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ALUMNO: VICTOR QUISPE CANAZA

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

Amortizacion semestral de descuento


y emision

$37,500.00

FLUJO PARA EL AO 2010

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

stos generando una perdida de $457.076,88, sin embargo


es positivo $9.387.452,20.