FIN 4224 – Spring
Corporate Note/Bond Project
金融报告代写 You must submit this assignment on Canvas in pdf or word format. This assignment is to be done individually. Late projects will not be accepted.
You must submit this assignment on Canvas in pdf or word format. This assignment is to be done individually. Late projects will not be accepted.
Select two corporate securities by searching the FINRA transaction database. You should use the criteria listed to filter your results. Select one Investment Grade note/bond and one High Yield/Speculative Grade note/bond.
- Sub‐Product Type = Corporate Bond
- 144A Bond = check exclude
- Coupon = Fixed, Interest Frequency = Semi‐Annual
- Maturity Date: 5 to 15 years from your search date.
- TRACE Grade = either “High Yield” or “Investment”
- Trade Parameters: Must have traded within the last week of when you search.
- Ensure that the note/bond was issued after 2001.
https://finra‐markets.morningstar.com/BondCenter/Default.jsp
Your assignment is to create a report for each one you select. 金融报告代写
The report should be no longer than 4 pages total (2 pages each security). Tables, charts or figures do not count towards the 4 pages, only text. You may use any source of information but are required to use the FINRA system to gather basic information about the issuer, issue, and trading activity. You are also required to us the SEC EDGAR database to look up information on the company financials (10‐K) and debt issuance (8‐K).
https://www.sec.gov/edgar/search/#
- Search by Ticker, filing type (8‐K), and issuance year
- 10‐K should reflect latest annual numbers
Summarize the following information in your report: 金融报告代写
1) Include a description of the issuance. Who is the borrower? How much is borrowed? What is the use of funds? What was the issuance price and yield? Is it callable and what are the call terms? What is the coupon rate?
2) Summarize the trading activity for the past one week:
a. How many transactions per day and what is the average size of the trade?
b. What is the average range in price (high daily price minus low daily price) for the week?
c. What is the yield and yield spread for the last transaction that occurred when you look up the prices? Use current on‐the‐run Treasury yields to compute the yield spread.
d. How does your yield spread compare to the OAS on the Bloomberg index with the same rating? Search for OAS and the S&P rating in the FRED database.
3) Using the most recent 10‐K calculate the following credit ratios:
a. Total Debt‐to‐EBITDA
b. Cash flow‐to‐Interest Expense
c. EBIT margin (%)
d. Leverage: Total Liabilities‐to‐Total Assets.
e. Leverage: Long Term Debt‐to‐Equity.
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