PL9fwy3NUQKwaXMtLxRSoV_pW-SkLTtZg7/wC9PsqvIyOw_raw.srt

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we talk about the bond pricing المرة الأولى حكينا

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عن bond pricing يعني كيف يتساعر 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 bondstoday 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 detailsand the stock market in details

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fine just to remind you I talk 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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التنين يتم إصدارهم من قبل ال government من قبل

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الحكومة the treasury notes is equal or less than

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10 years however the treasury bonds is greater

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than 10 years to 30 yearsأesterday 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 43I think in your free time is fine to

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login the www.wsj.com in order to gain some

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practical experience on how the different market

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pricing they bond حتى ان انتوا تشوفوا من ناحية

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العملية كيف الأسواق المالية بتعمل تسعير لأسواق

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السنداتinflation protected treasury bonds these

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bonds are issued to fight against the inflation

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يعني هذه النوعية من السندات يتم إصدارها حتى تواجه

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

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أنا مش هركز على هذه أنواع السندات because this is

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issued for a particular purposes مش هركز على هذا

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النوع من السنداتلأنه 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 دوليةحيث 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 bondsand 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 فبتم التداول فيها بال .. بالسوق

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الدولي في شركات أمريكية كمان تقوم بإصدار سندات

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خارج الولايات المتحدة الأمريكيةو هذا 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 talk about

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municipal bonds اللي هو سندات البلديات and I

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mentioned for two types of bonds حكينا على نوعين

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من ال bonds the revenue bondsand general

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obligations 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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obligations bonds okay and this is this general

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obligations bondsgeneral 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 is paying 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 الضريبةOkay the second .. the

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second one which is more important than the

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previous one التاني 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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اننا نحكي في تفاصيل هلأ تفاصيل

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I will go back to them هرجعهم okay فال revenue

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bonds 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 بروحوا بيفت بيعملوا مواد

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جديدةفجزء 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 الطرقفجزء من الضريبة هاي بتروح لمين؟ بتروح لل

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.. لل municipal للبلديات وبت .. تالى 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 bondsفهذا

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يعني .. يعني كتمويل ل ال infrastructure المونية

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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 bondsحكينا ال municipal bonds و

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the bond markets حكينا احنا بالأول ان 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 اذاكركم ب ..

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the big picture of the market bonds خليني اذاكركم

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بال .. بالأسواق السنداتي 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 bondsو

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corporate bonds the

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governments bonds 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 ال 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 includes 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 bond اللي هو سندات

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صناعيةبنسميها 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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bondsطبعا من وين بتصد ال industrial bond؟ 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 نوعينالنوع

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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 bondالسندات 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 oneOkay 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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لخصمين 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 أمنةالغير 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 بأنواعهالأنه 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 sometimesI talk

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about the maturities about the treasury notes حكيت

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عنه أصلا and I mention for the bar 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 bar value is ten thousand

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and the bar value of the treasury notes is one

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thousandOkay 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 bar 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 examفي

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الامتحان بتاعكم حاطيكم tableهذا ال table جاي من ال

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

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00:14:40,690 --> 00:14:44,370
Street Journal و أقولكم please convert this table

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00:14:44,370 --> 00:14:47,250
into the pricing system حاولوا ليها الأسعار ال

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00:14:47,250 --> 00:14:51,350
pricing system يعني كلامي واضح بجيبكم table based

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00:14:51,350 --> 00:14:54,650
on the percentage as .. as this as in the

210
00:14:54,650 --> 00:14:57,770
percentage of .. of the bar value then convert it

211
00:14:57,770 --> 00:15:00,990
into the pricing system and I showed you how to do

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00:15:00,990 --> 00:15:05,680
this و أرجيتكم المرة الفاتتة how we do thisOkay if

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00:15:05,680 --> 00:15:09,100
you don't understand go back to the videos okay

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00:15:09,100 --> 00:15:20,540
and you will have the calculations okay

215
00:15:20,540 --> 00:15:26,300
the ask yield if you want to the ask yield is

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00:15:26,300 --> 00:15:31,880
equal the coupon rates you can write down the

217
00:15:31,880 --> 00:15:40,380
equation for ask yieldask yield is equal the

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00:15:40,380 --> 00:15:50,540
coupon divided by the ask price ال coupon اختيه ال

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00:15:50,540 --> 00:15:56,080
coupon من يومين احنا بنحكي في ال coupon الفائدة و

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00:15:56,080 --> 00:15:59,420
ال ask price اللي هو سعر الشراء for the investors

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00:15:59,420 --> 00:16:04,040
that's itOkay رجاء ال .. ال .. الاشي اللي بتاخدوه

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00:16:04,040 --> 00:16:07,600
يعني رجعوله لأنه خلاص أنا بحكيت ال ask and already

223
00:16:07,600 --> 00:16:10,220
you know what it means ask و لما حكيت ال coupon I

224
00:16:10,220 --> 00:16:13,560
don't need to go back on .. on .. ال coupon معروف

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00:16:13,560 --> 00:16:18,080
ال coupon okay و

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00:16:18,080 --> 00:16:21,380
أرجعتكم كيف تعمل login لهم okay هلأ المطلوب منكم

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00:16:21,380 --> 00:16:24,360
أنه to convert this table into the pricing system

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00:16:24,360 --> 00:16:27,480
that's it مطلوب منكم تعملوا ال pricing system

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00:16:31,830 --> 00:16:35,590
Okay so the bond markets as as I told you for the

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00:16:35,590 --> 00:16:38,450
inflation protected federal agency bonds just only

231
00:16:38,450 --> 00:16:41,490
the international bonds we are talking about

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00:16:41,490 --> 00:16:47,850
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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00:16:51,490 --> 00:16:56,790
euro bonds و ال yankee bonds ال euro bonds is bond

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issued of the united statesيعني هي سندات تصدر خارج

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المولايات المتحدة الأمريكية in the dollar amount

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00:17:06,990 --> 00:17:12,330
بقيمة الدولار and .. and I explain why some

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00:17:12,330 --> 00:17:18,410
institutions issued bonds or dollar bonds of the

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00:17:18,410 --> 00:17:21,410
United States لأنه ت escape .. ت escape from the

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00:17:21,410 --> 00:17:24,170
regulations of the Federal Reserve Bankيعني عشان

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00:17:24,170 --> 00:17:27,650
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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00:17:31,010 --> 00:17:34,010
return عالي كتير في مقارنة مع inside the united

244
00:17:34,010 --> 00:17:38,050
states ال yankee bonds which is the opposite of

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00:17:38,050 --> 00:17:42,050
euro bonds عكسه تمام it means non united states

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00:17:42,050 --> 00:17:46,070
bonds in the united states تبقى is non united

247
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states companies in the united statesissued 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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00:17:58,790 --> 00:18:03,130
تصدر bond بالدولار فهي بيسميها ايش؟ بيسميها Yankee

251
00:18:03,130 --> 00:18:07,730
bonds طبعا Yankee هي .. is a terminology is used

252
00:18:07,730 --> 00:18:11,270
by the .. by the financial market هي عبارة عن

253
00:18:11,270 --> 00:18:17,570
مصطلح جاي .. هو تقريبا جاي من هنا جاي انهأي شركة

254
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.. بنعطيكوا مثال مثلا .. مثلا نحكي شركة rem عارفين

255
00:18:22,150 --> 00:18:28,230
شركة rem؟ rim .. rim .. يضلوا rim .. okay شركة rim

256
00:18:28,230 --> 00:18:30,550
producing the blackberry

257
00:18:33,220 --> 00:18:38,080
Rim is producing the which is non united states

258
00:18:38,080 --> 00:18:43,180
company if rim issued bonds inside united states

259
00:18:43,180 --> 00:18:46,340
this bond considered as a Yankee bond يعني إذا

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كانت ريم أصدرت سنة داخل ولاية المتحدة الأمريكية

261
00:18:50,320 --> 00:18:55,980
بيسمياش Yankee bondOkay another example if you

262
00:18:55,980 --> 00:19:01,760
talk about Nestle عارفين شركة Nestle؟ Okay هاي إيش

263
00:19:01,760 --> 00:19:05,600
أصلها Nestle؟ طبعا الملكية تبعتها اتغيرت مرة

264
00:19:05,600 --> 00:19:11,720
فرنسية .. أخر إشي كانت الملكية تبعتها و if .. if

265
00:19:11,720 --> 00:19:15,080
this company إذا هذه الشركة أصدرت bond inside the

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United States هذا ال bond بنسميه Yankee bond فواضح

267
00:19:19,540 --> 00:19:22,360
انكم what it means Yankee bond okay

268
00:19:24,540 --> 00:19:30,380
and I talk about the municipal bonds the main

269
00:19:30,380 --> 00:19:35,120
characteristics of the municipal bonds واحدة من

270
00:19:35,120 --> 00:19:39,620
الخصائص سبعة ال municipal bonds is tax exempted

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00:19:39,620 --> 00:19:44,820
what it means tax exempted it means أن السند اللي

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بتصدره البلدية هو خالي من الضريبة أو معفي من

273
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الضريبةis tax exempted خالي من الدريبة so the

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00:19:52,950 --> 00:19:58,150
investors are comparing between the bond with a

275
00:19:58,150 --> 00:20:02,050
tax and the bond is tax exempted يعني المستثمرين

276
00:20:02,050 --> 00:20:05,950
يقارنوا بين نوعين من السندات السند اللي عليه دريبة

277
00:20:05,950 --> 00:20:08,750
والسند اللي معه فيه بالدريبةيعني أي investors بدهم

278
00:20:08,750 --> 00:20:12,550
يعمل قرار استثمار بيقارنه بين two different types

279
00:20:12,550 --> 00:20:16,250
of bonds بيقارنه نوعين من ال bonds السند اللي عليه

280
00:20:16,250 --> 00:20:18,730
ضريبة و السند اللي معاه فيه من الضريبة how they do

281
00:20:18,730 --> 00:20:21,610
this كيف بيعملوا كلام هذا I will show you how they

282
00:20:21,610 --> 00:20:24,830
do this كيف هم بيعملوا conversion between the

283
00:20:24,830 --> 00:20:28,350
taxable bonds and non-taxable bonds or tax

284
00:20:28,350 --> 00:20:33,180
exempted bondsOkay and this is a question in your

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00:20:33,180 --> 00:20:36,320
exam و هذا كمان سؤال هجيبكوا في الامتحان أنه how

286
00:20:36,320 --> 00:20:39,160
investors compare between the taxable bonds and

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00:20:39,160 --> 00:20:44,860
the tax exempted bonds I will show you how يعني

288
00:20:44,860 --> 00:20:50,520
كيف المستثمرين بيفرقوا أو بيتخذوا قرار استثمار

289
00:20:50,520 --> 00:20:56,900
بناء على الدريبة فهم بيقارنوا بين إذا أنا مستثمرو

290
00:20:56,900 --> 00:21:01,420
أمامي two bonds أمامي سندين سند عليه ضريبة وسند ما

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00:21:01,420 --> 00:21:05,980
.. مافيه من الضريبة أنه أفضل أستثمر هذا ولا هذا so

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00:21:05,980 --> 00:21:09,480
we cannot say yes or no unless we do some

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00:21:09,480 --> 00:21:13,880
calculations يعني مابنقدرش نقول yes or no بدون ما

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00:21:13,880 --> 00:21:16,660
نعمل some calculations I will show you how we can

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00:21:16,660 --> 00:21:21,040
do this we

296
00:21:21,040 --> 00:21:28,070
cannot say this she said .. she saidthe one with

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00:21:28,070 --> 00:21:33,690
tax exempted is more preferable than the others we

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00:21:33,690 --> 00:21:38,270
cannot say this so we compare between the two

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00:21:38,270 --> 00:21:42,670
bonds with taxable and with tax exempted هنقارن

300
00:21:42,670 --> 00:21:47,350
بين الاتنين how we can do this I will show you how

301
00:21:47,350 --> 00:21:50,830
we can do this هنشوفكم .. هنشوف كيف نعمل الكلام

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00:21:50,830 --> 00:21:57,230
هذاطيب هلو لو احنا اعطينا رمز لل taxable bonds ..

303
00:21:57,230 --> 00:22:03,310
non-taxable bonds RM

304
00:22:03,310 --> 00:22:06,930
RM

305
00:22:06,930 --> 00:22:11,470
is stand for municipal bonds يعني العائد على السند

306
00:22:11,470 --> 00:22:15,630
اللي بتصدر البلدية and as we agree واتفقنا مع بعض

307
00:22:15,630 --> 00:22:19,570
the municipal bond is tax exemptedيعني اتفقنا مع

308
00:22:19,570 --> 00:22:22,770
بعض أنه السندات اللي بتصدرها البلدية ما فيها من

309
00:22:22,770 --> 00:22:26,950
الدريبة so the return of M is to stand for the

310
00:22:26,950 --> 00:22:32,250
municipal bonds if tax exempted if this equal X

311
00:22:32,250 --> 00:22:35,650
for instance X is a number or the rate of return

312
00:22:35,650 --> 00:22:43,080
and R is the taxable bondsSo again RM is tax free

313
00:22:43,080 --> 00:22:48,220
يعني ماعلوش ضريبة و R هو عليه ضريبة and we compare

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00:22:48,220 --> 00:22:54,760
between two of them but this is because this has a

315
00:22:54,760 --> 00:22:58,120
taxation so we have to pay tax so we deduct tax

316
00:22:58,120 --> 00:23:02,020
from this لازم نختم منه ضريبة صح؟ So deducted tax

317
00:23:02,020 --> 00:23:08,930
is one minus Tone minus T T is stand for taxation

318
00:23:08,930 --> 00:23:20,710
يعني T تربز إلى الدريبة T if R الدريبة T stand for

319
00:23:20,710 --> 00:23:26,890
taxation T tax R is the rate of return of the

320
00:23:26,890 --> 00:23:32,710
municipal bondsOkay R is the taxable bonds السند

321
00:23:32,710 --> 00:23:36,050
اللي عليه ضريبة So we are comparing between this

322
00:23:36,050 --> 00:23:40,310
and this We are in other words احنا بنقارن بالسند

323
00:23:40,310 --> 00:23:42,550
اللي عليه ضريبة في عائد السند اللي عليه ضريبة

324
00:23:42,550 --> 00:23:49,710
وعائد السند اللي ماعفيه من الضريبة Okay So if this

325
00:23:49,710 --> 00:23:58,910
equal Y it means if R is greater than RMإذا كان

326
00:23:58,910 --> 00:24:02,650
العائد بتاع R، طبعا الـR هي إيش؟ العلي دريبة،

327
00:24:02,650 --> 00:24:10,250
العلي دريبة is greater than RM, so we prefer R it

328
00:24:10,250 --> 00:24:17,230
means we are not always keep our eyes in the

329
00:24:17,230 --> 00:24:20,670
municipal bonds يعني مش دايما احنا we select

330
00:24:20,670 --> 00:24:24,310
municipal bonds because it depends on the R after

331
00:24:24,310 --> 00:24:29,020
taxلأنه بنحسب ال R after tax يعني قداش بعد الضريبة

332
00:24:29,020 --> 00:24:32,240
and then after that we compare between them if R

333
00:24:32,240 --> 00:24:37,440
is greater than RM so we go for R otherwise ..

334
00:24:37,440 --> 00:24:41,860
otherwise يعني إذا ماكانش الكلام هذا we go for RM

335
00:24:41,860 --> 00:24:47,320
يعني إذا كان العكس is the opposite if RM is

336
00:24:47,320 --> 00:24:53,580
greater than RM we prefer RM this is very simple

337
00:24:56,470 --> 00:25:00,410
which one okay

338
00:25:00,410 --> 00:25:05,930
هلأ احنا هال R M ماعليهاش ضريبة صح و ال R اللي هي

339
00:25:05,930 --> 00:25:08,270
اللي عليها ضريبة هيخلصنا منها الضريبة one one

340
00:25:08,270 --> 00:25:12,570
minus tax T إذا كان الجواب let's say إذا كان

341
00:25:12,570 --> 00:25:17,710
الجواب عندنا هان كان هان هان مثلا six percent okay

342
00:25:17,710 --> 00:25:23,790
و هان كان after tax is seven percentSo in this

343
00:25:23,790 --> 00:25:30,410
case R is greater than RM So we select R نختار ال

344
00:25:30,410 --> 00:25:34,490
R Otherwise if this is wrong Otherwise إذا كان

345
00:25:34,490 --> 00:25:41,930
العكس So RM is greater than R نختار ال R نختار ال

346
00:25:41,930 --> 00:25:48,610
R نختار

347
00:25:48,610 --> 00:25:50,630
ال R نختار ال R نختار ال R نختار ال R نختار ال R

348
00:25:50,630 --> 00:25:50,990
نختار ال R نختار ال R نختار ال R نختار ال R نختار

349
00:25:50,990 --> 00:25:51,030
ال R نختار ال R نختار ال R نختار ال R نختار ال R

350
00:25:51,030 --> 00:25:51,030
نختار ال R نختار ال R نختار ال R نختار ال R نختار

351
00:25:51,030 --> 00:25:51,030
ال R نختار ال R نختار ال R نختار ال R نختار ال R

352
00:25:51,030 --> 00:25:51,030
نختار ال R نختار ال R نختار ال R نختار ال R نختار

353
00:25:51,030 --> 00:25:51,030
ال R نختار ال R نختار ال R نختار ال R نختار ال R

354
00:25:51,030 --> 00:25:54,990
نختار ال R نختار ال R نختار ال R نختارlet this is

355
00:25:54,990 --> 00:25:58,430
the let T equal the investor margin tax so this is

356
00:25:58,430 --> 00:26:04,010
T and I explain tax okay let R equal the before

357
00:26:04,010 --> 00:26:07,870
tax return on the taxable bond اللي هو ال R شايفين

358
00:26:07,870 --> 00:26:11,030
ال R this is before tax لما احنا بنضرب one minus T

359
00:26:11,030 --> 00:26:16,150
بيصير after taxand RM اللي احنا شرحناها ال RM

360
00:26:16,150 --> 00:26:20,390
شفتوها denote the municipal bonds اللي هي السند

361
00:26:20,390 --> 00:26:26,450
بتاع البلدية وحكينا ال municipal bonds هو is tax

362
00:26:26,450 --> 00:26:32,780
exemptedهو مافيه من الضريبة Why is tax exempted to

363
00:26:32,780 --> 00:26:36,900
encourage investors to hold this bond؟ ليش البلدية

364
00:26:36,900 --> 00:26:40,440
بتاع فيه من الضريبة عشان تشجع ال investors أنه

365
00:26:40,440 --> 00:26:44,560
تحمل هذا النوع من السندات طبعا نفس ال calculation

366
00:26:44,560 --> 00:26:51,590
if R1-Tgreater than RM then the taxable bond gives

367
00:26:51,590 --> 00:26:54,870
a higher rate of return otherwise the municipal

368
00:26:54,870 --> 00:26:59,590
bond is preferred زي ما أنا حكيته إذا كان R1-T

369
00:26:59,590 --> 00:27:03,310
اللي شايفينها is greater than RM so in this case

370
00:27:03,310 --> 00:27:08,970
we prefer the taxable bonds otherwise the tax

371
00:27:08,970 --> 00:27:13,910
exempted bond is preferable okay how we calculate

372
00:27:13,910 --> 00:27:21,410
theكيف ممكن نحسب اذا كان عندى انا سند one percent

373
00:27:21,410 --> 00:27:24,390
اذا كان عندى one percent سند زى ما انتوا شايفين

374
00:27:24,390 --> 00:27:32,590
هان سند one percent شايفين هذا ال one percent كيف

375
00:27:32,590 --> 00:27:39,070
بدنا نعرف المقابله من السندات اللى عليها ضريبة سند

376
00:27:39,070 --> 00:27:45,560
يعنى مثلا عندى سند مافيه من الضريبةبتعرف مقابل سند

377
00:27:45,560 --> 00:27:47,900
عليه ضريبة، كده لازم يتساوي مع بعض، فبتسمي

378
00:27:47,900 --> 00:27:53,660
equivalent يعني equivalent tax yield أنه متى ال ..

379
00:27:53,660 --> 00:27:57,840
ال .. ال .. ال .. ال .. ال two interest rates are

380
00:27:57,840 --> 00:28:02,220
equal متى بيكونوا التانية بتساوي مع بعض، لو كان

381
00:28:02,220 --> 00:28:05,680
عندي واحد في المية، واحد في المية tax exempted،

382
00:28:05,680 --> 00:28:13,130
ماعليهوش ضريبة equivalent yieldهي موجودة هي the

383
00:28:13,130 --> 00:28:17,150
equivalent taxable yield ايش معناه when احنا we

384
00:28:17,150 --> 00:28:21,030
are in difference اتطلعوا هان اتطلعوا على ال

385
00:28:21,030 --> 00:28:24,850
equation هادى اتطلعوا كلكوا على ال equation هلا ال

386
00:28:24,850 --> 00:28:28,670
equation هان اللي هو R after tax اذا احنا بنصلحها

387
00:28:28,670 --> 00:28:33,990
هي one minus T okay is greater than RM and RM is

388
00:28:33,990 --> 00:28:40,280
greater than R so my question is whenR 1 minus T

389
00:28:40,280 --> 00:28:48,080
is equal RM R 1 minus T is equal R هذا لما يكونوا

390
00:28:48,080 --> 00:28:52,760
تنامت سوين RM لما يكونوا تنامت سوين so the

391
00:28:52,760 --> 00:28:55,440
investors are in difference ايش معناه in

392
00:28:55,440 --> 00:28:58,440
difference يعني سواء أخدوا هذا ولا أخدوا هذا نفس

393
00:28:58,440 --> 00:29:06,520
الشيء نفس الشيء okayنريد أن نعرف R1-T وهذا R بعد

394
00:29:06,520 --> 00:29:10,160
التجارة للمعادلين المتجارين وهذا تجارب ممكن تجارب

395
00:29:10,160 --> 00:29:13,240
تجارب تجارب تجارب

396
00:29:13,240 --> 00:29:13,780
تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

397
00:29:13,780 --> 00:29:14,100
تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

398
00:29:14,100 --> 00:29:14,600
تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

399
00:29:14,600 --> 00:29:16,240
تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

400
00:29:16,240 --> 00:29:17,780
تجارب تجارب تجارب تجارب تجارب تجارب تجارب تجارب

401
00:29:17,780 --> 00:29:23,780
تجارب تجارب تج

402
00:29:24,310 --> 00:29:27,630
interest or these yields one two three four

403
00:29:27,630 --> 00:29:31,050
percent for the tax exempted هدول tax exempted we

404
00:29:31,050 --> 00:29:35,410
want to know if you just hide all of these we want

405
00:29:35,410 --> 00:29:39,810
to know what is the tax the equivalent rate for

406
00:29:39,810 --> 00:29:45,750
the taxable one يعني بتشوف جداش العائد على ال

407
00:29:45,750 --> 00:29:48,890
taxable على السند اللي عليه ضريبة جداش .. وين

408
00:29:48,890 --> 00:29:52,430
بتساوىأنا بأعطيكوا الضريبة زي ما أنتوا شايفين

409
00:29:52,430 --> 00:29:57,410
طلعواها ال marginal tax rate مرة أعطيناها 20% مرة

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

411
00:30:03,090 --> 00:30:08,370
we calculate this you just follow the equation so

412
00:30:08,370 --> 00:30:14,730
RM divided by 1 minus T يعني 1% تقسيم 1 minus T

413
00:30:14,730 --> 00:30:20,290
اللي هو 20%خلّين إذا إنتوا حابين تتأكدوا إنه هاي

414
00:30:20,290 --> 00:30:23,830
ال one point twenty five اللي شايفينها هان how we

415
00:30:23,830 --> 00:30:29,570
get this one percent اللي هي ال tax exempted تقسيم

416
00:30:29,570 --> 00:30:34,530
واحد minus اللي هي العشرين في المية twenty percent

417
00:30:35,410 --> 00:30:39,170
بتطلع هذه how we can do the next البعديها كيف

418
00:30:39,170 --> 00:30:43,250
هنسويها لأ the same الواحد في المية تقسيم واحد

419
00:30:43,250 --> 00:30:48,050
minus 30 yes 30 percent and the rest و بتسوي

420
00:30:48,050 --> 00:30:52,430
الكلام هذا كله طيب معناه الكلام بعد ما نخلص ال

421
00:30:52,430 --> 00:30:55,810
table بعد

422
00:30:55,810 --> 00:31:00,890
ما نخلص ال table it meansانتبهوا هان one point

423
00:31:00,890 --> 00:31:05,290
twenty five percent taxable bond is equal one

424
00:31:05,290 --> 00:31:11,790
percent tax exempted bond يعني لو احنا أخدنا سند

425
00:31:11,790 --> 00:31:16,010
عليه ضريبة الواحد فاصلة اتنين فاصلة خمسة after tax

426
00:31:16,010 --> 00:31:22,930
هيساوي واحد فلمية على سند معفي من الضريبة لو احنا

427
00:31:22,930 --> 00:31:28,670
أخدنا هان كمانلو أخدنا مثلا هنا لعند 4% لعند 40%

428
00:31:28,670 --> 00:31:34,890
الدريبة سند بيعطيني سند عليه دريبة 6.67% هو نفسه

429
00:31:34,890 --> 00:31:40,530
هيساوي 4% إذا كان ماعفي من الدريبة لو أخدنا ال 10%

430
00:31:40,530 --> 00:31:46,550
هذا المثال this bond is taxable bond هذا عليه

431
00:31:46,550 --> 00:31:51,670
دريبة is equal 5% if it is tax exempted يعني 5%

432
00:31:51,670 --> 00:31:54,830
بتسوى 10% في حالة إعفاء الدريبة

433
00:32:00,290 --> 00:32:08,950
Okay؟ كيف؟ where أي واحدة؟ هذه؟ نفس الطريقة هذه

434
00:32:08,950 --> 00:32:12,510
نفسي أنا بس ورجيتك واحدة تانية مش هورجيك الكل

435
00:32:12,510 --> 00:32:15,850
طلعنا

436
00:32:15,850 --> 00:32:23,510
ال equivalence طلعنا هذه ال T طلعنا أنه متى هذا

437
00:32:23,510 --> 00:32:27,170
بيساوي هذاإيش ال rates بيكون مثلا أنا ال R مش

438
00:32:27,170 --> 00:32:33,130
عارفها I don't know this R I know RM I know T so

439
00:32:33,130 --> 00:32:37,930
only things I need this so in this case R is equal

440
00:32:37,930 --> 00:32:47,570
من المعادلة RM divided by 1 minus T شو؟

441
00:32:49,920 --> 00:32:53,580
الواحد في اكتشاف اه هي tax exempted شايفها هي tax

442
00:32:53,580 --> 00:32:58,260
exempted نرجع للمعادلة يا برات برات هذه very

443
00:32:58,260 --> 00:33:04,280
simple mathematics mathematics بتاعة very simple

444
00:33:04,280 --> 00:33:08,980
تبوا علينا شوفوا

445
00:33:08,980 --> 00:33:16,080
رياضيا هلأ كان عندى Rone minus T should equal RM

446
00:33:16,080 --> 00:33:23,920
مظبوط؟ زي ما علمونا في الرياضيات if I want R so R

447
00:33:23,920 --> 00:33:28,600
is equal RM و هذه بتروح تحت هذه صح؟ one minus T

448
00:33:28,600 --> 00:33:35,160
فأنا كأني بسأل what is the rate of taxable bond if

449
00:33:36,320 --> 00:33:41,460
R is R after tax equal RM ففي الحالة هذه أنا مش

450
00:33:41,460 --> 00:33:45,640
عارف ال R ف RM divided by 1 minus T فهذه

451
00:33:45,640 --> 00:33:48,020
Mathematics أنا كنت أفكر أن أنت you know what it

452
00:33:48,020 --> 00:33:51,000
means mathematically يعني أنا بفكر أن أنت بتعرف

453
00:33:51,000 --> 00:33:56,020
Mathematically فأنا

454
00:33:56,020 --> 00:34:05,500
مش عارف هذه I don't know this بالظبط كده this one

455
00:34:06,800 --> 00:34:10,740
هيبقى انا .. انا هذا ال .. ال table هذا مش موجود

456
00:34:10,740 --> 00:34:15,440
اصلا and I just give you the tax exempted و بعطيك

457
00:34:15,440 --> 00:34:19,640
الدريبة and I'm asking you what is the equivalent

458
00:34:19,640 --> 00:34:24,280
rate of return if you know this بال equivalent

459
00:34:24,280 --> 00:34:30,260
rate of return يعني متى ال R هتساوي ال RM you

460
00:34:30,260 --> 00:34:35,540
understand؟ بس ال RM هي النمر اللي بيبقى بالعالم

461
00:34:44,700 --> 00:34:50,480
خلّينا .. خلّينا ال investors تبقوا علينا ال

462
00:34:50,480 --> 00:34:56,300
investors بالاخير معنيين في العائد عندهم انت عندك

463
00:34:56,300 --> 00:35:01,670
سندين سند عليه دريبة و سند ماعليهش دريبةمش دايما

464
00:35:01,670 --> 00:35:04,850
السند اللي ماعنوش ضريبة is preferable مش .. مش

465
00:35:04,850 --> 00:35:08,610
دايما بنات مش دايما السند اللي عليه اللي معاه فيه

466
00:35:08,610 --> 00:35:12,290
مرة ضريبة هو كويس فال investors أول ما بيطلع لازم

467
00:35:12,290 --> 00:35:16,370
يحسب ال return من هاد و ال return من هاد و بيعمل

468
00:35:16,370 --> 00:35:19,790
comparison between them إذا كان ال return من ال

469
00:35:19,790 --> 00:35:23,150
taxable أفضل فأنا بروح على ال taxable if the

470
00:35:23,150 --> 00:35:27,010
return of the exempted so I prefer the exempted

471
00:35:27,010 --> 00:35:30,680
لأن ال .. the ..we assume that the investors are

472
00:35:30,680 --> 00:35:34,820
rational يعني بالعربي يا بنات لو أنتوا روحتوا على

473
00:35:34,820 --> 00:35:40,620
البلد بدكم تشتريوا a t-shirt ف how much this one

474
00:35:40,620 --> 00:35:43,740
this is twenty شاكل and another one say this is

475
00:35:43,740 --> 00:35:47,600
twenty five شاكل so which you prefer يعني الأول

476
00:35:47,600 --> 00:35:49,760
حكواكوا عشرين شاكل و التاني حكواكوا خمسة و عشرين

477
00:35:49,760 --> 00:35:54,640
شاكل عاملين بتروحوالأ أبو العشرين طيب if you have

478
00:35:54,640 --> 00:35:58,900
two projects لو كان عندي مشروعين مشروع بيعطيني 10%

479
00:35:58,900 --> 00:36:04,520
ومشروع بيعطيني 12% اي مشروع أروح؟ أبو 12% and this

480
00:36:04,520 --> 00:36:08,840
is the same لو كان عندي سندين واحد بيعطيني اتناشر

481
00:36:08,840 --> 00:36:10,660
في المية وواحد عشر في المية بروح أبو اتناشر في

482
00:36:10,660 --> 00:36:14,180
المية but the problem is we have taxable and we

483
00:36:14,180 --> 00:36:18,940
have non-taxable so we justdo the taxable one

484
00:36:18,940 --> 00:36:21,760
calculate the taxation then what is the equivalent

485
00:36:21,760 --> 00:36:27,220
rate of return just to conclude احنا حكينا على ال

486
00:36:27,220 --> 00:36:30,220
bond market و حكينا على ال governments ال

487
00:36:30,220 --> 00:36:32,860
municipal bonds و حكينا على ال treasury notes و

488
00:36:32,860 --> 00:36:37,580
treasury bills and that's it in the in the next in

489
00:36:37,580 --> 00:36:39,460
the next meeting I will focus on the corporate

490
00:36:39,460 --> 00:36:40,900
bonds and stocks