사채 발행

채권의 현재가치를 Market interest rate = R(할인율)을 이용하며,

Market Interest Rate = Coupon Rate -> PV = 액면가 FV -> par bond
Market Interest Rate > Coupon Raet -> PV < 액면가 FV -> discount bond
Market Interest Rate < Coupon Raet -> PV > 액면가 FV -> premium bond