By Wayne A. Thorp
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Additional info for Technical Analysis
Their supply is ﬁxed at issuance. The STRIPS program has become very successful, and nowadays government securities dealers quote bid and ask prices on a full term structure of C-STRIPS and P-STRIPS. That success eliminated the proﬁtability of TIGRS, CATS, and LIONS to the investment banks because STRIPS did not need the cumbersome SPE structure. Also, the arbitrage strategy of bond reconstitution emerged. This strategy is to buy the various C-STRIPS and P-STRIPS in sufﬁcient quantity to rebuild a speciﬁc Treasury note or bond.
Then from the prices and coupon rates on these securities, we deduce the no-arbitrage yields on zero-coupon bonds. We’ll work through this “bootstrapping” technique in detail in Chapter 5. 342 (percent of par value). Notice that if we included transaction costs for buying and selling zero-coupon bonds, we would not be able to give such an exact no-arbitrage value to the bond. Instead, we would have a range of prices, as in a typical bid-ask spread. But given a particular bond price, the yield to maturity is the internal rate of return (IRR) on the cash ﬂows.
Usually the rate spread is explained by differences in credit risk, liquidity, taxation, and time to maturity. This chapter has emphasized more technical and mathematical factors, such as the method of rate quotation, the assumed number of days in the year, and the manner in which the rate per time period has been annualized. Many interest rates reasonably summarize the two cash ﬂows on a money market security—and a signiﬁcant subset of those many rates actually are used in practice. Money market interest rates can be misleading and confusing to those who do not know the differences between add-on rates, discount rates, and interest rates in textbook time-value-of-money theory.