: https://goo.gl/MeMDkv
Default correlation in CDO or basket CDS
 
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As default correlation increases, the probability of default (PD) for junior tranche (1st to default basket CDS) decreases but the PD for a senior tranche increases.
Views: 8901 Bionic Turtle
🇦🇷 Argentina Hyperinflation Is About To COLLAPSE the Nation Again! Get Ready For the 9th Default!
 
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Views: 57689 The Money GPS
Khan Academy - Bond Prices and Interest Rates
 
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Khan Academy on Bond Prices and Interest Rates
Views: 149457 Jonathan Horn
Intro to the Bond Market
 
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Most borrowers borrow through banks. But established and reputable institutions can also borrow from a different intermediary: the bond market. That’s the topic of this video. We’ll discuss what a bond is, what it does, how it’s rated, and what those ratings ultimately mean. First, though: what’s a bond? It’s essentially an IOU. A bond details who owes what, and when debt repayment will be made. Unlike stocks, bond ownership doesn’t mean owning part of a firm. It simply means being owed a specific sum, which will be paid back at a promised time. Some bonds also entitle holders to “coupon payments,” which are regular installments paid out on a schedule. Now—what does a bond do? Like stocks, bonds help raise money. Companies and governments issue bonds to finance new ventures. The ROI from these ventures, can then be used to repay bond holders. Speaking of repayments, borrowing through the bond market may mean better terms than borrowing from banks. This is especially the case for highly-rated bonds. But what determines a bond’s rating? Bond ratings are issued by agencies like Standard and Poor’s. A rating reflects the default risk of the institution issuing a bond. “Default risk” is the risk that a bond issuer may be unable to make payments when they come due. The higher the issuer’s default risk, the lower the rating of a bond. A lower rating means lenders will demand higher interest before providing money. For lenders, higher ratings mean a safer investment. And for borrowers (the bond issuers), a higher rating means paying a lower interest on debt. That said, there are other nuances to the bond market—things like the “crowding out” effect, as well as the effect of collateral on a bond’s interest rate. These are things we’ll leave you to discover in the video. Happy learning! Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/29Q2f7d Next video: http://bit.ly/29WhXgC Office Hours video: http://bit.ly/29R04Ba Help us caption & translate this video! http://amara.org/v/QZ06/
What Would Happen If USA Stopped Paying Its Debt?
 
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What would happen in the world and in United States if USA defaulted on it's debt? SUBSCRIBE TO US -► http://bit.ly/TheInfographicsShow -------------------------------------------------------------------------- WEBSITE (SUGGEST A TOPIC): http://theinfographicsshow.com SUPPORT US: Patreon.......► https://www.patreon.com/theinfographicsshow CHAT WITH ME: DISCORD.....►https://discord.gg/theinfographicsshow SOCIAL: Twitter........► https://twitter.com/TheInfoShow Subreddit...► http://reddit.com/r/TheInfographicsShow -------------------------------------------------------------------------- Sources for this episode: https://pastebin.com/gPeUjWaj Some Images used under license from Shutterstock.com
Views: 1669670 The Infographics Show
FRM: Z-spread (versus bond's nominal credit spread)
 
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(Please note: spreadsheet is available on the website). A nominal credit spread is the difference in yields (YTM), which are single factors; therefore, implicitly, the nominal spread compares flat curves. The Z-spread improves by giving the spread that adds across the entire spot (zero) rate curve; if the Z-spread is added to all points on the theoretical spot rate curve, the shift curve discounts the bond's cash flows to a present value that equals the bond's market price. In this way, the Z-spread represents compensation for credit risk across the entire curve. For more financial risk videos, visit our website! http://www.bionicturtle.com
Views: 24555 Bionic Turtle
The yield curve | Stocks and bonds | Finance & Capital Markets | Khan Academy
 
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Annual Interest Varying with Debt Maturity. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/corp-bankruptcy-tutorial/v/chapter-7-bankruptcy-liquidation?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/annual-interest-varying-with-debt-maturity?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Both corporations and governments can borrow money by selling bonds. This tutorial explains how this works and how bond prices relate to interest rates. In general, understanding this not only helps you with your own investing, but gives you a lens on the entire global economy. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 142668 Khan Academy
"Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle"
 
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Presentation of this research during The Rothschild Caesarea Center 11th Annual Conference, IDC. Abstract - We develop a structural credit risk model with time-varying macroeconomic risks and endogenous liquidity frictions. The model not only matches the average default probabilities, recovery rates, and average credit spreads for corporate bonds across di erent credit ratings, but also can account for bond liquidity measures including Bond-CDS spreads and bid-ask spreads across ratings. We propose a novel structural decomposition scheme of the credit spreads to capture the interaction between liquidity and default risk in corporate bond pricing. As an application, we use this framework to quantitatively evaluate the e ects of liquidity-provision policies for the corporate bond market.
Views: 534 IDC Herzliya
Risk Premium 1
 
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What is a risk premium? An introduction into what a bond is. Video by Chase DeHan, Assistant Professor of Finance at the University of South Carolina Upstate
Views: 14471 Harpett
FRM: Interest rate swap (IRS) valuation: as two bonds
 
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This video illustrates the valuation of an interest rate swap as two bonds. For more information on interest rate swap (IRS), visit Bionic Turtle at https://www.bionicturtle.com.
Views: 23292 Bionic Turtle
Chapter 6, Part 1:  The Risk Structure of Interest Rates
 
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This video explain how default risk, liquidity, and tax differences affect the interest rates of bonds. Thanks for watching!
Credit default swaps | Finance & Capital Markets | Khan Academy
 
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Introduction to credit default swaps. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/credit-default-swaps-tut/v/credit-default-swaps-2?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/credit-default-swaps-tut/v/credit-default-swaps-cds-intro?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Interest is the basis of modern capital markets. Depending on whether you are lending or borrowing, it can be viewed as a return on an asset (lending) or the cost of capital (borrowing). This tutorial gives an introduction to this fundamental concept, including what it means to compound. It also gives a rule of thumb that might make it easy to do some rough interest calculations in your head. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 583452 Khan Academy
Introduction to bonds | Stocks and bonds | Finance & Capital Markets | Khan Academy
 
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What it means to buy a bond. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/introduction-to-the-yield-curve?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/corporate-debt-versus-traditional-mortgages?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Both corporations and governments can borrow money by selling bonds. This tutorial explains how this works and how bond prices relate to interest rates. In general, understanding this not only helps you with your own investing, but gives you a lens on the entire global economy. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 482166 Khan Academy
Tim Bennett Explains: What are fixed income securities (bonds) - part 1
 
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What are fixed income securities (bonds)? Here Tim Bennett introduces how they work and breaks down the key jargon for novice investors. Subscribe here http://ow.ly/rK0pr to receive Tim's new videos.
Views: 39958 Killik & Co
Malmgren Expects U.S. Municipal Bond Defaults in 2011
 
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Jan. 25 (Bloomberg) -- Pippa Malmgren, president of Canonbury Group, talks about the outlook for the U.S. municipal defaults and corporate foreign-exchange losses. She speaks with Andrea Catherwood on Bloomberg Television's "The Pulse."
Views: 881 Bloomberg
Advantages of Investing in Municipal Bonds
 
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This video discusses the advantages of investing in municipal bonds: namely, the historically lower risk of default (relative to corporate bonds) and tax-exempt nature of most municipal bonds. The video provides an example to show how the after-tax return of a municipal bond can be higher than a corporate bond that has a higher pretax yield. The video also demonstrates why municipal bonds are more attractive to high-income investors by showing that the tax-equivalent yield of a municipal bond increases as a person's tax rate increases. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 6902 Edspira
Bond Pricing, Valuation, Formulas, and Functions in Excel
 
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Excel Forum: https://www.teachexcel.com/talk/microsoft-office?src=yt Excel Tutorials: https://www.teachexcel.com/src=yt This tutorial will show you how to calculate bond pricing and valuation in excel. This teaches you how to do so through using the NPER() PMT() FV() RATE() and PV() functions and formulas in excel. To follow along with this tutorial and download the spreadsheet used and or to get free excel macros, keyboard shortcuts, and forums, go to: http://www.TeachMsOffice.com
Views: 171634 TeachExcel
Session 4: Risk free Rates (continued) and first steps on ERP
 
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We started the class by completing the discussion of risk free rates, exploring why risk free rates vary across currencies and what to do about really low or negative risk free rates. The blog post below captures my thoughts on negative risk free rates: http://aswathdamodaran.blogspot.com/2016/03/negative-interest-rates-unreal.html We are about halfway through the discussion of equity risk premiums but the contours of the discussion should be clear. a. Historical equity risk premiums are not only backward looking but are noisy (have high standard errors). You can the historical return data for the US on my website by going to http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html Click on current data, and look to the top of the table of downloadable data items. b. Country risk premium: The last few months should be a reminder of why country risk is not diversifiable. As you see markets are volatile around the world, I think you have a rationale for a country risk premium. You can get default spreads for country bonds on my site under updated data. If you are interested in assessing and measuring country risk, to get from default spreads to equity risk premiums, you need two more numbers. The first is the standard deviation for the equity market in the country that you are trying to estimate the premium for. Try the Bloomberg terminal. Find the equity index for the country in question (Bovespa for Brazil, Merval for Argentina etc.) and type in HVT. This should give you the annualized standard deviation in the index - change the default to weekly and use the 100-week standard deviation. Do the same for the country bond in question. The two standard deviations should yield the relative volatility. If you have trouble finding either number, just multiply the default spread by 1.4 to get a rough measure of the country risk premium. If you want my estimates of country risk premiums, check under updated data on my website. The direct link is below: http://www.stern.nyu.edu/~adamodar/pc/datasets/ctryprem.xls You can also see my latest blog post on country risk here: http://aswathdamodaran.blogspot.com/2017/01/january-2017-data-update-4-country-risk.html Start of the class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/tests/riskfree.pdf Slides: http://www.stern.nyu.edu/~adamodar/podcasts/valUGspr17/session4.pdf Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session4test.pdf Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/eqnotes/postclass/session4soln.pdf
Views: 13933 Aswath Damodaran
The Dark Side of Private Equity in the 1990s: Drexel Burnham Bankruptcy (1990)
 
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Drexel Burnham Lambert was the investment bank most responsible for the boom in private equity during the 1980s due to its leadership in the issuance of high-yield debt. The firm was first rocked by scandal on May 12, 1986, when Dennis Levine, a Drexel managing director and investment banker, was charged with insider trading. Levine pleaded guilty to four felonies, and implicated one of his recent partners, arbitrageur Ivan Boesky. Largely based on information Boesky promised to provide about his dealings with Michael Milken, the Securities and Exchange Commission initiated an investigation of Drexel on November 17. Two days later, Rudy Giuliani, the United States Attorney for the Southern District of New York, launched his own investigation.[2] For two years, Drexel steadfastly denied any wrongdoing, claiming that the criminal and SEC cases were based almost entirely on the statements of an admitted felon looking to reduce his sentence. However, it was not enough to keep the SEC from suing Drexel in September 1988 for insider trading, stock manipulation, defrauding its clients and stock parking (buying stocks for the benefit of another). All of the transactions involved Milken and his department. Giuliani began seriously considering indicting Drexel under the powerful Racketeer Influenced and Corrupt Organizations Act (RICO), under the doctrine that companies are responsible for an employee's crimes.[2] The threat of a RICO indictment, which would have required the firm to put up a performance bond of as much as $1 billion in lieu of having its assets frozen, unnerved many at Drexel. Most of Drexel's capital was borrowed money, as is common with most investment banks and it is difficult to receive credit for firms under a RICO indictment.[2] Drexel's CEO, Fred Joseph said that he had been told that if Drexel were indicted under RICO, it would only survive a month at most.[3] With literally minutes to go before being indicted, Drexel reached an agreement with the government in which it pleaded nolo contendere (no contest) to six felonies – three counts of stock parking and three counts of stock manipulation.[2] It also agreed to pay a fine of $650 million – at the time, the largest fine ever levied under securities laws. Milken left the firm after his own indictment in March 1989.[3][4] Effectively, Drexel was now a convicted felon. In April 1989, Drexel settled with the SEC, agreeing to stricter safeguards on its oversight procedures. Later that month, the firm eliminated 5,000 jobs by shuttering three departments – including the retail brokerage operation. Meanwhile, the high-yield debt markets had begun to shut down in 1989, a slowdown that accelerated into 1990. On February 13, 1990 after being advised by United States Secretary of the Treasury Nicholas F. Brady, the U.S. Securities and Exchange Commission (SEC), the New York Stock Exchange (NYSE) and the Federal Reserve System, Drexel Burnham Lambert officially filed for Chapter 11 bankruptcy protection. In the 1980s, the boom in private equity transactions, specifically leveraged buyouts, was driven by the availability of financing, particularly high-yield debt, also known as "junk bonds". The collapse of the high yield market in 1989 and 1990 would signal the end of the LBO boom. At that time, many market observers were pronouncing the junk bond market “finished.” This collapse would be due largely to three factors: The collapse of Drexel Burnham Lambert, the foremost underwriter of junk bonds (discussed above). The dramatic increase in default rates among junk bond issuing companies. The historical default rate for high yield bonds from 1978 to 1988 was approximately 2.2% of total issuance. In 1989, defaults increased dramatically to 4.3% of the then $190 billion market and an additional 2.6% of issuance defaulted in the first half of 1990. https://en.wikipedia.org/wiki/Private_equity_in_the_1990s
Views: 8611 Remember This
Make Money From the Coming Collapse in High Yield Bonds
 
03:25
A default wave will soon be hitting high yield bonds and investors better be prepared for it, says Steve Blumenthal, CEO of CMG Capital. Still, Blumenthal says there is a bright side to the coming washout in junk bonds. 'The good news is that the selloff will create one of the greatest buying opportunities of a lifetime in the not too distant future. Remember the 20% yields on high yield bonds in 2008? My two cents is that the coming opportunity will be even better,' says Blumenthal. Blumenthal says tactical trend analysis enables investors to identify the primary movements in high yield bonds. His strategy is to stay invested during the up trending cycles and shorten maturities when the trend turns down. In other words, buy the iShares iBoxx High Yield Corporate Bond ETF (HYG) or the SPDR Barclays High Yield Bond ETF (JNK) when trends are turning up. Subscribe to TheStreetTV on YouTube: http://t.st/TheStreetTV For more content from TheStreet visit: http://thestreet.com Check out all our videos: http://youtube.com/user/TheStreetTV Follow TheStreet on Twitter: http://twitter.com/thestreet Like TheStreet on Facebook: http://facebook.com/TheStreet Follow TheStreet on LinkedIn: http://linkedin.com/company/theStreet Follow TheStreet on Google+: http://plus.google.com/+TheStreet
What is a swap? - MoneyWeek Investment Tutorials
 
14:54
Tim Bennett explains how an interest rate swap works - and the implications for investors. --- MoneyWeek videos are designed to help you become a better investor, and to give you a better understanding of the markets. They’re aimed at both beginners and more experienced investors. In all our videos we explain things in an easy-to-understand way. Some videos are about important ideas and concepts. Others are about investment stories and themes in the news. The emphasis is on clarity and brevity. We don’t want to waste your time with a 20-minute video that could easily be so much shorter.
Views: 522098 MoneyWeek
THE BIG SHORT MOVIE EXPLAINED ANIMIATED
 
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The big short movie small explanation on shorting the housing market, subprime mortgage crisis, and Credit default swaps. Music by: http://bensound.com
Views: 363045 ViralWhirl
CFA Level II: Derivatives - Pricing and Valuation of Swaps -Part I (of 15)
 
33:42
FinTree website link: http://www.fintreeindia.com FB Page link :http://www.facebook.com/Fin... We love what we do, and we make awesome video lectures for CFA and FRM exams. Our Video Lectures are comprehensive, easy to understand and most importantly, fun to study with! This Video lecture was recorded by our popular trainer for CFA, Mr. Utkarsh Jain, during one of his live CFA Level II Classes in Pune (India).
Views: 26416 FinTree
[Economy Lecture] L2/P1: Debt securities: Credit Rating, Bond-Yield, Muni.Bonds, SEBI norms
 
27:43
Language: Hindi, Topics Covered 1. Recap of banking sector lectures and minor updates as per latest monetary policy review (Feb 2015) and Committees for Small banks and Payment Banks 2. What is finance? Why should we start business with finance from elsewhere? 3. Type types of Financing mechanism: Debt Instrument vs Equity instruments 4. What is credit rating? What is India’s current credit rating? What factors affect it? 5. What’s the difference between Gilt Edged securities vs. Junk Bonds 6. What is bond yield and yield to maturity (YTM)? 7. How can higher bond yield and lower credit rating hurt a Government? 8. Difference between Bonds and Debentures? 9. Municipal bonds: History, their Importance in financing smart cities, SEBI’s 2015 guidelines for Municipal bonds. 10. OFCD and other types of Debentures Powerpoint available at http://Mrunal.org/download Venue: Sardar Patel Institute of Public Administration (SPIPA), Satellite, Ahmedabad, Gujarat,India Exam-Utility: UPSC CSAT, CDS, CAPF, SSC, IBPS, Banking, MBA interview
Views: 365674 Mrunal Patel
Why You Should Not Invest in Peer to Peer Lending | BeatTheBush
 
10:13
With Peer to Peer lending, there are some risks they are not telling you. First, there is the liquidity issue where your money is essentially trapped in a loan for 3-5 years. The current aggregated default rate is variable and is dependent on the well being of the economy which could fluctuate. The returns are not guaranteed and the default rate could spike resulting in a loss rather than the paltry 6-9 percent of advertised gains. Second, the borrower is not ultimately responsible to pay you back but rather pay the intermediate company. This create some pretty peculiar situations if the company becomes insolvent. . Support more videos like this along with getting a bunch of perks here: http://www.patreon.com/BeatTheBush Get a free audiobook and 30-day trial. Even if you cancel, you still keep the book and you still support my channel for signing up. Support my channel by signing up to help me make more videos like this: http://www.audibletrial.com/BeatTheBush Credit Card for Starters Who Should NEVER Get a Credit Card: https://youtu.be/aNYZkMgTyb0 Only Use Credit or Only Use Debit: https://youtu.be/J0ZRgBIG39Q Credit Card Basics How Credit Card Calculates Interest: https://youtu.be/0Z2nWQdqa2A How Credit Card Grace Periods Work: https://youtu.be/8WuH3-PsjCA Difference Between Credit Card Inactivity and 0% Utilization: https://youtu.be/rtfJMZf_IrM Credit Card Statement Closing Date vs. Due Date: https://youtu.be/3-knvT7JbTk Does Canceling Credit Cards Affect Credit Score: https://youtu.be/jYGZukw5i-Q Can You Afford a No Limit Credit Card: https://youtu.be/sdAh7hzgJoU Credit Card Balance Transfer Hack: https://youtu.be/F2Foqg2ZTEw Credit Score Less Than 700 Maximize Credit Score while in College: https://youtu.be/pxGECoQoLLA Build Credit Fast with a $500 Credit Limit: https://youtu.be/attQKzngqoE How to Pay off Credit Card Debt: https://youtu.be/XY8YSPapnF8 How to Build Credit with Bad Credit or No Credit [w/ Self Lender]: https://youtu.be/RNXutBGAnlM How to Boost Your Credit Score Within 30 Days: https://youtu.be/LyBjciz4-zg Credit Score More Than 700 How to Increase Credit Score from 700: https://youtu.be/MCFKNBcyAWs 740+ is Not Just For Show: https://youtu.be/1fGcpxurzgU My Credit Score: 848, How to get it Part 1: https://youtu.be/dEZLZQXRBjQ My Credit Score: 848, How to get it Part 2: https://youtu.be/Y6-SB35C7Pc My Credit Score: 848 - Credit Card Hacks and How I got it: https://youtu.be/8Xz3hi3VWfM Advanced Credit Card Tricks How to get a Business Credit Card: https://youtu.be/S3srld5_l5Y Keep 16 Credit Cards Active: https://youtu.be/yAzkEK8Y6E8 Rejected for a New Credit Card with 826 Credit Score: https://youtu.be/66O505Oj5e4 Make Credit Cards Pay You Instead: https://youtu.be/wKMJdX1fQJA Credit Card Low Balance Cancellation $2 per mont [Still Works]: https://youtu.be/2DJjfvcMCcg Cash Back Are Credit Card Points Taxable?: https://youtu.be/Tw90h8I5JNk How to Churn Credit Cards: https://youtu.be/uw__fl38Dk4 Best Cash Back Credit Cards for 2017: https://youtu.be/e_uJweUsiDk 5% Cash Back on Everything: https://youtu.be/q9g_rySm_tI Always get 11% Off Amazon Gift Cards and Amazon Hacks: https://youtu.be/vbv6Rj2uUr4 Max Rewards: What's in My Wallet: https://youtu.be/cmJDFcbjFho How I Make 200 Dollars in 10 Minute [Hint: Credit Card Bonus]: https://youtu.be/pegq4G7ZhTI When Your Best Cash Back Card Gets Cancelled: https://youtu.be/pe7OuqxGi9M Amex Blue Cash Preferred vs. Everyday Effective Cash Back on Groceries: https://youtu.be/3ezD_QwS5e0 Double Dip Groceries Cash Back with Safeway Just for U: https://youtu.be/7kBl0W_L29U Milk the Barclays Cashforward Card for the MOST Cash Back: https://youtu.be/qf2gvrk6Evo Other Channels: BeatTheBush DIY: https://www.youtube.com/BeatTheBushDIY
Views: 228965 BeatTheBush
68: Municipal Bonds, How Insiders Scale Their Tax Free Income
 
01:02:13
Michael Foster, the ‘CEF Professor’ from Contrarian Outlook, joins us for another episode to explain how to use municipal bonds to scale your tax-free income. During this episode, you’ll find out how to buy municipal bonds, determine if you should buy an individual muni bond, and understand the risk levels of the entire process. You’ll learn how a municipal CEF operates, what tools to use, and how interest rates impact closed end funds. Listen to the end to hear Michael’s top three muni funds and what Sam and Johnny Invest into themselves. Full Show Notes - http://investlikeaboss.com/ilab-68-municipal-bonds-insiders-scale-tax-free-income/ Links: Contrarianoutlook.com - https://contrarianoutlook.com/ The CEF Newsletter - https://contrarianoutlook.com/secure-fast-gains-cefs/WEB1 Where are we: Sam/Michael – Bangkok Johnny – Ukraine Recommended: Link to the newsletter: CEF Insider - https://contrarianoutlook.com/secure-fast-gains-cefs/NR-ILAB0817CEFI 2 Recent Articles on Municipal Bonds: The Shockingly Common Mistake That’s Costing You Thousands - https://contrarianoutlook.com/the-shockingly-common-mistake-thats-costing-you-thousands/ These 6%+ Yielders Are a Screaming Bargain - https://contrarianoutlook.com/these-6-yielders-are-a-screaming-bargain/ The muni funds recommendations discussed: Neuberger Berman New York Intermediate Municipal Fund (NBO) Nuveen New Jersey Quality Municipal Income Fund (NXJ) Pioneer Municipal High Income Trust (MHI) CEFconnect.com - https://www.cefconnect.com/ Discussed: ILAB 63 – Talking CEFs for 9.9%+ Yield with ‘CEF Professor’ Michael Foster - http://investlikeaboss.com/ilab-63-talking-cefs-9-9-yield-cef-professor-michael-foster/ Try FreshBooks Free - https://freshbooks.com/invest Books: Start Here – Recommended Reading - http://investlikeaboss.com/start-here/ Time Stamps: 06:09 – Are muni bonds boring? 07:27 – Why others invest in muni bonds? 09:01 – Tax considerations 10:02 – Three ways to buy municipal bonds 10:40 – Should you buy an individual muni bond? 13:00 – How does a municipal CEF operate? 15:25 – Average cap size 17:10 – Close end funds and rising interest rates 23:03 – Market trends and sell off 25:15 – Tools, software, and historical returns 26:59 – What is the risk level? 27:06 – Default rates 29:29 – California, New Jersey, Illinois 34:46 – Should you worry about fees? 38:55 – Recommended muni funds 48:42 – Investing in muni bonds 57:36 – Wealthfront investments If you enjoyed this episode, do us a favor and share it! Also if you haven’t’ already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! - http://investlikeaboss.com/bonus/ Copyright 2017. All rights reserved. Read our disclaimer here.
Views: 1433 Invest Like a Boss
Report Finds Slight Rise in US Charter School Default Rate
 
00:51
U.S. charter schools are defaulting on bonds at a rate of 3.3 percent. According to a report made available Tuesday, the percent is a level higher than the previously recorded figure from three years ago. Charter schools, held in a number of municipal bond funds, are public schools that operate independent from school districts. They are publicly funded but use private-sector lenders to fund buildings. The reported stated the uptick in defaults is mainly due to a failure of the school to renew charter dues for poor academic performance. The study did find some state programs were improving charter schools' access to the bond market. State officials in Colorado, Utah and Texas are developing programs to allow charter operators to get enhanced credit ratings. http://feeds.reuters.com/~r/Reuters/domesticNews/~3/gFpBmkVNwMI/story01.htm http://www.wochit.com This video was produced by Wochit using http://wochit.com
Views: 46 Wochit News
7 Painful Ways to Lose Money Investing in Bonds
 
14:41
Did you know that there are 7 different ways to lose money investing in bonds? That’s right, investing in bonds isn’t always a safe and low-risk investment. However, once you know and understand the risk associated with bond trading, then the chances of you losing money go down drastically. To download your FREE Report called, “The 7 Ways To Lose Money With Bonds”, check out: http://www.retirementthinktank.com/bondreport Now bonds have traditionally been viewed as a very safe way to create a steady stream of cash flow, and many brokers and financial advisors recommend bonds as part of a solid balance to any financial portfolio. And all of that is true…most of the time. The big issue with bond risk (and how people lose money with bonds) is when any of these 7 risk factors arise. And even worse, when any of the 7 risks combine at the same time, it can prove catastrophic. I will give you a basic review of the 7 different ways to lose money in bonds here: 1. Lack of Liquidity in bonds – Although the bond market is larger than the stock market in total value, there are far fewer bond traders and bond investors comparatively speaking. So when issues arise with a certain bond (like a city or municipality defaulting on their bonds, bankruptcy, etc), it can leave the average investor high and dry with no one to sell their bond to. 2. Interest Rate Fluctuations – Bond prices are inversely related to interest rates, so when interest rates rise, bond prices (the price that you buy and sell bonds) goes down. And with interest rates close to all-time lows today, this is a bubble just waiting to pop once interest rates start rising. And if they rise quickly, watch out bond prices! 3. Bond Creditworthiness – This is an important issue as the creditworthiness of the bond issuer determines the yield, and thus your risk/return. For instance, you might not get a great return on a United States Treasury bond, but you can sleep at night knowing there is little chance it will default. On the other hand, you can get hundreds of times more yield on a low-grade junk bond, but the chances of you losing money (or even all of your investment) go up significantly compared to a US Treasury bill. 4. Inflation / Hyperinflation – Generally speaking, inflation usually means higher interest rates. And since we know that interest rates are inversely related to bond prices, high inflation can destroy the value of your bond. Not to mention, in times of inflation the cost of everything (consumer goods) is going up, while your bond investment doesn’t. So higher inflation could render your bond interest negative after you factor inflation into the equation. 5. Reinvestment Risk – This risk pertains to the opposite issue of the others in that it occurs in times of a slowing economy, or a declining interest rate environment. When interest rates go down, bond investors are forced to reinvest their bond interest (and any return of principal) into new securities that will have lower rates of return. Of course this will reduce the overall income that is being generated by your bond portfolio. 6. Bond Fund “Backfire” – Bond funds have traditionally been considered very safe as they spread the bond risks out amongst many different bonds (versus an individual bond). And this is usually the case. However, bond funds can “backfire” when a bond manager starts replacing bonds as they mature in a rising interest rate environment. And if the bond portfolio loses enough value that investors start leaving the fund in droves, then the bond manager might have to start unloading high yielding bonds to meet the early redemption's. This doesn’t happen that often, but when it does, it is painful to all involved. 7. Making Bad Bond Assumptions – Finally, don’t ever make the assumption that your bond or bond fund is free of risk and can just cruise on auto-pilot without you ever having to review or check up on. This is where many bond investors get into trouble by thinking they can buy it and forget about it. Stay educated on what is going on with your bond, watch interest rates, and don’t chase bond yields! Finally, always get the advice of a licensed bond specialist to make sure that you never get burned by any of these bond risks. To download your FREE “7 Ways To Lose Money With Bonds” Report, go to http://www.retirementthinktank.com/bondreport Disclaimer: Nothing in this video or free report can be or should be construed as investment advice. This is purely educational and there is not enough information in here or the report to make educated investment decisions. Always consult with a financial advisor before making any investment decisions.
Views: 129618 Retirement Think Tank
Default (Credit) Risk
 
07:44
http://www.kanjoh.com. disclaimer - none of these videos is meant to be personalized financial advice.
Views: 49938 kanjohvideo
Understanding Fixed-Floating Bonds
 
04:54
Understanding Fixed-Floating Bonds
Views: 1161 InvestingForMe
Floaters Explained
 
02:59
Investors are often worried about the risk that rising yields pose to their fixed income investments. After all, bond prices and yields tend to move in opposite directions, so when rates are rising that tends to push prices lower. But that relationship doesn’t necessarily ring true for investments with floating coupon rates. Collin Martin explains “floaters” on this episode of Bond Market Today. Subscribe to our channel: https://www.youtube.com/charlesschwab Click here for more insights: http://www.schwab.com/insights/ (1018-89DL)
Views: 1821 Charles Schwab
Bond convexity
 
10:03
Just as (Macaulay) duration is weighted average maturity of bond, convexity is weighted average of maturity-squares of a bond (where weights are PV of bond cash flows). Dollar convexity is also the second derivative (d^2P/dy^2); i.e., the rate of change of dollar duration. Note: the corresponding blog entry at our website contains the downloadable spreadsheet I used here.
Views: 50552 Bionic Turtle
Interest rate swap 1 | Finance & Capital Markets | Khan Academy
 
03:51
The basic dynamic of an interest rate swap. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/interest-rate-swaps-tut/v/interest-rate-swap-2?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/credit-default-swaps-tut/v/financial-weapons-of-mass-destruction?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Interest is the basis of modern capital markets. Depending on whether you are lending or borrowing, it can be viewed as a return on an asset (lending) or the cost of capital (borrowing). This tutorial gives an introduction to this fundamental concept, including what it means to compound. It also gives a rule of thumb that might make it easy to do some rough interest calculations in your head. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 253659 Khan Academy
Debt Troubles Expand: Distressed Bond Issuers Traded Jumps 110%
 
02:38
http://www.elliottwave.com/r.asp?rcn=ytvideos1403&url=http://www.elliottwave.com/free_newsletters/free_newsletters-ind.aspx The debt loads of companies and governments should be easy to service given the exceptionally low interest rates. But did you know that global bond default rates have hit their highest level since 2009? Learn why the next credit crunch could be worse than 2007-2009.
What is a yield curve? - MoneyWeek Investment Tutorials
 
13:15
MoneyWeek’s Tim Bennett explains yield curves – what are they? who uses them? and what they can tell you about the economy? Related links… - The basics of bonds - https://www.youtube.com/watch?v=AqTjNU7mQZQ Bonds basics part two – https://www.youtube.com/watch?v=xVcDCsHF_HY Retail bonds: Watch this before you buy one https://www.youtube.com/watch?v=SIFHNzTGeXM How to choose a broker https://www.youtube.com/watch?v=pS5MEvq_gcs An introduction to financial markets https://www.youtube.com/watch?v=UOwi7MBSfhk - What are options and covered warrants? https://www.youtube.com/watch?v=3196NpHDyec - What are futures? https://www.youtube.com/watch?v=nwR5b6E0Xo4 MoneyWeek videos are designed to help you become a better investor, and to give you a better understanding of the markets. They’re aimed at both beginners and more experienced investors. In all our videos we explain things in an easy-to-understand way. Some videos are about important ideas and concepts. Others are about investment stories and themes in the news. The emphasis is on clarity and brevity. We don’t want to waste your time with a 20-minute video that could easily be so much shorter. We’ve already made over 200 financial videos and we add more each week. You can see the full archive here at MoneyWeek videos.
Views: 149908 MoneyWeek
Mortgage-backed securities I | Finance & Capital Markets | Khan Academy
 
07:57
Part I of the introduction to mortgage-backed securities. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/mort-backed-secs-tut/v/mortgage-backed-securities-ii?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/derivative-securities/mort-backed-secs-tut/v/mortgage-back-security-overview?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: In many commodities markets, it is very helpful for buyers or sellers to lock-in future prices. This is what both forwards and futures allow for. This tutorial explains how they work and what the difference is between the two. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 435162 Khan Academy

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