Professional Documents
Culture Documents
VALORACION DE BONOS
AO 2010
Importe emitido
Colocacion (Descuento)
Modalidad
Tasa de interes
Tasa de interes semestral
Cuotas
Plazo
Periodos
Colocacion
Gastos de emision
$20,000,000.00
$19,700,000.00
Bullet Maturity
9.00% Anual
4.50% Semestrales
Semestrales
8 Aos
16 Semestres
98.50% Del valor par - descuento
1.50% Del valor par
$300,000.00
2010
Periodos (Semestrales)
Valor nominal
Cupon %
Cupon $
TIR
Precio del mercado
FAS
FSA
PERIODOS
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
AO 2010
2012
16
$20,000,000.00
4.50%
$900,000.00
4.63%
$19,700,000.00
11.12505
0.48437
AMORTIZACION
BONO 2010
-$19,700,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$900,000.00
$20,900,000.00
$900,000.00
$14,400,000.00
$20,000,000.
3.50
$700,000.
3.50
$20,000,000.
9.663
0.661
PRINCIPAL
$14,400,000.00
$13,500,000.00
$12,600,000.00
$11,700,000.00
$10,800,000.00
$9,900,000.00
$9,000,000.00
$8,100,000.00
$7,200,000.00
$6,300,000.00
$5,400,000.00
$4,500,000.00
$3,600,000.00
$2,700,000.00
$1,800,000.00
$900,000.00
$0.00
Bonos
Valor de la deuda
Descuento
G. de emision
$10,012,547.79975
$9,687,452.20025
$19,700,000.00000
$300,000.00
$300,000.00
$600,000.00
$37,500.00
Ingresos
Emision de bonos
Gastos
Intereses de bonos
Por emision
Descuento
$20,000,000.00
-$10,012,547.80
-$300,000.00
-$300,000.00
$9,387,452.20
RPTA: La decision mas apropiada para la empresa seria no hacer la emision de bonos pa
si se desea continuar con la emision del ao 2010, a pesar de que haya bajado las tasas
O 2010
AO 2012
$20,000,000.00
$20,000,000.00
turity
Bullet Maturity
7.00% Anual
3.50% Semestrales
Semestrales
6 Aos
12 Semestres
100% Del valor par - descuento
1.25% Del valor par
$250,000.00
es
es
s
par - descuento
par
2012
12
$20,000,000.00
3.50%
$700,000.00
3.50%
$20,000,000.00
9.66333
0.66178
VALOR ACTUAL
$860,134.23
$822,034.33
$785,622.08
$750,822.72
$717,564.80
$685,780.06
$655,403.23
$626,371.95
$598,626.61
$572,110.27
$546,768.48
$522,549.21
$499,402.73
$477,281.54
$456,140.21
$435,935.35
$10,012,547.80
PERIODOS
0
1
2
3
4
5
6
7
8
9
10
11
12
AO 2012
BONO 2012
-$20,000,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$20,700,000.00
Bonos
V. de la deuda
$6,764,334.03422
$13,235,665.96578
$20,000,000.00000
G. de emision
Prima
$0.00
$0.00
$0.00
Amortizacion semestral de
descuento y emision
FLUJO PARA EL AO 2012
Ingresos
Emision de bonos
Bonos no pagados del 2010
Gastos
Recompra de bonos
Intereses de bonos
Por emision de bonos 2012
Por emision de bonos 2010
Prima
Interes 1 mes
er la emision de bonos para el ao 2012, ya que va a icurrir en mas gastos generando una perdid
que haya bajado las tasas de interes el saldo de los ingresos y egresos es positivo $9.387.452,20
AMORTIZACION
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$700,000.00
$8,400,000.00
PRINCIPAL
$8,400,000.00
$7,700,000.00
$7,000,000.00
$6,300,000.00
$5,600,000.00
$4,900,000.00
$4,200,000.00
$3,500,000.00
$2,800,000.00
$2,100,000.00
$1,400,000.00
$700,000.00
$0.00
VALOR ACTUAL
$676,328.50
$653,457.49
$631,359.89
$610,009.56
$589,381.22
$569,450.45
$550,193.67
$531,588.09
$513,611.68
$496,243.17
$479,462.00
$463,248.31
$6,764,334.03
$0.00
$0.00
$7,544,757.15
-$19,700,000.00
-$6,764,334.03
$0.00
-$487,500.00
$0.00
-$150,000.00
-$19,407,076.88