Thomson Engineering is issuing new 30-year bonds that have warrants attached.

Thomson Engineering is issuing new 30-year bonds that have warrants attached.

Thomson Engineering is issuing new 30-year bonds that have warrants attached.  If not for the attached warrants, the bonds would carry an 11% annual interest rate.  However, with the warrants attached the bonds will pay an 8% annual coupon.  There are 30 warrants attached to each bond, which have a par value of $1,000.  What is the value of the straight-debt portion of the bonds?Answer

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A. $739.19

B. $790.93



E. $768.75

Suppose in the spot market 1 U.S. dollar equals 1.5 Canadian dollars.  6-month Canadian securities have an annualized return of 6% (and thus a 6-month periodic return of 3%).  6-month U.S. securities have an annualized return of 6.5% and a periodic return of 3.25%.  If interest rate parity holds, what is the U.S. dollar-Canadian dollar exchange rate in the 180-day forward market?  In other words, how many Canadian dollars are required to purchase one U.S. dollar in the 180-day forward market?Answer

A. 1.8705


C. 1.5114

D. 1.4964

E. 1.4366

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