MIP/MB-IPB/08 1 MANAJEMEN INVESTASI DAN PORTOFOLIO Lecture 6a: Managing Bond Portfolios.

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Presentation transcript:

MIP/MB-IPB/08 1 MANAJEMEN INVESTASI DAN PORTOFOLIO Lecture 6a: Managing Bond Portfolios

MIP/MB-IPB/08 2 Active strategy –Trade on interest rate predictions –Trade on market inefficiencies Passive strategy –Control risk –Balance risk and return Managing Fixed Income Securities: Basic Strategies

MIP/MB-IPB/08 3 Inverse relationship between price and yield. An increase in a bond’s yield to maturity results in a smaller price decline than the gain associated with a decrease in yield. Long-term bonds tend to be more price sensitive than short-term bonds. Bond Pricing Relationships

MIP/MB-IPB/08 4 As maturity increases, price sensitivity increases at a decreasing rate. Price sensitivity is inversely related to a bond’s coupon rate. Price sensitivity is inversely related to the yield to maturity at which the bond is selling. Bond Pricing Relationships (cont’d)

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