PL9fwy3NUQKwaXMtLxRSoV_pW-SkLTtZg7/wC9PsqvIyOw.srt

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we talk about the bond pricing  المرة الأولى حكينا 

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عن bond pricing يعني كيف يتسعر السندات and how 

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the United States particularly the Wall Street

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Journal how they price the bonds particularly the

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treasury notes and treasury bonds today I'm going

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to talk in details about the bond markets يعني

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اليوم هنحكي بتفاصيل ال bond market أسواق السندات

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and to talk about the stock market as well و هنحكي

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أيضا عن أسواق الأسهم I think this is very simple

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you don't have complicated things in understanding

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the bond market يعني مش هيكون عندنا الوضع صعب في

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ال bond market so today I'm focusing on the bond

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market in details and the stock market in details

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fine just to remind you I talked about the main

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difference between treasury notes and bonds حكينا

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الفرق بين ال treasury notes و ال treasury bonds

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الاثنين يتم إصدارهم من قبل ال government من قبل

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الحكومة the treasury notes is equal to or less than

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10 years however the treasury bonds is greater

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than 10 years up to 30 years yesterday I logged in to

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the Wall Street Journal and I found some bonds

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issued or the maturity dates of some bonds up to

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43. The day before it was 42. Today, yesterday I

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showed some bonds, the maturity dates of these

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bonds up to 43. I think in your free time it is fine to

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log in to www.wsj.com in order to gain some

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practical experience on how the different market

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pricing the bond حتى إن أنتم تشوفوا من ناحية

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العملية كيف الأسواق المالية بتعمل تسعير لأسواق

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السندات inflation protected treasury bonds these

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bonds are issued to fight against inflation

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يعني هذه النوعية من السندات يتم إصدارها حتى تواجه

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التضخم I don't want to focus on this type of bonds

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أنا مش هركز على هذه الأنواع من السندات because this is

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issued for a particular purpose مش هركز على هذا

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النوع من السندات لأنه هيكون التركيز على treasury

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notes and bonds و على ال corporate bonds هذا

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التركيز بتاعنا federal agency debts the same thing

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I don't want to focus on this مش هركز على

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international bonds international bonds هي .. هي

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سندات دولية حيث ال international bonds هم سندات

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دولية يتم إصدارهم على مستوى دولي so it is marketed

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in international markets so any company of the

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United States أي شركة خارج الولايات المتحدة

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الأمريكية ممكن تشتري هذا السند for instance we

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have Yankee bonds and we have the .. the yen euro

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bonds these bonds are traded internationally يعني

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في مثلا عندنا سندات أصدرها اليابان شركات يابانية

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مثلا بالدولار فبتتم التداول فيها بال .. بالسوق

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الدولي في شركات أمريكية كمان تقوم بإصدار سندات

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خارج الولايات المتحدة الأمريكية وهذا حكينا فيها

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اسمها ال euro dollar bonds اللي هو ال euro dollar

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bonds هدول بيصير فيهم traded off the United States

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و هدول بتسميهم كمان international bonds ففي سندات

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يتم إصدارها للتداول في مستوى العالم I talked about

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municipal bonds اللي هو سندات البلديات and I

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mentioned two types of bonds حكينا على نوعين

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من ال bonds the revenue bonds and general

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obligation bonds the general obligation bonds as

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you see here the

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municipal bonds the types of bonds general

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obligation bonds okay and this is this general

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obligation bonds general obligation bonds, this ..

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this bond .. I will go back to the .. to the

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previous slides just to focus on the type now

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general obligations bonds هاي بتكون التزامات على

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البلديات أو ال local governments الحكومة المحلية

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and these bonds are paid back by using taxation

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يتم تسديدها من خلال ال taxation من خلال الضريبة as

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as you see here backed by taxing power of issuer

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يعني البلدية نفسها بتسد قيمة السندات هذه من خلال

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من خلال من خلال الضريبة Okay the second .. the

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second one which is more important than the

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previous one الثاني وهو أهم من الأول بيسموها ال

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revenue bonds ال revenue bonds هاي سندات إيرادية

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موجودين

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في page 36 لأ

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إننا نحكي في تفاصيل هلأ تفاصيل

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I will go back to them هرجعهم okay فال revenue

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bonds are backed by projects revenues يعني هي مدعومة

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من الإيرادات بتاعة المشروع واللي هنحكي إيش

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المشاريع اللي بيقوموا فيها or by the municipal

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agency operating the projects هلأ الحكومة بتصدر

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نوع من السندات اسمه ال revenue bonds اللي هو

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السندات الإيرادية مثلا بيروحوا بيفت بيعملوا مواد

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جديدة فجزء من إيرادات الموانق بتروح للبلدية و

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البلدية بتروح بت .. بتسد ال .. بتسد ال bonds ..

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السندات مثلا هم بيعملوا طرق ال highways ال

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highways و ال motorways اللي هو الطرق السريعة فجزء

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من إيرادات الطرق السريعة مثلا الحكومة بتاخد ضريبة

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على الطرق فجزء من الضريبة هاي بتروح لمين؟ بتروح لل

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.. لل municipal للبلديات وبت .. تالي البلديات بي

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.. بيسددوا الضريبة .. بيسددوا قيمة السندات كمان

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إذا كانت مثلا الحكومة أو البلدية بتعمل مطارات عشان

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تخلي الشركات تعمل .. تعمل investment في هذه

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المطارات فجزء من إيرادات المطارات بتروح برضه لسداد

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ال .. ال municipal أو بيسموها ال revenue bonds فهذا

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يعني .. يعني كتمويل ل ال infrastructure البنية

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التحتية بتاعتها في الدولة okay بالبلدية بتقوم إصدار سندات

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حتى تستطيع تمول هاي المشاريع الكبيرة okay فبنسميها

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ال revenue bonds لو رجعنا احنا شوية على ال .. ال

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treasury notes and bonds حكينا ال municipal bonds و

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the bond markets حكينا احنا بالأول إن في عندنا

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municipal bonds و في عندنا corporate bonds و عندنا

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الموردجاج just to remind you خليني بس أذكركم ب ..

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the big picture of the market bonds خليني أذكركم

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بال .. بالأسواق السندات بشكل عام حكينا ال bond

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markets okay حكينا in generally we have two types

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of bond markets اللي هو governmental bonds و

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corporate bonds the

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government bonds are issued by the governments or

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local governments يعني من ال governments or local

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governments ال local governments such as

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municipals اللي هو البلديات the government bonds

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عندنا اللي هو the treasury notes and treasury

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bonds and we have here the municipal

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the municipal bonds include two main bonds the

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general obligation bonds and

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revenue bonds and there is another type of bonds

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called the industrial bonds this industrial bonds

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is considered as one part of the revenue bonds

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يعني هو نوع من أنواع ال revenue bonds اللي هو

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industrial bonds industrial bonds اللي هو سندات

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صناعية بنسميها industrial bonds يعني

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.. يعني مثلا الحكومة بدها تعمل مناطق صناعية فعشان

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يتشجع الصناعة في البلد okay فبروح بصدره industrial

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bonds طبعا من وين بتصد ال industrial bonds؟ هذا بتصد

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من الصناعة اللي هتنشأ في ال .. في هذه المناطق

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الصناعية فبيقوموا بيصدوا الإيرادات بتاعتهم في ال

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corporate bonds اللي هنأيجي نحكي فيه بقى .. كمان

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شوية اللي هو فيه عندنا secured bonds secured okay

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secured bond يعني احنا لو نحكي عن ال corporate

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bonds اللي هو السندات الشركات في عندنا نوعين النوع

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اسمه secured bond اللي هو سندات آمنة اسمها secured

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bond وفي عندنا non secured bond سندات غير آمنة و

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إيش الفرق بين ال secured و ال non secured؟ ال

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secured سندات آمنة يعني انه is the company which

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issued this part of bonds has a good historical

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profile يعني الشركة اللي أصدرت هذا النوع من السند

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الآمن لها good profile يعني سمعتها كويسة و عندها

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أرباح منيحة و عندها سمعة طيبة however the non

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secured bond السندات الغير أمنة non secured bond

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بيكون الشركة اللي أصدرت هذه النوع من السندات شركة

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ضعيفة وماعنداش سمعة إمنيها فبيسموها non secured

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bond

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again للناس اللي يعني إيجوا متأخرين the bond

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market is classified into two main parts the first

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one the government and the second one is the

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corporate the government is divided for three main

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types the municipal, the treasury bonds and the

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treasury notes the municipal is divided for two

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main parts revenue bonds and the general

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obligation bonds Okay the corporate bond this

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is municipal okay this is treasury bond this is

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treasury notes municipal اللي هو البلديات treasury

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bonds اللي هو سندات الحكومة هي سندات الحكومة لكن

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بنسميها notes okay I explained this before

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municipal bonds divided for two main types بتتقسم

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لنوعين ال revenue اللي هو الإيرادية والتانية اللي

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هو general obligations اللي هي التزامات على

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البلدية نفسها ال revenue في نوع واحد من ال revenue

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اللي هو بيسميه industrial اللي هو الصناعي اللي هو

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سندات صناعية ال corporate bonds اللي هو سندات

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الشركات بتصدرها الشركات we have two main types

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اللي هو عندنا secured bond وفي عندنا non secured

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bond اللي هو سندات أمنة غير أمينة ملاحظة بسيطة في

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ال corporate bonds اللي هو سندات الشركات في عندنا

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كتير أنواع لكن احنا for the limits of this level

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عشان هذا المستوى من الطلاب because this is

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introduction to investments لأن هي مقدمة بال

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investments I don't want to go in details about

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the different types of the bonds يعني أنا مش راح

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أروح كتير تفاصيل بال bonds بأنواعه لأنه you are in

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the introduction of investment انتوا عندكوا بس

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مقدمة الاستثمار يعني لما تقرأوا في كتب أخرى عن ال

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bonds you will find for instance junk bonds يعني

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هنشوف ال junk bonds فال junk bonds هذا هو نوع من

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أنواع ال non secured bond فمش هنحكي فيه لأنه هذا

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شوي متقدم في ال investments municipal

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لأنه هي من ال local governments بتنشئها، هي

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بتنشئها ال local governments ال municipal هي أصلا

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بتنشئها الحكومة فعشان هيك احنا قاعدين under the

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governments بس issued by the local governments

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okay

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طيب، so we talk about municipal bonds, we talk

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about corporate bonds and this mortgage and

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mortgage-backed bonds I don't want to focus on

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this because only the United States they issue

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this particular bonds and the UK sometimes I talk

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about the maturities about the treasury notes حكيت

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عنه أصلا and I mention for the par value of the

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treasury notes and bonds is one thousand so don't

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mix up between the treasury bills and treasury

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notes the treasury bills par value is ten thousand

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and the par value of the treasury notes is one

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thousand Okay بدناش نعمل خلط بين treasury notes و

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treasury bills Interest paid semi-annually حكينا

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أنه بتدفع نصف سنوية وورجيناكوا مثلا المرة الفاتة

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how we calculate this you just divide C by 2 نقسم

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ال coupon rates على اتنين بتطلع مننا ال semi

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-annual Quarters percentage of par وورجيناكوا كيف

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how we pricing them كيف نعمل تسعير and how we

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drive the pricing system okay in your exam في

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الامتحان بتاعكم حاطيكم table هذا ال table جاي من ال

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.. جاي من ال .. ال wsj.com بدي أجيبه من ال Wall

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Street Journal و أقولكم please convert this table

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into the pricing system حاولوا ليها الأسعار ال

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pricing system يعني كلامي واضح بجيبكم table based

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on the percentage as .. as this as in the

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percentage of .. of the par value then convert it

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into the pricing system and I showed you how to do

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this و أرجيتكم المرة الفاتتة how we do this Okay if

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you don't understand go back to the videos okay

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and you will have the calculations okay

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the ask yield if you want to the ask yield is

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equal the coupon rates you can write down the

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equation for ask yield ask yield is equal the

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coupon divided by the ask price ال coupon اختيه ال

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coupon من يومين احنا بنحكي في ال coupon الفائدة و

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ال ask price اللي هو سعر الشراء for the investors

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that's it Okay رجاء ال .. ال .. الاشي اللي بتاخدوه

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يعني رجعوله لأنه خلاص أنا بحكيت ال ask and already

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you know what it means ask و لما حكيت ال coupon I

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don't need to go back on .. on .. ال coupon معروف

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ال coupon okay و

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أرجعتكم كيف تعمل login لهم okay هلأ المطلوب منكم

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أنه to convert this table into the pricing system

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that's it مطلوب منكم تعملوا ال pricing system

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Okay so the bond markets as as I told you for the

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inflation protected federal agency bonds just only

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the international bonds we are talking about

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listen here we have in the international bonds أنا

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حكيت قبل شوية بال international bonds حكيت عن ال

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euro bonds و ال yankee bonds ال euro bonds is bond

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issued of the united states يعني هي سندات تصدر خارج

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المولايات المتحدة الأمريكية in the dollar amount

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بقيمة الدولار and .. and I explain why some

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institutions issued bonds or dollar bonds of the

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United States لأنه ت escape .. ت escape from the

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regulations of the Federal Reserve Bank يعني عشان

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يخرجوا من سيطرة ال .. البنك الفيدرالي الأمريكي و

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بتكون زي ما اتفضلتها انه ال .. ال .. الإيراد او ال

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return عالي كتير في مقارنة مع inside the united

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states ال yankee bonds which is the opposite of

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euro bonds عكسه تمام it means non united states

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bonds in the united states تبقى is non united

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states companies in the united states issued dollar

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bonds يعني بتكون شركات ليست أمريكية يعني ممكن

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شركات صينية تكون داخل الولايات المتحدة الأمريكية

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تصدر bond بالدولار فهي بيسميها ايش؟ بيسميها Yankee

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bonds طبعا Yankee هي .. is a terminology used 

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by the .. by the financial market هي عبارة عن

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مصطلح جاي .. هو تقريبا جاي من هنا جاي أنه أي شركة

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.. بنعطيكوا مثال مثلا .. مثلا نحكي شركة rem عارفين

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شركة rem؟ rim .. rim .. يضلوا rim .. okay شركة rim

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producing the blackberry

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Rim is a company which is non-United States

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company if Rim issued bonds inside the United States

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this bond is considered as a Yankee bond يعني إذا

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كانت ريم أصدرت سند داخل الولايات المتحدة الأمريكية

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بيسمياه Yankee bond. Okay, another example, if you

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talk about Nestle. عارفين شركة Nestle؟ Okay, هاي إيش

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أصلها Nestle؟ طبعا الملكية تبعتها اتغيرت مرة

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فرنسية .. أخر إشي كانت الملكية تبعتها و if .. if

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this company إذا هذه الشركة أصدرت bond inside the

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United States هذا ال bond بنسميه Yankee bond. فواضح

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انكم what it means Yankee bond. Okay.

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And I talk about the municipal bonds, the main

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characteristics of the municipal bonds. واحدة من

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الخصائص سبعة ال municipal bonds is tax-exempted.

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What it means tax-exempted? It means أن السند اللي

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بتصدره البلدية هو خالي من الضريبة أو معفي من

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الضريبة. Is tax-exempted. خالي من الدريبة. So the

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investors are comparing between the bond with a

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tax and the bond is tax-exempted. يعني المستثمرين

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يقارنوا بين نوعين من السندات، السند اللي عليه ضريبة

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والسند اللي معفي من الضريبة. يعني أي investors بدهم

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يعمل قرار استثمار بيقارنه بين two different types

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of bonds. بيقارنه نوعين من ال bonds، السند اللي عليه

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ضريبة و السند اللي معفي من الضريبة. How they do

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this؟ كيف بيعملوا كلام هذا؟ I will show you how they

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do this. كيف هم بيعملوا conversion between the

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taxable bonds and non-taxable bonds or tax

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exempted bonds. Okay, and this is a question in your

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exam. و هذا كمان سؤال هجيبكوا في الامتحان أنه how

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investors compare between the taxable bonds and

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the tax-exempted bonds. I will show you how. يعني

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كيف المستثمرين بيفرقوا أو بيتخذوا قرار استثمار

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بناء على الدريبة. فهم بيقارنوا بين إذا أنا مستثمرو

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أمامي two bonds. أمامي سندين، سند عليه ضريبة وسند ما

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فيه من الضريبة. أنه أفضل أستثمر هذا ولا هذا؟ So

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we cannot say yes or no unless we do some

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calculations. يعني مابنقدرش نقول yes or no بدون ما

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نعمل some calculations. I will show you how we can

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do this. We

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cannot say that she said .. she said the one with

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tax-exempted is more preferable than the others. We

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cannot say this. So we compare between the two

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bonds with taxable and with tax-exempted. هنقارن

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بين الاتنين. How we can do this? I will show you how

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we can do this. هنشوفكم .. هنشوف كيف نعمل الكلام

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هذا. طيب، هلو لو احنا اعطينا رمز لل taxable bonds ..

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non-taxable bonds RM

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RM

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is stand for municipal bonds. يعني العائد على السند

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اللي بتصدره البلدية. And as we agree واتفقنا مع بعض

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the municipal bond is tax-exempted. يعني اتفقنا مع

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بعض أنه السندات اللي بتصدرها البلدية ما فيها من

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الدريبة. So the return of M is to stand for the

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municipal bonds if tax-exempted. If this equal X

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for instance, X is a number or the rate of return

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and R is the taxable bonds. So again, RM is tax-free

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يعني ماعلوش ضريبة و R هو عليه ضريبة. And we compare

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between two of them. But this is because this has a

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taxation. So we have to pay tax. So we deduct tax

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from this. لازم نختم منه ضريبة صح؟ So deducted tax

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is one minus T. One minus T. T is stand for taxation.

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يعني T ترمز إلى الدريبة. T if R. الدريبة T stands for

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taxation. T tax. R is the rate of return of the

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taxable bonds. Okay, R is the taxable bonds. السند

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اللي عليه ضريبة. So we are comparing between this

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and this. We are in other words احنا بنقارن بالسند

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اللي عليه ضريبة في عائد السند اللي عليه ضريبة

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وعائد السند اللي معفي من الضريبة. Okay. So if this

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equal Y. It means if R is greater than RM. إذا كان

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العائد بتاع R، طبعا الـR هي إيش؟ العلي ضريبة،

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العلي ضريبة is greater than RM, so we prefer R. It

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means we are not always keep our eyes in the

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municipal bonds. يعني مش دايما احنا we select

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municipal bonds because it depends on the R after

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tax. لأنه بنحسب ال R after tax. يعني قداش بعد الضريبة

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and then after that we compare between them. If R

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is greater than RM, so we go for R. Otherwise ..

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otherwise. يعني إذا ماكانش الكلام هذا we go for RM.

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يعني إذا كان العكس is the opposite. If RM is

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greater than R, we prefer RM. This is very simple

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which one. Okay.

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هلأ احنا هال R M ماعليهاش ضريبة صح؟ و ال R اللي هي

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اللي عليها ضريبة هيخلصنا منها الضريبة one minus

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T. إذا كان الجواب، let's say إذا كان

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الجواب عندنا هان كان هان هان مثلا six percent. Okay.

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و هان كان after tax is seven percent. So in this

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case, R is greater than RM. So we select R. نختار ال

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R. Otherwise, if this is wrong. Otherwise إذا كان

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العكس. So RM is greater than R. نختار ال R. نختار ال

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R. نختار

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ال R. نختار ال R. نختار ال R. نختار ال R. نختار ال R.

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نختار ال R. نختار ال R. نختار ال R. نختار ال R. نختار

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ال R. نختار ال R. نختار ال R. نختار ال R. نختار ال R.

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نختار ال R. نختار ال R. نختار ال R. نختار. Let this is

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the. Let T equal the investor marginal tax. So this is

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T and I explain tax. Okay. Let R equal the before

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tax return on the taxable bond. اللي هو ال R شايفين

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ال R. This is before tax. لما احنا بنضرب one minus T

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بيصير after tax. And RM اللي احنا شرحناها ال RM

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شفتوها denote the municipal bonds. اللي هي السند

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بتاع البلدية. وحكينا ال municipal bonds هو is tax

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exempted. هو مافيه من الضريبة. Why is tax-exempted to

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encourage investors to hold this bond؟ ليش البلدية

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بتاع فيه من الضريبة عشان تشجع ال investors أنه

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تحمل هذا النوع من السندات. طبعا نفس ال calculation

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if R (1-T) greater than RM then the taxable bond gives

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a higher rate of return. Otherwise, the municipal

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bond is preferred. زي ما أنا حكيته إذا كان R (1-T)

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اللي شايفينها is greater than RM. So in this case

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we prefer the taxable bonds. Otherwise, the tax

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exempted bond is preferable. Okay, how we calculate

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the كيف ممكن نحسب إذا كان عندي أنا سند one percent

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إذا كان عندي one percent سند زي ما انتوا شايفين

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هان سند one percent. شايفين هذا ال one percent كيف

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بدنا نعرف المقابله من السندات اللي عليها ضريبة. سند

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يعني مثلا عندي سند مافيه من الضريبة بتعرف مقابل سند

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عليه ضريبة، كده لازم يتساوي مع بعض، فبتسمي

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equivalent. يعني equivalent tax yield أنه متى ال ..

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ال .. ال .. ال .. ال .. ال two interest rates are

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equal متى بيكونوا الثانية بتساوي مع بعض، لو كان

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عندي واحد في المية، واحد في المية tax exempted،

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ماعليهوش ضريبة equivalent yield هي موجودة هي the

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equivalent taxable yield ايش معناه when احنا we

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are in difference  يطلعوا هنا يطلعوا على ال

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equation هادى يطلعوا كلكوا على ال equation هلا ال

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equation هنا اللي هو R after tax إذا احنا بنصلحها

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هي one minus T okay is greater than RM and RM is

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greater than R so my question is when R 1 minus T

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is equal RM R 1 minus T is equal R هذا لما يكونوا

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متساويتين سوين RM لما يكونوا متساويتين so the

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investors are in difference ايش معناه in

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difference يعني سواء أخدوا هذا ولا أخدوا هذا نفس

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الشيء نفس الشيء okay نريد أن نعرف R1-T وهذا R بعد

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الضريبة للمعادلين المتجارين وهذا تجارب ممكن تجارب

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تجارب تجارب تجارب

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تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

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تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

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تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

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تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

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00:29:16,240 --> 00:29:17,780
تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

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تجارب تجارب تج

398
00:29:24,310 --> 00:29:27,630
interest or these yields one two three four

399
00:29:27,630 --> 00:29:31,050
percent for the tax exempted هدول tax exempted we

400
00:29:31,050 --> 00:29:35,410
want to know if you just hide all of these we want

401
00:29:35,410 --> 00:29:39,810
to know what is the tax the equivalent rate for

402
00:29:39,810 --> 00:29:45,750
the taxable one يعني بتشوف قد ايش العائد على ال

403
00:29:45,750 --> 00:29:48,890
taxable على السند اللي عليه ضريبة قد ايش .. وين

404
00:29:48,890 --> 00:29:52,430
بتساوي أنا بأعطيكوا الضريبة زي ما أنتم شايفين

405
00:29:52,430 --> 00:29:57,410
طلعوها ال marginal tax rate مرة أعطيناها 20% مرة

406
00:29:57,410 --> 00:30:03,090
30% مرة 40 مرة 50 لأن مرات بتتغير الضريبة okay how

407
00:30:03,090 --> 00:30:08,370
we calculate this you just follow the equation so

408
00:30:08,370 --> 00:30:14,730
RM divided by 1 minus T يعني 1% تقسيم 1 minus T

409
00:30:14,730 --> 00:30:20,290
اللي هو 20% خلينا إذا أنتم حابين تتأكدوا إنه هاي

410
00:30:20,290 --> 00:30:23,830
ال one point twenty five اللي شايفينها هنا how we

411
00:30:23,830 --> 00:30:29,570
get this one percent اللي هي ال tax exempted تقسيم

412
00:30:29,570 --> 00:30:34,530
واحد minus اللي هي العشرين في المية twenty percent

413
00:30:35,410 --> 00:30:39,170
بتطلع هذه how we can do the next البعديها كيف

414
00:30:39,170 --> 00:30:43,250
هنعملها لل the same الواحد في المية تقسيم واحد

415
00:30:43,250 --> 00:30:48,050
minus 30 yes 30 percent and the rest و بتعمل

416
00:30:48,050 --> 00:30:52,430
الكلام هذا كله طيب معناه الكلام بعد ما نخلص ال

417
00:30:52,430 --> 00:30:55,810
table بعد

418
00:30:55,810 --> 00:31:00,890
ما نخلص ال table it means انتبهوا هنا one point

419
00:31:00,890 --> 00:31:05,290
twenty five percent taxable bond is equal one

420
00:31:05,290 --> 00:31:11,790
percent tax exempted bond يعني لو احنا أخدنا سند

421
00:31:11,790 --> 00:31:16,010
عليه ضريبة الواحد فاصلة اتنين فاصلة خمسة after tax

422
00:31:16,010 --> 00:31:22,930
هيساوي واحد في المية على سند معفي من الضريبة لو احنا

423
00:31:22,930 --> 00:31:28,670
أخدنا هنا كمان لو أخدنا مثلا هنا لعند 4% لعند 40%

424
00:31:28,670 --> 00:31:34,890
الضريبة سند بيعطيني سند عليه ضريبة 6.67% هو نفسه

425
00:31:34,890 --> 00:31:40,530
هيساوي 4% إذا كان معفي من الضريبة لو أخدنا ال 10%

426
00:31:40,530 --> 00:31:46,550
هذا المثال this bond is taxable bond هذا عليه

427
00:31:46,550 --> 00:31:51,670
ضريبة is equal 5% if it is tax exempted يعني 5%

428
00:31:51,670 --> 00:31:54,830
بتساوي 10% في حالة إعفاء الضريبة

429
00:32:00,290 --> 00:32:08,950
Okay؟ كيف؟ where أي واحدة؟ هذه؟ نفس الطريقة هذه

430
00:32:08,950 --> 00:32:12,510
نفسي أنا بس وريتك واحدة تانية مش هوريك الكل

431
00:32:12,510 --> 00:32:15,850
طلعنا

432
00:32:15,850 --> 00:32:23,510
ال equivalence طلعنا هذه ال T طلعنا أنه متى هذا

433
00:32:23,510 --> 00:32:27,170
بيساوي هذا ايش ال rates بيكون مثلا أنا ال R مش

434
00:32:27,170 --> 00:32:33,130
عارفها I don't know this R I know RM I know T so

435
00:32:33,130 --> 00:32:37,930
only things I need this so in this case R is equal

436
00:32:37,930 --> 00:32:47,570
من المعادلة RM divided by 1 minus T شو؟

437
00:32:49,920 --> 00:32:53,580
الواحد في اكتشاف اه هي tax exempted شايفها هي tax

438
00:32:53,580 --> 00:32:58,260
exempted نرجع للمعادلة يا بنات بنات هذه very

439
00:32:58,260 --> 00:33:04,280
simple mathematics mathematics بتاعة very simple

440
00:33:04,280 --> 00:33:08,980
تبقوا علينا شوفوا

441
00:33:08,980 --> 00:33:16,080
رياضيا هلأ كان عندي R one minus T should equal RM

442
00:33:16,080 --> 00:33:23,920
مظبوط؟ زي ما علمونا في الرياضيات if I want R so R

443
00:33:23,920 --> 00:33:28,600
is equal RM و هذه بتروح تحت هذه صح؟ one minus T

444
00:33:28,600 --> 00:33:35,160
فأنا كأني بسأل what is the rate of taxable bond if

445
00:33:36,320 --> 00:33:41,460
R is R after tax equal RM ففي الحالة هذه أنا مش

446
00:33:41,460 --> 00:33:45,640
عارف ال R ف RM divided by 1 minus T فهذه

447
00:33:45,640 --> 00:33:48,020
Mathematics أنا كنت أفكر أن أنت you know what it

448
00:33:48,020 --> 00:33:51,000
means mathematically يعني أنا بفكر أن أنت بتعرف

449
00:33:51,000 --> 00:33:56,020
Mathematically فأنا

450
00:33:56,020 --> 00:34:05,500
مش عارف هذه I don't know this بالظبط كده this one

451
00:34:06,800 --> 00:34:10,740
هيبقى أنا .. أنا هذا ال .. ال table هذا مش موجود

452
00:34:10,740 --> 00:34:15,440
أصلًا and I just give you the tax exempted و بعطيك

453
00:34:15,440 --> 00:34:19,640
الضريبة and I'm asking you what is the equivalent

454
00:34:19,640 --> 00:34:24,280
rate of return if you know this بال equivalent

455
00:34:24,280 --> 00:34:30,260
rate of return يعني متى ال R هتساوي ال RM you

456
00:34:30,260 --> 00:34:35,540
understand؟ بس ال RM هي النمرة اللي بيبقى بالعالم

457
00:34:44,700 --> 00:34:50,480
خلينا .. خلينا ال investors تبقوا علينا ال

458
00:34:50,480 --> 00:34:56,300
investors بالأخير معنيين في العائد عندهم أنت عندك

459
00:34:56,300 --> 00:35:01,670
سندين سند عليه ضريبة و سند ما عليهش ضريبة مش دائما

460
00:35:01,670 --> 00:35:04,850
السند اللي ما عليهوش ضريبة is preferable مش .. مش

461
00:35:04,850 --> 00:35:08,610
دائما بنات مش دائما السند اللي عليه اللي معاه فيه

462
00:35:08,610 --> 00:35:12,290
مرة ضريبة هو كويس فال investors أول ما بيطلع لازم

463
00:35:12,290 --> 00:35:16,370
يحسب ال return من هذا و ال return من هذا و بيعمل

464
00:35:16,370 --> 00:35:19,790
comparison between them إذا كان ال return من ال

465
00:35:19,790 --> 00:35:23,150
taxable أفضل فأنا بروح على ال taxable if the

466
00:35:23,150 --> 00:35:27,010
return of the exempted so I prefer the exempted

467
00:35:27,010 --> 00:35:30,680
لأن ال .. the .. we assume that the investors are

468
00:35:30,680 --> 00:35:34,820
rational يعني بالعربي يا بنات لو أنتم روحتوا على

469
00:35:34,820 --> 00:35:40,620
البلد بدكم تشتريوا a t-shirt ف how much this one

470
00:35:40,620 --> 00:35:43,740
this is twenty شيكل and another one say this is

471
00:35:43,740 --> 00:35:47,600
twenty five شيكل so which you prefer يعني الأول

472
00:35:47,600 --> 00:35:49,760
حكوا لكوا عشرين شيكل و الثاني حكوا لكوا خمسة و عشرين

473
00:35:49,760 --> 00:35:54,640
شيكل عاملين بتروحوا للأبو العشرين طيب if you have

474
00:35:54,640 --> 00:35:58,900
two projects لو كان عندي مشروعين مشروع بيعطيني 10%

475
00:35:58,900 --> 00:36:04,520
ومشروع بيعطيني 12% أي مشروع أروح؟ أبو 12% and this

476
00:36:04,520 --> 00:36:08,840
is the same لو كان عندي سندين واحد بيعطيني إثنا عشر

477
00:36:08,840 --> 00:36:10,660
في المية وواحد عشر في المية بروح أبو إثنا عشر في

478
00:36:10,660 --> 00:36:14,180
المية but the problem is we have taxable and we

479
00:36:14,180 --> 00:36:18,940
have non-taxable so we just do the taxable one

480
00:36:18,940 --> 00:36:21,760
calculate the taxation then what is the equivalent

481
00:36:21,760 --> 00:36:27,220
rate of return just to conclude احنا حكينا على ال

482
00:36:27,220 --> 00:36:30,220
bond market و حكينا على ال governments ال

483
00:36:30,220 --> 00:36:32,860
municipal bonds و حكينا على ال treasury notes و

484
00:36:32,860 --> 00:36:37,580
treasury bills and that's it in the in the next in

485
00:36:37,580 --> 00:36:39,460
the next meeting I will focus on the corporate

486
00:36:39,460 --> 00:36:40,900
bonds and stocks