In the case of a loan, the period from the start of the contract until – the agreed repayment date or – the actual repayment in full, usually expressed in months. – In the case of an option, the period between the current date and the date on which the option right can be exercised for the last time, the expiration date. – The period of validity of a bond. – Maximum maturity is the period from the start of the contractual interest payment to the final maturity. – Residual maturity is the period from now until maturity for issues falling due en bloc. – Maximum residual maturity is the period from now until the maturity of the last installment for redeemable issues. – Minimum residual maturity is the period from now until the maturity of the next installment for redeemable issues. – Mean residual maturity is the sum of the shortest and longest residual maturity divided by two – Computed residual maturity is the maturity after which a redemption bond must be redeemed at once if it is regarded as an issue falling due en bloc with a constant nominal interest rate, the same price and the same yield. – In insurance, the time for which a contract concluded with the insurance company runs. If a contract is concluded for a term of several years, the contract can usually only be terminated at the end of the third year of the contract. Before that, this is only possible if a loss has occurred or if the insurance company increases premiums but not benefits. – See discount paper, bond, annuity loan, automatic execution, balloon, bullet payment, duration. – Cf. the monthly statistical supplement “Capital Market Statistics” of the Deutsche Bundesbank on the scope of paper and, in the explanatory notes, the distinctions made here.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/
Passende Formel
Macaulay-Duration
Die durchschnittliche kapitalgewichtete Bindungsdauer einer Anleihe bestimmen.
Variablen: CFt Cashflow in t; y Rendite; P Kurs; t Zahlungszeitpunkt.
Anwendung: Für Zinsrisikoanalyse und Laufzeitvergleich festverzinslicher Wertpapiere.