VR NOMINAL

TASA
CUPON
PERIODO
1
2
3
4
5
6
7
8
9
10
PRECIO
VALOR

1
10,000,000
15%
10%
FLUJO
(100)
10
10
10
10
10
10
10
10
10
110
74.91
7,490,615.69

A
VR NOMINAL
TASA
CUPON
PERIODO
1
2
3
4
5
6
7
8
9
10
PRECIO
VALOR

10,000,000
15%
20%
FLUJO
(100)
20
20
20
20
20
20
20
20
20
120
125.09
###

B
VR NOMINAL
TASA
CUPON
PERIODO
1
2
3
4
5
6
7
8
9
10
PRECIO
VALOR

10,000,000
30%
10%
FLUJO
(100)
10
10
10
10
10
10
10
10
10
110
38.17
3,816,921.00

RENTABILIDAD 30%
CUPON
10%
20%

VR NOMINAL
TASA
CUPON
PERIODO
1
2
3
4
5
6
7
8
9
10
PRECIO
VALOR
PRECIO
38.17
69.08

VR PAGADO
3,816,921.00
6,908,460.50

10,000,000
30%
20%
FLUJO
(100)
20
20
20
20
20
20
20
20
20
120
69.08
6,908,460.50

VR NOMINAL
PERIODOS
TASA
PRECIO COMPRA
PERIODOS
TASA
PRECIO VENTA
RENTABILIDAD
RENTABILIDAD
VR COMPRA
VR VENTA
PERDIDA

50,000,000
20 MESES
10%
$ 14.86
19.75
15.00%
6.33
-57.43% TIRMESTRAL
-514.31% EA
7,432,181.40
3,163,644.37
(4,268,537.04)

INVERSIONISTA
PRSTAMO
PRSTAMO AL 19,5
PRSTAMO AL 32
PERIODO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38

200,000
800,000
720,000
80,000

BONOS
SALDO INI
(1,000,000)
720,000
720,000
720,000
67,790
720,000
684,000
684,000
67,790
684,000
648,000
648,000
67,790
648,000
612,000
612,000
67,790
612,000
576,000
576,000
67,790
576,000
540,000
540,000
67,790
540,000
504,000
504,000
67,790
504,000
468,000
468,000
67,790
468,000
432,000
432,000
67,790
432,000
396,000
396,000
67,790
396,000
360,000
360,000
67,790
360,000
324,000
324,000
67,790
324,000
288,000
288,000

TASA BONOS
30%
TRIMESTRAL
6.78%
TRIM ANT
4.88%
TRIM ANT
8.00%
PREST AL 19,5
ABONO K
INTERES
35,100
36,000
33,345
36,000
31,590
36,000
29,835
36,000
28,080
36,000
26,325
36,000
24,570
36,000
22,815
36,000
21,060
36,000
19,305
36,000
17,550
36,000
15,795
36,000
14,040
-

39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

67,790
67,790
67,790
67,790
67,790
67,790
67,790
1,067,790

288,000
252,000
252,000
252,000
216,000
216,000
216,000
180,000
180,000
180,000
144,000
144,000
144,000
108,000
108,000
108,000
72,000
72,000
72,000
36,000
36,000
36,000

36,000
36,000
36,000
36,000
36,000
36,000
36,000
36,000

12,285
10,530
8,775
7,020
5,265
3,510
1,755
-

EA
VR CUOTA
36,000
4,000
PREST AL 32
SALDO FINAL
SALDO INI
ABONO K
INTERES
720,000
80,000
720,000
80,000
720,000
80,000
684,000
80,000
4,000
684,000
76,000
684,000
76,000
648,000
76,000
4,000
648,000
72,000
648,000
72,000
612,000
72,000
4,000
612,000
68,000
612,000
68,000
576,000
68,000
4,000
576,000
64,000
576,000
64,000
540,000
64,000
4,000
540,000
60,000
540,000
60,000
504,000
60,000
4,000
504,000
56,000
504,000
56,000
468,000
56,000
4,000
468,000
52,000
468,000
52,000
432,000
52,000
4,000
432,000
48,000
432,000
48,000
396,000
48,000
4,000
396,000
44,000
396,000
44,000
360,000
44,000
4,000
360,000
40,000
360,000
40,000
324,000
40,000
4,000
324,000
36,000
324,000
36,000
288,000
36,000
4,000
288,000
32,000
288,000
32,000
-

6,400
###
###
6,080
###
###
5,760
###
###
5,440
###
###
5,120
###
###
4,800
###
###
4,480
###
###
4,160
###
###
3,840
###
###
3,520
###
###
3,200
###
###
2,880
###
###
2,560
###
###

SALDO FINAL
80,000
80,000
80,000
76,000
76,000
76,000
72,000
72,000
72,000
68,000
68,000
68,000
64,000
64,000
64,000
60,000
60,000
60,000
56,000
56,000
56,000
52,000
52,000
52,000
48,000
48,000
48,000
44,000
44,000
44,000
40,000
40,000
40,000
36,000
36,000
36,000
32,000
32,000
32,000

252,000
252,000
252,000
216,000
216,000
216,000
180,000
180,000
180,000
144,000
144,000
144,000
108,000
108,000
108,000
72,000
72,000
72,000
36,000
36,000
36,000
-

32,000
28,000
28,000
28,000
24,000
24,000
24,000
20,000
20,000
20,000
16,000
16,000
16,000
12,000
12,000
12,000
8,000
8,000
8,000
4,000
4,000
4,000

4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000

2,240
###
###
1,920
###
###
1,600
###
###
1,280
###
###
960
###
###
640
###
###
320
###
###
-

28,000
28,000
28,000
24,000
24,000
24,000
20,000
20,000
20,000
16,000
16,000
16,000
12,000
12,000
12,000
8,000
8,000
8,000
4,000
4,000
4,000
TIR
VNA
EA

FLUJO
INVERSIONISTA
(241,500)
(11,635)
(9,560)
(7,485)
(5,410)
(3,335)
(1,260)
815
2,890
4,965
7,040
9,115
11,190
-

13,265
15,340
17,415
19,490
21,565
23,640
25,715
1,027,790
2.6131% MENSUAL
(0)
36.2808% EFECTIVA ANUAL

INVERSIONISTA
PRSTAMO
PRSTAMO AL 20
PRSTAMO AL 28
PERIODO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38

500,000,000
2,000,000,000
1,600,000,000
400,000,000

BONOS
SALDO INI
(2,500,000,000) 1,600,000,000
1,600,000,000
1,600,000,000
150,000,000
1,600,000,000
1,600,000,000
1,600,000,000
150,000,000
1,600,000,000
1,600,000,000
1,600,000,000
150,000,000
1,600,000,000
1,600,000,000
1,600,000,000
150,000,000
1,600,000,000
1,600,000,000
1,600,000,000
150,000,000
1,600,000,000
1,500,000,000
1,500,000,000
150,000,000
1,500,000,000
1,400,000,000
1,400,000,000
150,000,000
1,400,000,000
1,300,000,000
1,300,000,000
150,000,000
1,300,000,000
1,200,000,000
1,200,000,000
150,000,000
1,200,000,000
1,100,000,000
1,100,000,000
150,000,000
1,100,000,000
1,000,000,000
1,000,000,000
150,000,000
1,000,000,000
900,000,000
900,000,000
150,000,000
900,000,000
800,000,000
800,000,000

TASA BONOS
24%
TRIMESTRAL
6.00%
TRIM VEN
5.00%
TRIM VEN
7.00%
PREST AL 19,5
ABONO K
INTERES
80,000,000
80,000,000
80,000,000
80,000,000
100,000,000
80,000,000
100,000,000
75,000,000
100,000,000
70,000,000
100,000,000
65,000,000
100,000,000
60,000,000
100,000,000
55,000,000
100,000,000
50,000,000
100,000,000
45,000,000
-

39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
150,000,000
2,650,000,000

800,000,000
700,000,000
700,000,000
700,000,000
600,000,000
600,000,000
600,000,000
500,000,000
500,000,000
500,000,000
400,000,000
400,000,000
400,000,000
300,000,000
300,000,000
300,000,000
200,000,000
200,000,000
200,000,000
100,000,000
100,000,000
100,000,000

100,000,000
100,000,000
100,000,000
100,000,000
100,000,000
100,000,000
100,000,000
100,000,000

40,000,000
35,000,000
30,000,000
25,000,000
20,000,000
15,000,000
10,000,000
5,000,000

ANUAL TRIMESTRAL
VR CUOTA
100,000,000
25,000,000
SALDO FINAL
SALDO INI
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,600,000,000
400,000,000
1,500,000,000
400,000,000
1,500,000,000
375,000,000
1,500,000,000
375,000,000
1,400,000,000
375,000,000
1,400,000,000
350,000,000
1,400,000,000
350,000,000
1,300,000,000
350,000,000
1,300,000,000
325,000,000
1,300,000,000
325,000,000
1,200,000,000
325,000,000
1,200,000,000
300,000,000
1,200,000,000
300,000,000
1,100,000,000
300,000,000
1,100,000,000
275,000,000
1,100,000,000
275,000,000
1,000,000,000
275,000,000
1,000,000,000
250,000,000
1,000,000,000
250,000,000
900,000,000
250,000,000
900,000,000
225,000,000
900,000,000
225,000,000
800,000,000
225,000,000
800,000,000
200,000,000
800,000,000
200,000,000

PREST AL 32
ABONO K
INTERES
SALDO FINAL
###
400,000,000
###
400,000,000
###
400,000,000
28,000,000
400,000,000
###
400,000,000
###
400,000,000
28,000,000
400,000,000
###
400,000,000
###
400,000,000
28,000,000
400,000,000
###
400,000,000
###
400,000,000
28,000,000
400,000,000
###
400,000,000
###
400,000,000
25,000,000
28,000,000
375,000,000
###
375,000,000
###
375,000,000
25,000,000
26,250,000
350,000,000
###
350,000,000
###
350,000,000
25,000,000
24,500,000
325,000,000
###
325,000,000
###
325,000,000
25,000,000
22,750,000
300,000,000
###
300,000,000
###
300,000,000
25,000,000
21,000,000
275,000,000
###
275,000,000
###
275,000,000
25,000,000
19,250,000
250,000,000
###
250,000,000
###
250,000,000
25,000,000
17,500,000
225,000,000
###
225,000,000
###
225,000,000
25,000,000
15,750,000
200,000,000
###
200,000,000
###
200,000,000

700,000,000
700,000,000
700,000,000
600,000,000
600,000,000
600,000,000
500,000,000
500,000,000
500,000,000
400,000,000
400,000,000
400,000,000
300,000,000
300,000,000
300,000,000
200,000,000
200,000,000
200,000,000
100,000,000
100,000,000
100,000,000
-

200,000,000
175,000,000
175,000,000
175,000,000
150,000,000
150,000,000
150,000,000
125,000,000
125,000,000
125,000,000
100,000,000
100,000,000
100,000,000
75,000,000
75,000,000
75,000,000
50,000,000
50,000,000
50,000,000
25,000,000
25,000,000
25,000,000

25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000

14,000,000
###
###
12,250,000
###
###
10,500,000
###
###
8,750,000
###
###
7,000,000
###
###
5,250,000
###
###
3,500,000
###
###
1,750,000

175,000,000
175,000,000
175,000,000
150,000,000
150,000,000
150,000,000
125,000,000
125,000,000
125,000,000
100,000,000
100,000,000
100,000,000
75,000,000
75,000,000
75,000,000
50,000,000
50,000,000
50,000,000
25,000,000
25,000,000
25,000,000
-

TIR
VNA
EA
TASA REINVERSION

FLUJO
INVERSIONISTA
(500,000,000)
42,000,000
42,000,000
42,000,000
42,000,000
(83,000,000)
(76,250,000)
(69,500,000)
(62,750,000)
(56,000,000)
(49,250,000)
(42,500,000)
(35,750,000)
-

127,075,179
119,882,244
113,096,457
106,694,771
-

NUEVO FLUJO
REINVERSION
(500,000,000)
(83,000,000)
(76,250,000)
(69,500,000)
(62,750,000)
(56,000,000)
(49,250,000)
(42,500,000)
(35,750,000)
-

(29,000,000)
(22,250,000)
(15,500,000)
(8,750,000)
(2,000,000)
4,750,000
5,337,100
11,500,000
12,190,000
2,518,250,000
2,518,250,000
2.239% MENSUAL
TIR
0
VNA
30.435% EFECTIVA ANUAL EA
1.96%

(29,000,000)
(22,250,000)
(15,500,000)
(8,750,000)
(2,000,000)
###
2.191%
0
29.700%

PRECIO COMPRA
PRECIO VENTA
FECHA COMPRA
FECHA VENTA
DIAS
RENTABILIDAD
RENTABILIDAD

4,620
4,750
8/13/2013
9/4/2013
22
2.814% 22 DIAS
58.433% EFECTIVA ANUAL

VF
VP
DIAS
RENTABILIDAD
RENTABILIDAD

104
95
190
9.474% 190 DIAS
18.199% EFECTIVA ANUAL

VALOR NOMINAL
INTERES
INTERES
RENT ESPERADA
RENT ESPERADA
VF
PRECIO
VR CDT A REDIMIR
VR A PAGAR CDT

58,800,000
6%
4.438%
9%
1.619%
104.438
102.774
###
###

EFECTIVO ANUAL
270 DIAS
EFECTIVO ANUAL
68 DIAS