Está en la página 1de 7

BONOS, PRECIO Y TASA DE RENDIMIENTO

Mannesmann emitió un bono de US$ 115,000,000 con un cupón de interés del 6.35% anual,
amortización y pago de intereses en forma anual y con vencimiento del capital al final del año
15. Luego de unos días, el BCR baja la tasa de referencia y los inversores exigen una TIR del
5.20%. Cuál es el precio del bono?

Emisión 115,000,000
Tasa 6.35%
Rendimiento
requerido 5.20%

Periodo Saldo Amortización Intereses Pago Total Factor VA FLUJO


0 115,000,000 -123,069,367.23
1 107,333,333 7,666,667 7,302,500 14,969,167 1.0520 14,229,245.88 14,969,166.67
2 99,666,667 7,666,667 6,815,667 14,482,333 1.1067 13,086,004.33 14,482,333.33
3 92,000,000 7,666,667 6,328,833 13,995,500 1.1643 12,021,016.66 13,995,500.00
4 84,333,333 7,666,667 5,842,000 13,508,667 1.2248 11,029,340.03 13,508,666.67
5 76,666,667 7,666,667 5,355,167 13,021,833 1.2885 10,106,329.03 13,021,833.33
6 69,000,000 7,666,667 4,868,333 12,535,000 1.3555 9,247,618.38 12,535,000.00
7 61,333,333 7,666,667 4,381,500 12,048,167 1.4260 8,449,106.57 12,048,166.67
8 53,666,667 7,666,667 3,894,667 11,561,333 1.5001 7,706,940.47 11,561,333.33
9 46,000,000 7,666,667 3,407,833 11,074,500 1.5781 7,017,500.77 11,074,500.00
10 38,333,333 7,666,667 2,921,000 10,587,667 1.6602 6,377,388.32 10,587,666.67
11 30,666,667 7,666,667 2,434,167 10,100,833 1.7465 5,783,411.14 10,100,833.33
12 23,000,000 7,666,667 1,947,333 9,614,000 1.8373 5,232,572.33 9,614,000.00
13 15,333,333 7,666,667 1,460,500 9,127,167 1.9329 4,722,058.50 9,127,166.67
14 7,666,667 7,666,667 973,667 8,640,333 2.0334 4,249,229.03 8,640,333.33
15 - 7,666,667 486,833 8,153,500 2.1391 3,811,605.79 8,153,500.00
115,000,000 58,420,000 173,420,000 123,069,367.23 5.20%
anual,
l del año
TIR del
BONOS, PRECIO Y TASA DE RENDIMIENTO

TIM es una empresa de telecomunicaciones que emitió un bono de US$ 95,000,000 con un
cupón de interés del 7.25% anual, amortización y pago de intereses en forma anual y con
vencimiento del capital al final del año 20, tiene además 5 años de gracia. Luego de unos días
posteriores a la emisión, el Banco Central sube la tasa de referencia y los inversores exigen una
TIR del 8.45%. Cuál es el precio del bono?

Emisión 95,000,000
Tasa 7.25% anual
Rendimiento
requerido 8.45% anual
CRONOGRAMA REFORM

Periodo Saldo Amortización Intereses Pago Total Factor VA FLUJO Periodo


0 95,000,000 -86,502,474.08 0
1 95,000,000 - 6,887,500 6,887,500 1.0845 6,350,852.93 6,887,500.00 1
2 95,000,000 - 6,887,500 6,887,500 1.1761 5,856,019.30 6,887,500.00 2
3 95,000,000 - 6,887,500 6,887,500 1.2755 5,399,741.17 6,887,500.00 3
4 95,000,000 - 6,887,500 6,887,500 1.3833 4,979,014.45 6,887,500.00 4
5 95,000,000 - 6,887,500 6,887,500 1.5002 4,591,069.11 6,887,500.00 5
6 88,666,667 6,333,333 6,887,500 13,220,833 1.6270 8,126,087.46 13,220,833.33 6
7 82,333,333 6,333,333 6,428,333 12,761,667 1.7644 7,232,700.84 12,761,666.67 7
8 76,000,000 6,333,333 5,969,167 12,302,500 1.9135 6,429,199.81 12,302,500.00 8
9 69,666,667 6,333,333 5,510,000 11,843,333 2.0752 5,707,000.96 11,843,333.33 9
10 63,333,333 6,333,333 5,050,833 11,384,167 2.2506 5,058,312.80 11,384,166.67 10
11 57,000,000 6,333,333 4,591,667 10,925,000 2.4408 4,476,064.39 10,925,000.00 11
12 50,666,667 6,333,333 4,132,500 10,465,833 2.6470 3,953,840.43 10,465,833.33 12
13 44,333,333 6,333,333 3,673,333 10,006,667 2.8707 3,485,821.95 10,006,666.67 13
14 38,000,000 6,333,333 3,214,167 9,547,500 3.1132 3,066,732.38 9,547,500.00 14
15 31,666,667 6,333,333 2,755,000 9,088,333 3.3763 2,691,788.31 9,088,333.33 15
16 25,333,333 6,333,333 2,295,833 8,629,167 3.6616 2,356,654.71 8,629,166.67 16
17 19,000,000 6,333,333 1,836,667 8,170,000 3.9710 2,057,404.09 8,170,000.00 17
18 12,666,667 6,333,333 1,377,500 7,710,833 4.3066 1,790,479.29 7,710,833.33 18
19 6,333,333 6,333,333 918,333 7,251,667 4.6705 1,552,659.63 7,251,666.67 19
20 - 6,333,333 459,167 6,792,500 5.0651 1,341,030.08 6,792,500.00 20
95,000,000 89,537,500 184,537,500 86,502,474.08 8.45%
RONOGRAMA REFORMULADO CON LA NUEVA TASA

Saldo Amortización Intereses FLUJO


86,502,474 -86,502,474
86,502,474 - 7,309,459 6,887,500
86,502,474 - 7,309,459 6,887,500
86,502,474 - 7,309,459 6,887,500
86,502,474 - 7,309,459 6,887,500
86,502,474 - 7,309,459 6,887,500
80,735,642 5,766,832 7,309,459 13,220,833
74,968,811 5,766,832 6,822,162 12,761,667
69,201,979 5,766,832 6,334,865 12,302,500
63,435,148 5,766,832 5,847,567 11,843,333
57,668,316 5,766,832 5,360,270 11,384,167
51,901,484 5,766,832 4,872,973 10,925,000
46,134,653 5,766,832 4,385,675 10,465,833
40,367,821 5,766,832 3,898,378 10,006,667
34,600,990 5,766,832 3,411,081 9,547,500
28,834,158 5,766,832 2,923,784 9,088,333
23,067,326 5,766,832 2,436,486 8,629,167
17,300,495 5,766,832 1,949,189 8,170,000
11,533,663 5,766,832 1,461,892 7,710,833
5,766,832 5,766,832 974,595 7,251,667
0 5,766,832 487,297 6,792,500
TIR 8.45%