Short Notes : Bond, Zero coupon bond & Debentures
Short Notes : Bond, Zero coupon bond & Debentures
Bond
Bonds are debt instruments issued by governments and corporations, when they want to raise money. Bonds are referred to as a fixed income instrument since bonds traditionally paid a fixed interest rate (coupon) to date holders. Variable or floating interest rates are also now quite common. Unlike stocks, bonds issued by companies give no ownership rights to bond holders. Bonds have maturity dates at which point the principal amount must be paid back in full. Investment in bond is more secured but return is low. One can buy and sell bonds on the secondary market. After bonds are initially issued, their worth will fluctuate like stock's would. If one is holding the bond to maturity, the fluctuations won't matter-interest payment and face value won't change. But if one buys and sells bonds, one will need to keep in mind that the price one will pay and receive is no longer the face value of the bond.
āĻ āĻ¨ুāĻŦাāĻĻ:
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Short Notes : Bond, Zero coupon bond, Debentures
Zero coupon bond
A zero coupon bond is a bond bought at a price lower than its face value, with the face value repaid at the time of maturity. It is also called pure discount bond or deep discount bond. This is different from interest bearing bond as it neither makes periodic interest payments nor has so called coupons, hence the term zero coupon bond. When the bond reaches maturity, its investors receive its par (face) value. Zero coupon bond trades at a discount to its face value. Reinvestment risk is not relevant for zero coupon bonds, but interest rate risk is relevant for the bonds. Examples of zero coupon bonds include US Treasury bills, US savings bonds, long term zero coupon bonds etc. Some zero coupon bonds are inflation indexed, so the amount of money that will be paid to the bond holder is calculated to have a set amount of purchasing power rather than a set amount of money known as face value of the bond. Recently, Nagad, a financial service company of postal department has decided to issue zero coupon bond amounting tk 500 crore through Securities and Exchange Commission for five years with a face value of tk 750 crore. This mobile service company is the first ever mobile company which is going to issue zero coupon bonds. It is expected that huge response from foreign investors will be found at the bond of Nagad.
āĻ āĻ¨ুāĻŦাāĻĻ:
āĻāĻāĻি āĻļূāĻ¨্āĻ¯ āĻুāĻĒāĻ¨ āĻŦāĻ¨্āĻĄ āĻšāĻ˛ āĻāĻāĻি āĻŦāĻ¨্āĻĄ āĻ¯া āĻ¤াāĻ° āĻ āĻিāĻšিāĻ¤ āĻŽূāĻ˛্āĻ¯েāĻ° āĻেāĻ¯়ে āĻāĻŽ āĻĻাāĻŽে āĻেāĻ¨া āĻšāĻ¯়, āĻ¯াāĻ° āĻ āĻিāĻšিāĻ¤ āĻŽূāĻ˛্āĻ¯ āĻŽ্āĻ¯াāĻুāĻ°িāĻিāĻ° āĻ¸āĻŽāĻ¯় āĻĒāĻ°িāĻļোāĻ§ āĻāĻ°া āĻšāĻ¯়। āĻāĻে āĻĒিāĻāĻ° āĻĄিāĻ¸āĻাāĻāĻ¨্āĻ āĻŦāĻ¨্āĻĄ āĻŦা āĻĄিāĻĒ āĻĄিāĻ¸āĻাāĻāĻ¨্āĻ āĻŦāĻ¨্āĻĄāĻ āĻŦāĻ˛া āĻšāĻ¯়। āĻāĻি āĻ¸ুāĻĻ āĻŦāĻšāĻ¨āĻাāĻ°ী āĻŦāĻ¨্āĻĄেāĻ° āĻĨেāĻে āĻāĻ˛াāĻĻা āĻাāĻ°āĻŖ āĻāĻি āĻĒāĻ°্āĻ¯াāĻ¯়āĻ্āĻ°āĻŽিāĻ āĻ¸ুāĻĻেāĻ° āĻ āĻ°্āĻĨ āĻĒ্āĻ°āĻĻাāĻ¨ āĻāĻ°ে āĻ¨া āĻŦা āĻ¤āĻĨাāĻāĻĨিāĻ¤ āĻুāĻĒāĻ¨āĻ āĻ¨েāĻ, āĻ¤াāĻ āĻļূāĻ¨্āĻ¯ āĻুāĻĒāĻ¨ āĻŦāĻ¨্āĻĄ āĻļāĻŦ্āĻĻāĻি। āĻ¯āĻāĻ¨ āĻŦāĻ¨্āĻĄāĻি āĻĒāĻ°িāĻĒāĻ্āĻāĻ¤াāĻ¯় āĻĒৌঁāĻাāĻ¯়, āĻ¤āĻāĻ¨ āĻāĻ° āĻŦিāĻ¨িāĻ¯়োāĻāĻাāĻ°ীāĻ°া āĻāĻ° āĻ¸āĻŽাāĻ¨ (āĻŽুāĻী) āĻŽূāĻ˛্āĻ¯ āĻĒাāĻ¯়। āĻিāĻ°ো āĻুāĻĒāĻ¨ āĻŦāĻ¨্āĻĄ āĻ¤াāĻ° āĻ āĻিāĻšিāĻ¤ āĻŽূāĻ˛্āĻ¯ে āĻাāĻĄ়ে āĻ্āĻ°েāĻĄ āĻāĻ°ে। āĻĒুāĻ¨ঃāĻŦিāĻ¨িāĻ¯়োāĻেāĻ° āĻুঁāĻি āĻļূāĻ¨্āĻ¯ āĻুāĻĒāĻ¨ āĻŦāĻ¨্āĻĄেāĻ° āĻāĻ¨্āĻ¯ āĻĒ্āĻ°াāĻ¸āĻ্āĻিāĻ āĻ¨āĻ¯়, āĻিāĻ¨্āĻ¤ু āĻ¸ুāĻĻেāĻ° āĻšাāĻ°েāĻ° āĻুঁāĻি āĻŦāĻ¨্āĻĄেāĻ° āĻāĻ¨্āĻ¯ āĻĒ্āĻ°াāĻ¸āĻ্āĻিāĻ। āĻļূāĻ¨্āĻ¯ āĻুāĻĒāĻ¨ āĻŦāĻ¨্āĻĄেāĻ° āĻāĻĻাāĻšāĻ°āĻŖāĻুāĻ˛িāĻ° āĻŽāĻ§্āĻ¯ে āĻ°āĻ¯়েāĻে āĻāĻāĻāĻ¸ āĻ্āĻ°েāĻাāĻ°ি āĻŦিāĻ˛, āĻāĻāĻāĻ¸ āĻ¸েāĻিংāĻ¸ āĻŦāĻ¨্āĻĄ, āĻĻীāĻ°্āĻāĻŽেāĻ¯়াāĻĻী āĻিāĻ°ো āĻুāĻĒāĻ¨ āĻŦāĻ¨্āĻĄ āĻāĻ¤্āĻ¯াāĻĻি। āĻিāĻু āĻļূāĻ¨্āĻ¯ āĻুāĻĒāĻ¨ āĻŦāĻ¨্āĻĄ āĻŽুāĻĻ্āĻ°াāĻ¸্āĻĢীāĻ¤ি āĻ¸ূāĻāĻāĻ¯ুāĻ্āĻ¤, āĻ¤াāĻ āĻŦāĻ¨্āĻĄ āĻ§াāĻ°āĻāĻে āĻ¯ে āĻĒāĻ°িāĻŽাāĻŖ āĻ āĻ°্āĻĨ āĻĒ্āĻ°āĻĻাāĻ¨ āĻāĻ°া āĻšāĻŦে āĻ¤া āĻāĻŖāĻ¨া āĻāĻ°া āĻšāĻ¯় āĻāĻāĻি āĻ¸েāĻ āĻĒāĻ°িāĻŽাāĻŖ āĻŦāĻ¨্āĻĄেāĻ° āĻ āĻিāĻšিāĻ¤ āĻŽূāĻ˛্āĻ¯ āĻšিāĻ¸াāĻŦে āĻĒāĻ°িāĻিāĻ¤ āĻ āĻ°্āĻĨেāĻ° āĻāĻāĻি āĻ¨িāĻ°্āĻĻিāĻˇ্āĻ āĻĒāĻ°িāĻŽাāĻŖেāĻ° āĻĒāĻ°িāĻŦāĻ°্āĻ¤ে āĻ্āĻ°āĻ¯় āĻ্āĻˇāĻŽāĻ¤া। āĻ¸āĻŽ্āĻĒ্āĻ°āĻ¤ি, āĻ¨াāĻāĻĻ, āĻĄাāĻ āĻŦিāĻাāĻেāĻ° āĻāĻāĻি āĻāĻ°্āĻĨিāĻ āĻĒāĻ°িāĻˇেāĻŦা āĻ¸ংāĻ¸্āĻĨা āĻ¸িāĻিāĻāĻ°িāĻিāĻ āĻ ্āĻ¯াāĻ¨্āĻĄ āĻāĻ্āĻ¸āĻেāĻ্āĻ āĻāĻŽিāĻļāĻ¨েāĻ° āĻŽাāĻ§্āĻ¯āĻŽে 500 āĻোāĻি āĻাāĻাāĻ° āĻļূāĻ¨্āĻ¯ āĻুāĻĒāĻ¨ āĻŦāĻ¨্āĻĄ āĻāĻ¸্āĻ¯ু āĻāĻ°াāĻ° āĻ¸িāĻĻ্āĻ§াāĻ¨্āĻ¤ āĻ¨িāĻ¯়েāĻে āĻĒাঁāĻ āĻŦāĻāĻ°েāĻ° āĻāĻ¨্āĻ¯ āĻ¯াāĻ° āĻ āĻিāĻšিāĻ¤ āĻŽূāĻ˛্āĻ¯ 750 āĻোāĻি āĻাāĻা। āĻāĻ āĻŽোāĻŦাāĻāĻ˛ āĻĒāĻ°িāĻˇেāĻŦা āĻ¸ংāĻ¸্āĻĨাāĻি āĻĒ্āĻ°āĻĨāĻŽ āĻŽোāĻŦাāĻāĻ˛ āĻোāĻŽ্āĻĒাāĻ¨ি āĻ¯া āĻিāĻ°ো āĻুāĻĒāĻ¨ āĻŦāĻ¨্āĻĄ āĻāĻ¸্āĻ¯ু āĻāĻ°āĻ¤ে āĻāĻ˛েāĻে৷ āĻāĻļা āĻāĻ°া āĻšāĻ্āĻে āĻ¨āĻāĻĻেāĻ° āĻŦāĻ¨্āĻĄে āĻŦিāĻĻেāĻļী āĻŦিāĻ¨িāĻ¯়োāĻāĻাāĻ°ীāĻĻেāĻ° āĻŦ্āĻ¯াāĻĒāĻ āĻ¸াāĻĄ়া āĻĒাāĻāĻ¯়া āĻ¯াāĻŦে।
Short Notes : Bond, Zero coupon bond, Debentures
Debentures
A debenture is a type of bond or other debt instrument that is not backed by any collateral and usually has a term greater than 10 years. Debentures are backed only by the credit worthiness and reputation of the issuer. Both corporations and governments frequently issue debentures to raise capital or fund. Some debentures can be converted to equity shares or common shares while others cannot. Similar to most bonds, debentures may pay periodic interest payments called coupon payments. For nonconvertible debentures, the date of maturity is also an important feature. This date indicates when the company must pay back the debenture holders. People invest on debentures to earn higher rate of interest or in the hope that some of their debentures be converted to common shares. And then, they can exercise control and receive dividends.
āĻ āĻ¨ুāĻŦাāĻĻ:
Short Notes : Bond, Zero coupon bond, Debentures
Short Notes : Bond, Zero coupon bond, Debentures
Short Notes : Bond, Zero coupon bond, Debentures
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