La valoración de los activos de renta fija renta fija

Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
La valoración de los activos de
renta fija
© Juan Mascareñas
Universidad Complutense de Madrid
Versión inicial: mayo 1991 - Última versión: marzo 2013
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ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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2 El precio de mercado podría superar el precio de amortización anticipada si aún queda suficiente tiempo para la
fecha en que ésta se pueda producir. Lo mismo que les ocurre a las obligaciones normales cuyo precio de mercado
puede superar el precio de reembolso si su rendimiento desciende por debajo del tipo de interés del cupón.
6
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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7
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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8
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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9
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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10
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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11
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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13
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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14
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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15
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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16
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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17
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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18
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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19
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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20
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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.(!-,!<#)%,27,!($!.(!UX!(/&#$!%#&!,<<+0'!J!$(!($%(&,!8/(!<&(3<,!,!/',!*,$,!)(.+,!
,'/,-! J! ,</)/-,*+;,! .(-! VS5! I,! *,$,! .(! .($</('*#! ,%&#%+,.,! ($! .(-! _S5! I,! *,$,! .(!
&('.+)+('*#! ,'/,-! )(.+,! .(! -#$! 9#'#$! #&.+',&+#$! $+)+-,&($! ,! A$*(! 8/(! &(>+&=! ('! (-!
%(&+#.#!8/(!;,!.($.(!(-!H+',-!.(-!,2#!Xq!@,$*,!(-!H+',-!.(!-,!;+.,!.(!-,!()+$+0'!($!.(-!
`S! ,'/,-5! C,-</-,&()#$! (-! %&(<+#! *(0&+<#! .(! -,! #9-+>,<+0'! <#';(&*+9-(! $/%#'+('.#!
8/(!$/!%&#%+(*,&+#!*#),!-,!.(<+$+0'!.(!<#';(&*+&-,?!#!'#?!('!,<<+#'($!('!-,!%&+)(&,!
H(<@,!%#$+9-(5!
!
4-!%&(<+#!,<*/,-!.(!-,!#9-+>,<+0'!'#&),-!D'#!$(!#-;+.(!8/(!@,!*&,'$</&&+.#!/'!,2#!.($F
.(!-,!()+$+0'?!-/(>#!,!-,!#9-+>,<+0'!-(!8/(.,'!'/(;(!,2#$!.(!;+.,E!($!+>/,-!,B!
!
9
10
100
P0 = "
= 106 euros !
j +
(1,09)9
j=1 (1,09)
!
4-!%&(<+#!.(!-,!#9-+>,<+0'!'#&),-!,-!H+',-!.(-!</,&*#!,2#!u<#'*,'.#!.($.(!,@#&,F!$(&=!
+>/,-!,!D&(</(&.(!X&W!a!`SEB!
!
!
10
10
10
10
110
P4 =
+
+
+
+
= 108 euros !
2
3
4
(1,08)
(1,08)
(1,08)
(1,08)
(1,08)5
!
6@#&,!%&#<(.(&()#$!,!<,-</-,&!(-!;,-#&!.(!<#';(&$+0'!.(!-,!()+$+0'!.('*&#!.(!</,*&#!
,2#$?!8/(!($!-,!%&+)(&,!.(!-,$!H(<@,$!%#$+9-($!%,&,!<#';(&*+&!-,!()+$+0'B!
!
t
4
VC4 = S0 x (1+g) x RC = 34 x (1,07) x 3 = 133,7 euros
!
I/(>#!(-!%&(<+#!+'*&7'$(<#!.(!-,!#9-+>,<+0'!<#';(&*+9-(!$(&=B!
!
4
10
Máx(108;133,7)
P0 = "
= 127,11 euros !
j +
4
(1,09)
(1,09)
j=1
!
J?!<#)#!$(!,%&(<+,?!(-!;,-#&!.(!-,!#%<+0'!.(!<#';(&$+0'!($!+>/,-!,!QN?NN!(/&#$!DNQV?NN!
F!NRYE5!
!
!
!
!
21
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
!
VTWT8"#$":$./0$*(+,"$"'0$:M&"-%".$"6(,/)($."
6!($*,$!,-*/&,$!@,!8/(.,.#!<-,&#!8/(!(-!;,-#&!*(0&+<#!.(!-,!#9-+>,<+0'!<#';(&*+9-(!($!
+>/,-!,!-,!$/),!.(-!;,-#&!*(0&+<#!.(!-,!#9-+>,<+0'!(8/+;,-('*(!)=$!-,!#%<+0'!.(!<#)F
%&,!.(!,<<+#'($!8/(!-(!,<#)%,2,5!
!
51&+)0#.&#/%#07/)C%+),-#+0-B&1()7/&#I##
51&+)0#.&#/%#07/)C%+),-#-01*%/#A#J%/01#-&(0#.&#/%#02+),-#.&#+0*21%!
!
I,!;,-#&,<+0'!.(!-,!#%<+0'!('!-,!%&=<*+<,!($!.+H7<+-!.(!,%-+<,&!.(9+.#!,!-,$!$+>/+('*($!
&,3#'($B!
!
,E!4-!%&(<+#!.(!<#';(&$+0'!$/(-(!,/)('*,&!<#'!(-!*+()%#!-#!8/(!8/+(&(!.(<+&!
8/(!(-!%&(<+#!.(!(:(&<+<+#!.(!-,!#%<+0'!<,)9+,5!6.()=$?!%/(.(!@,9(&!.+F
H(&('*($!H(<@,$!.(!<#';(&$+0'?!($!.(<+&?!;,&+,$!H(<@,$!.(!;('<+)+('*#!.(!
-,!#%<+0'5!
9E!I,$!,<<+#'($!%/(.('!%,>,&!.+;(&$#$!.+;+.('.#$!,!-#!-,&>#!.(!-,!;+.,!.(!-,!
#9-+>,<+0'! <#';(&*+9-(! -#! 8/(! <#)%-+<,! ,G'! )=$! (-! ,'=-+$+$! .(! -,! ;,-#&,F
<+0'!.(!-,!#%<+0'5!
<E! i/<@,$! #9-+>,<+#'($! <#';(&*+9-($! $#'! *,)9+A'! ,)#&*+3,9-($! ,'*+<+%,.,F
)('*(!,!>/$*#!.(-!()+$#&!.(!-,$!)+$),$5!
!
K+'!()9,&>#?!;,)#$!,!,%-+<,&!(-!)#.(-#!9+'#)+,-!.(!;,-#&,<+0'!.(!#%<+#'($?!<#'!-,!
)#.+H+<,<+0'! .(! i(&*#'! %,&,! (-! <,$#! .(! &(%,&*#! .(! .+;+.('.#$?! ,! /'! (:()%-#! %,&,!
;(&! /'! )A*#.#! ,%&#1+),.#! .(! ;,-#&,<+0'! .(! -,! #%<+0'! .(! <#)%&,! +)%-7<+*,! ('! -,$!
#9-+>,<+#'($!<#';(&*+9-($5!M,&,!(--#!/*+-+3,&()#$!-#$!.,*#$!.(-!(:()%-#!,'*(&+#&!,!-#$!
8/(! ,2,.+&()#$! ,->/'#! )=$! <#)#B! -,! *,$,! .(! &('.+)+('*#! $+'! &+($>#! %,&,! </,*&#!
,2#$!.(!%-,3#!($!.(-!VS?!-,!;#-,*+-+.,.!,'/,-!)(.+,!.(!-,!,<<+0'!#&.+',&+,!($!.(-!QWS!
J!-,!*,$,!.(!&('.+)+('*#!$#9&(!.+;+.('.#$!('!H#&),!<#'*+'/,!($!.(-!US5!
!
v,! $,9()#$! 8/(! (-! ;,-#&! *(0&+<#! .(! -,! #9-+>,<+0'! '#&),-! D'/(;(! ,2#$! .(! ;+.,! J! /'!
&('.+)+('*#! @,$*,! (-! ;('<+)+('*#! .(-! _SE! ($! .(! NRY! (/&#$?! )+('*&,$! 8/(! (-! %&(<+#!
($%(&,.#!.(-!9#'#!.('*&#!.(!</,*&#!,2#$!$(&=!+>/,-!,B!!
!
10
10
10
10
110
P5 =
+
+
+
+
= 108 euros!
2
3
4
(1,08)
(1,08)
(1,08)
(1,08)
(1,08)5
!
C#';(&*+&!-,$!#9-+>,<+#'($!.('*&#!.(!</,*&#!,2#$!+)%-+<,&7,!$,<&+H+<,&!/'#$!H-/:#$!.(!
<,:,!;,-#&,.#$!('!NR`!(/&#$!,!<,)9+#!.(!*&($!,<<+#'($?!#!-#!8/(!($!-#!)+$)#?!UY!(/F
&#$!%#&!,<<+0'5!4$*(!G-*+)#!($!(-!%&(<+#!.(!(:(&<+<+#!.(!-,!#%<+0'!.(!<#)%&,5!!
!
4'!-,!H+>/&,!QN!$(!)/($*&,!(-!=&9#-!9+'#)+,-!&(%&($('*,*+;#!.(-!;,-#&!,<*/,-!.(!-,$!,<F
<+#'($5!4-!=&9#-!$(!@,!<#'$*&/+.#!)/-*+%-+<,'.#!<,.,!;,-#&!%#&!/'!<#(H+<+('*(!.(!,$F
!
<('$#!F/F!8/(!($!+>/,-!,!( !1!(>!a!(R?QW! 1!(R?RV!a!N?UVVN!J!%#&!/'#!.(!.($<('$#!F.F!8/(!
!
($!+>/,-!,!(F !1!(>!a!(FR?QW!1!(R?RV!a!R?`UWU5!h9$A&;($(!8/(!('!(-!<=-</-#!.(!,)9#$!<#(H+F
<+('*($!$(!@,!+'<-/+.#!-,!*,$,!.(!<&(<+)+('*#!,'/,-!)(.+#!,</)/-,*+;,!8/(?!&(<#&.(F
22
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
)#$?!(&,!.(-!VS5!4-!=&9#-!$(!(1*+('.(!./&,'*(!</,*&#!,2#$5!Z,)9+A'!$(!%/(.(!,%&(F
<+,&!<#)#!('!<,.,!,2#!$(!.(*&,(!(-!US!.(-!;,-#&!.(!-,!,<<+0'!('!<#'<(%*#!.(!&(%,&*#!
.(!.+;+.('.#$5!
!
!
O+>5!QN!w&9#-!9+'#)+,-!.(!-,!(;#-/<+0'!.(-!%&(<+#!.(!-,!,<<+0'!./&,'*(!-#$!%&01+)#$!</,*&#!,2#$!
!
^',! ;(3! .+9/:,.#! (-! =&9#-! 9+'#)+,-?! J! *('+('.#! ('! </('*,! 8/(! -,! %&+)(&,! H(<@,! .(!
<#';(&$+0'!($!.('*&#!.(!</,*&#!,2#$?!%&#<(.(&()#$!,!<#)%,&,&!(-!;,-#&!8/(?!('!.+F
<@,! H(<@,! .(! <#';(&$+0'?! *('.&=! -,! ,<<+0'! <#'! &($%(<*#! ,-! 8/(! *('.&=! (-! %&(<+#! .(!
(:(&<+<+#5! K+! ,8/A-! ($! ),J#&! 8/(! A$*(! <,-</-,&()#$! -,! .+H(&('<+,?! 8/(! ($! (-! ;,-#&! +'F
*&7'$(<#!.(!-,!#%<+0'!.(!<#)%&,?!('!<,$#!<#'*&,&+#?!(-!&($/-*,.#!$(&=!<(&#5!6$7?!%#&!
(:()%-#?!(-!;,-#&!.(!NR`?QY!b!$(&=!<#)%,&,.#!<#'!(-!%&(<+#!.(!(:(&<+<+#!UY!b!J!<#)#!
,8/A-!($!),J#&!<,-</-,&()#$!(-!;,-#&!+'*&7'$(<#!.(!-,!#%<+0'!VQ?QY!b5!P(,!('!-,!H+>/&,!
QQ!D('!;(&.(E!<#)#!.+<@#!;,-#&!,%,&(<(!(-!%&+)(&#!('!-,!<#-/)',!.(!)=$!,!-,!.(&(F
<@,5!K+'!()9,&>#?!$+!(-!;,-#&!.(-!$/9J,<('*(!H/($(!QX?_R!b!,-!$(&!+'H(&+#&!,!-#$!UY!b!.(-!
%&(<+#!.(!(:(&<+<+#!(-!;,-#&!+'*&7'$(<#!($!'/-#NN5!T(!($*,!),'(&,!#9*('.&()#$!-#$!;,F
-#&($!+'*&7'$(<#$!.(!-,!#%<+0'!.(!<#)%&,!.('*&#!.(!</,*&#!,2#$!8/(!H+>/&,'!('!;(&.(!
('!-,!%&+)(&,!<#-/)',!.(!-,!.(&(<@,!.(!-,!H+>/&,!QQ5!
!
!
11 \(</(&.(!8/(!-,!#%<+0'!%&#%#&<+#',!/'!.(&(<@#?!'#!/',!#9-+>,<+0'?!J!(-!;,-#&!.(!/'!.(&(<@#!$0-#!%/(.(!$(&!%#$+*+;#!#!'/-#?!
'/'<,!'(>,*+;#!D%#&8/(!-#$!.(&(<@#$!$(!(:(&<('!#!'#!$(!(:(&<('!J!$(!$/%#'(!8/(!$(!(:(&<('!$0-#!</,'.#!$(!#9*+('(!/'!9('(H+<+#!
#!$,*+$H,<<+0'E5
23
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
O+>5QQ!P,-#&!.(!-,!#%<+0'!.(!<#)%&,!
!
!
6@#&,!<,-</-,&()#$?!.(!H#&),!&(</&$+;,?!(-!;,-#&!.(!-,!#%<+0'!('!<,.,!/'#!.(!-#$!%(F
&7#.#$!)#;+A'.#'#$!.(!.(&(<@,!@,<+,!+38/+(&.,5!M,&,!(--#!%&+)(&,)('*(!.(9(&()#$!
<,-</-,&!(-!;,-#&!.(!-,$!e%&#9,9+-+.,.($!'(/*&,-($!,-!&+($>#f!8/(!+'.+<,'!-,$!%#'.(&,F
<+#'($!8/(!(-!)#.(-#!,$+>',!,!<,.,!,$<('$#!J!,!<,.,!.($<('$#5!6$7?!-,!%&#9,9+-+.,.!
.(!,$<('$#!$(&=?!$+()%&(!8/(!-,!;#-,*+-+.,.!$(!),'*('>,!<#'$*,'*(?!+>/,-!,B!
!
1 + rf " d
1,07 - 0,8353
p=
=
= 0,4332 = 43,32%
u - d
1,3771 - 0,8353
!
)+('*&,$!8/(!-,!.(!<,.,!.($<('$#!$(&=!+>/,-!,!NF%!a!WY?Y`S5!M#&!*,'*#?!(-!%&+)(&!;,F
-#&!.(!-,!#%<+0'!.(!<#)%&,!('!(-!,2#!*(&<(&#!$(&=!+>/,-!,!#9*('(&!-,!)(.+,!%#'.(&,F
!
.,!.(!-#$!.#$!;,-#&($!8/(!%/(.(!*#),&!('!(-!</,&*#!,2#?!,<*/,-+3,.,!/'!%(&+#.#!,-!*+F
%#!.(!+'*(&A$!$+'!&+($>#!<#'*+'/#B!
!
72,26 " p + 29,66 " (1 - p)
= 44,97 !
cuuu =
(1,07)
!
(-!$+>/+('*(!;,-#&!$(&7,B!
!
!
29,66 " p + 3,83 " (1 - p)
= 14,04 !
cuud =
1,07
!
J!(-!*(&<(&!;,-#&!.(!($(!,2#!$(&7,B!
!
!
3,83 " p + 0 " (1 - p)
= 1,55 !
cudd =
1,07
!
!
24
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
J!(-!G-*+)#!;,-#&!.(!($(!,2#!*#),!/'!;,-#&!'/-#!%#&8/(!$/!;,-#&!,!H+',-($!.(-!</,&*#!
,2#!*,)9+A'!-#!($5!4-!)+$)#!%&#<(.+)+('*#!/*+-+3,&7,)#$!%,&,!<,-</-,&!(-!;,-#&!*(0&+F
<#!.(!-,!#%<+0'!.(!<#)%&,!,-!H+',-!.(-!$(>/'.#!,2#!DQW?YX!b]!Y?WR!b]!J!R?YU!bE?!,-!H+',-!
.(-!%&+)(&#!DNU?`U!b!J!Q?_Y!bE?!--(>,'.#!,$7!,-!)#)('*#!,<*/,-!</J#!;,-#&!$(!<,-</F
-,&7,!.(!+>/,-!),'(&,B!
!
13,83 " p + 2,96 " (1 - p)
a!V?NV!b!
c=
1,07
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%,&*+&!.(!-,!H(<@,!.(!-,!<#';(&$+0'NQ?!J!(-!&('.+)+('*#!$#9&(!.+;+.('.#$5!
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'+.#!('!</('*,!-,!%#$+9+-+.,.!.(!<#';(&*+&!-,!#9-+>,<+0'!('!-,!%&+)(&,!H(<@,!.(!<#'F
;(&$+0'!J!'#!('!-,$!&($*,'*($5!M,&,!&($#-;(&!($*(!%&#9-(),!.(!/',!H#&),!)=$!(1,<*,!
$(!%#.&7,!,%-+<,&!/'!%&#<($#!9+'#)+,-?!<#'!-,$!<#&&($%#'.+('*($!)#.+H+<,<+#'($!J?!('!
*#.#! <,$#?! '#! @,J! 8/(! #-;+.,&! 8/(! (-! ;,-#&! .(! -,! #9-+>,<+0'! <#';(&*+9-(! .(%('.(&=?!
H/'.,)('*,-)('*(?! .(! -,! $,-/.! .(! -,! ()%&($,! ()+$#&,?! .(! -,$! (1%(<*,*+;,$! 8/(! (-!
)(&<,.#!*('>,!$#9&(!-#$!9('(H+<+#$!H/*/&#$!.(!-,!()%&($,!J!.(!-,!;#-,*+-+.,.!.(!-#$!
*+%#$!.(!+'*(&A$5!
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C#'#<+.#$!@,9+*/,-)('*(!<#)#!C#C#$?!$#'!/',!;,&+,'*(!.(!-,$!<-=$+<,$!#9-+>,<+#'($!
<#';(&*+9-($!%(&#!<#'!+)%#&*,'*($!.+H(&('<+,$!.(!<,&,!,!$/!;,-#&,<+0'5!6.()=$!@,J!
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<,'3,!/'!.(*(&)+',.#!%#&<('*,:(!%#&!('<+),!.(-!%&(<+#!.(!<#';(&$+0'5!M#&!(:()%-#?!
/'! C#C#! </J,! ,<<+0'! $/9J,<('*(! <#*+<(! ,! NRb?! *('>,! /',! %&+),! .(! <#';(&$+0'! .(-!
URS!J!/'!/)9&,-!.(!<#';(&$+0'!<#'*+'>('*(!.(-!NQRS?!%/(.(!<#';(&*+&$(!,!NUb!$0-#!
$+!-,!,<<+0'!<#*+3,!%#&!('<+),!.(!NW?Yb!Da!NUb!1!N?QE!,!-#!-,&>#!.(!/'!%(&+#.#!.(*(&)+F
',.#!D%#&!(:()%-#?!./&,'*(!QR!.(!-#$!UR!.7,$!,'*(&+#&($!,-!H+',-!.(-!*&+)($*&(E5!
12 M,&,!($*#!($!<#';('+('*(!.+$%#'(&!.(!-#$!*+%#$!.(!+'*(&A$!,!%-,3#!+)%-7<+*#$!($%(&,.#$!,!%,&*+&!.(!-,!H(<@,!.(!<#';(&$+0'?!
8/(!$(!#9*('.&='!,!*&,;A$!.(!-,!($*&/<*/&,!*()%#&,-!.(!-#$!*+%#$!.(!+'*(&A$5
25
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
!
4-!$(>/'.#!*+%#!.(!<#';(&*+9-($!<#'*+'>('*($!$/(-(!$(&!()+*+.#!%#&!,->/'#$!9,'<#$!
.(!<,&,!,!,/)('*,&!$/!*/0%"*$1('$.!DZ+(&!NE!</,'.#!A$*(!<,(!%#&!.(9,:#!.(!/',!<+H&,!
.(*(&)+',.,!D(-!/)9&,-!.(!<#';(&$+0'E5!M#&!(:()%-#?!('!(-!<,$#!.(-!I-#J.$!j,'l?!$+!(-!
/)9&,-!.(!$/!*/0%"*$1('$.!*+(&!N!$(!$+*G,!%#&!.(9,:#!.(-!WS!$(!<#';(&*+&7,'!-#$!C#C#$!
<#'! -#! 8/(! .+<@#! ;,-#&! $,-*,&7,! @,$*,! (-! Y?WS5! h9$A&;($(! 8/(! ('! ($*,! )#.,-+.,.! (-!
8/(!.+$%,&,!-,!<#';(&$+0'!($!/'!.,*#!<#'*,9-(!.(-!()+$#&!.(!-#$!*7*/-#$!J!'#!(-!%&#F
%+(*,&+#!.(!-#$!)+$)#$5!
!
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26
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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27
!
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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28
Monografías de Juan Mascareñas sobre Finanzas Corporativas
ISSN: 1988-1878
9 - La Valoración de los Activos Financieros de Renta Fija
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29