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A Guide

A Guide to
to
Fixed Income
Fixed Income
Analysis
Analysis
Andrew R. Young
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""U
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"""
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""D
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Option Value (%)
/#59&(#-0(%"& 35
"+7"&'(%"&(,$%+,-
The value of a call option decays as
$'+3&(F#51,.% 30 the time to expiration decreases. As Value Three
Years Before
#54#6.G expiration approaches, the value
Expiration
approaches the payoff curve.
25

20
Value One Year
Before Expiration Value at
15 Expiration

10
Intrinsic Value
5

Time Value
0
70 80 90 100 110 120 130

Underlying Asset Value (%)

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30
1,-&6

15
Asset Combined B"&(3,/&'&0I3#55I
4'+%+-7(.%'#%&76(+.
with Short
Covered Call
0
K.&55+-7(/,5#%+5+%6L
Underlying Asset

-15 :;((<"&'&(+.(%"&
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-30
70 80 90 100 110 120 130
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This chapter is an excerpt from A Morgan Stanley Guide to Fixed Income Analysis by
Andrew R. Young, ©2003 Morgan Stanley & Co. Incorporated.

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This chapter is an excerpt from A Morgan Stanley Guide to Fixed Income Analysis by
Andrew R. Young, ©2003 Morgan Stanley & Co. Incorporated.

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The methodology for solving the problem is to
#12(2.<&'8.,.7#%.+1
($MM)
100 create a graph, map the constraints, and find
P1 ≥ $50MM the lowest-cost line that passes through the
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80
GHI33(+,(%"&(B&'+
Optimum Solution on "Convex Hull"
?&'&(#<#.-#=-&J
60 Minimum Cost Line

P0 ≥ $104MM – 108% × P1

40

20

0
40 50 60 70 80 90 100

Par Amount of 8% Coupon Bond (P1) ($MM)

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