Suppose you work as a junior analyst in one large Australian mining firm, which mainly export coal to Japan. The company has 100 million dollars to invest for up to 10 years in a financial instrument. Your boss, who knows a lot about finance, ask you to investigate the possibility to invest the full amount in one or more 10 year-bonds (for one or different countries) to diversify the risk of being totally exposed to the Japanese economy. Your task is to write a report about 10 years government bonds (you can choice one or more of the countries/bonds in the data folder) and provide a recommendation for the company to invest (for example 30% in bond of country X and 20% on bonds of country Y, etc...). Other investments such as share will not be considered for the company. This is a great opportunity to test your understanding of this financial instrument and understand what factors you should consider for this investment. For this assignment marks will be allocated in the following manner: Please use the following format to write your report (Rubrics are in brackets): 1. General introduction and characteristics of this investment (10-year government bonds). [20 marks] 2. Use the data in the file: 10 year bond.xls to construct a table of the correlation amongst each pair of all 10- year bond yield, described your results and investigates why some countries yield are very high correlated. [20 marks] 3. Given the objective of the firm to diversify from Japanese risk, recommend a portfolio investment for the next 10 years. Domestic and international economic context (e.g. interest rates, exchange rates economic growth and inflation) Diversification Risk/return Liquidity [60 marks] [Total Marks 100 marks] 1999-01-01 4.72 1999-02-01 5.00 1999-09-01 5.23 1999-01-01 5.18 1999-05.01 5.54 1999-06-01 5.90 1999-07-01 5.79 1999.08.01 5.94 1999-19-01 5.92 1999.10.01 6.11 1999-11-01 6,03 1999.12.01 6.28 2000-01-01 6.66 2000-02.01 632 2000-03-01 6.26 2000-04-01 5.99 2000-05-01 6.44 2000-17.01 6.10 2000-07-01 6.05 2000-1/8-01 5,83 2000-09.01 5.80 2000-10-01 5.74 2000-11.0L 5.72 2000-12-01 5.24 2001-01-01 5.16 2001-02-01 5.10 2001-03-01 4.89 2001-04.01 5.14 2001-05.01 5.39 2001-1/6.01 5.28 2001-09-01 5.24 2001-08-01 4.97 2001-09.01 4.73 2001-10-01 4.57 2001-11-01 4.63 2001-12.01 5.09 2002-01-01 5.04 2002-02-01 4.91 2002-03-01 5.28 2002-04.01 5.21 2002-05-01 5.16 2002-06.01 4.93 2002-07-01 465 2002-08.01 4.26 2002-09.01 3.87 2002-10-01 3.94 2002-11-01 4.05 2002-12-01 403 2003-01-01 4.05 2009-02-01 3.90 2003-03-01 3.81 2003-04-01 3.96 2003-05.01 3.57 2003-04-01 3.33 2003-07-01 3.98 2003-06-01 4.45 2003-09.01 4.27 2003-10-01 4.29 2003-11-01 4.30 2003-12-01 4.27 2004-01-01 4.15 2004-02-01 4.08 2004-03-01 3.83 2004-04-01 4.35 2004-05-01 4.72 2001-06-01 4.73 2004-07-01 4.50 200108 01 4.28 2004-09-01 4.13 2001-10.01 4.10 2004-11-01 4.19 2004-12-01 4.23 2005-01-01 4.22 2005-02-01 4.17 2005-03-01 4.50 2005-01-01 4.34 2005-05-01 4.14 2005-176.01 4.00 2005-07-01 4.18 2005-08-01 426 2005.09.01 4.20 US 10 year Germany 1CJapan 10 ye:UK 10 year Italy 10 yea Spain 10 ye France 10 y New Zealan Australia 10 year bond yields 4.72 3.7000 1.9100 4.2868 3.9220 3.8800 3.7800 5.5300 5.1279 5.00 3.8500 2.1170 4.4319 4.0540 4.0200 3.9300 5.6200 5.3000 5.23 4.0400 1.8160 4.6554 4.2700 4.2800 4.1300 5.8400 5.5265 5.18 3.8500 1.5630 4.5920 4.1100 4.0900 3.9800 5.7000 5.3575 5.54 4.0100 1.3340 4.9068 4.2790 4.2700 4.1600 6. 1200 5.8757 5.90 4.3600 1.6320 5.1716 4.6150 4 6000 4.4700 6,5148 6.2067 5.79 4.6800 1.7030 5.3721 4.9380 4.9100 4.8100 6.5395 6,1359 5.94 4.8800 1.8780 5.4312 3.1300 5.1700 5.0100 6.8768 6.3400 5.92 5.0400 1.7590 5.6919 52820 5.3100 5.1900 6.9114 6.3414 6.11 5.2900 1.6920 3.8801 5.5200 5.5700 5.4300 7.1055 6.6062 6.03 5.0400 1.8170 5.3145 5.2500 5.2800 5.1500 7,0227 6.5564 6.28 5.1500 1.7670 5.3890 5.3600 5.3700 5.2700 7.1714 6.7371 6.66 5.5400 1.6910 5.8227 5.7500 5.7600 5,6600 7,4763 7.1779 6.52 5.5100 1.7960 5.6347 5.7300 5.7300 5.6200 7.3138 6.9576 5.3300 1.8190 5.3707 5.5800 5.5500 5.4300 7,0557 6.5704 5.99 5.2200 1.7400 5.3213 5.4661 5.4500 5.3300 6.8429 6.2647 6.44 5.3800 1.7050 5.4033 5.6700 5.6300 5.5000 7.0996 6.4657 6.10 5.1900 1.6640 5.2097 5.5100 5.4600 5.3200 6.8486 6.1724 6.05 5.2700 1.6890 5.2388 3.3910 5.5300 5.4000 6.7271 6.1619 5.83 5.2100 1.7500 5.3312 5.5600 5.5000 5.3600 6,6774 6.2274 5.80 5.2600 1.8760 5.3873 5.5600 5.4200 6.7352 6.1362 5.74 5.2100 1.8150 5.2179 5.57800 5.4900 5.3600 6,7010 6.1080 5.72 5.1500 1.7640 5.0983 5.5500 5.4500 5.2900 6.5936 5.9895 5.24 4.8900 1.6240 4.9118 5.2980 5.2000 5,0400 6,1495 5.5432 5.16 4.8000 1.5080 4.8471 5.1830 5.0800 4.9400 6.0586 5.4055 5.10 4.7800 1.4150 48248 5.1800 5.1200 4,9300 6,0426 5.3213 4.89 4.6700 1.1690 4.7030 5.1310 5.0400 4.8400 5.9500 5.1307 5.14 4.8300 1.3150 4.9468 5.2820 5.1800 5.0000 6.25 50 5.5772 5.39 5.0500 1.2500 5.1153 5.4490 5.3600 5.2100 6.6165 5.9435 5.28 5.0000 1.1520 5.1951 5.3900 5.3300 5.1500 6,6320 5.8968 5.24 5.0200 1.3050 5.2037 5.4000 5.3500 5.1500 6.7432 6.0864 4.97 4.8200 1.3430 4.9854 5.2200 5.1600 4.9500 6.5774 5.7615 4.73 4.8100 1.3460 4.9876 5.2000 5.1400 4.9400 6.5240 5.5783 4.57 4.6000 1.3630 4.8253 4.9600 4.9100 4.7200 6.4041 5.4076 4.65 4.4500 1.3280 4.6271 4.8000 4.7600 4.5700 6.2950 5.4577 5.09 4.7400 1.3340 4.8928 5.0500 4.9700 4.8700 6.6216 5.8168 5.04 4.8600 1.4200 4.9171 5.1420 5.0500 4.9300 6,5810 5.8583 4.91 4.9200 1.5010 4.9251 5.1990 5.1100 4.9900 6,6100 5.9458 5.28 5.1600 1.4210 5.2202 5,4110 5 3400 5.2500 6,8840 6,3090 5.21 5.1500 1.3940 5.2331 5.4000 5.3400 5.2400 6.8675 6.2940 5.16 5.1700 1 3650 5.2689 5.4060 5.3600 5.2600 6,8078 6.2152 4.93 5.0200 1.3280 5.0991 5.2550 5.2300 5.1100 6,6400 6.0076 4.65 4.8700 1.2960 5.0027 5.1090 50700 4.9600 6.5361 5.8598 4.26 4.5900 1.2550 4.7460 4.8280 4.7800 4.6700 6.3318 5.6484 3.87 4.3800 1.1290 4.5006 4.6180 4.5800 4,4600 6.1693 5.4357 3.94 4.4600 1.0950 4.6160 4.7570 4.6200 4.5500 6.3268 5.6591 4.05 4.4800 09790 4.6378 4.7350 4.6000 4.5300 6.2850 5.4995 4.03 4.3300 0.9750 4.5644 4.5500 4.4300 4.3800 6.2770 5.3950 4.05 4.1800 0.8360 4.3899 4.3800 4.2400 4.2200 6.1193 5.2750 3.90 3.9500 0.8280 4.2131 4.1600 4.0100 4,0100 5.8774 5.1678 3.81 4.0000 0.7240 4.3243 4.1800 4.0400 4.1000 5.9124 5.2717 3.96 4.1500 0.6630 4.4664 4.3100 4.1900 4.2200 5.9789 5.3461 3.57 3.8200 0.5770 4.2197 4.0400 3.8800 3.8900 5.5968 5.0282 3.33 3.6200 0.5290 4.1127 4.1300 3.7000 3,6900 5.2308 4.8028 3.98 3.9700 0.9560 4.4078 4.2900 4.0300 4.0100 S.5428 5.2328 4.45 4.1300 1.4000 4.6040 4.3100 4.1900 4.1600 5.9140 5.5240 4.27 4.1700 1.4200 4.7132 4.4000 4.2100 4.2300 5.9545 5.5130 4.29 4.2200 1.4370 49071 4.3800 4.2700 4.2800 6.0177 5,6087 4.30 4.3500 1.3330 5.0650 4.5100 4.4000 4.4100 6.2055 5.8740 4.27 4.2900 1.3300 48960 4.4600 4 3400 4.3400 6,0488 5.7574 4.15 4.1700 1.3200 4.7875 4.3166 4.1900 4.2000 5.9335 5.70x15 4.08 4.1100 1.2110 4.8056 4.1500 4.1400 5.9071 5.6205 3.83 3.9100 1.4180 4.7088 4.1687 4.0100 3.9800 5.7411 5.4154 4.35 4.1000 1.5200 4.9570 4.3509 4.2000 4.1900 6,0423 5.8030 4.72 4.2500 1.5050 5.1118 4.4930 4.3300 4.3400 6.2560 5.9581 4.73 4.3100 1.8070 5.2000 4.5439 4.3900 4.3900 6.2876 5.8455 4.50 4.2400 1.NONO 5.1083 4.4399 4.2800 4.2700 6,1768 5.7177 4.28 4.0800 1.5880 5.0071 4.2771 4.1500 4.1100 6.2005 5.5832 4.13 4,0200 1.3930 4.9109 4.250R 4.0800 4,0900 6.1630 5.4120 4.10 3.8900 1.4830 4.7683 4.1289 3.9700 3.9800 6,0833 5.4014 4.15 3.7800 1.4520 4.6903 3.9998 3.8500 3,8600 6,0475 5.4000 4.23 3.5800 1.3970 4.5316 3.7917 3.6400 3.6400 5.9926 5.2319 4.22 3.5600 1.3100 4.5419 3.5900 3.5800 5.9615 5.3518 4.17 3.5400 1.4190 4.5884 3.6784 3.5800 3.6000 5.9540 5.3978 4.50 3.7000 1.3250 4.7900 3.8373 3.7300 3.7500 6.1614 5.6526 4.34 3.4800 1.2570 4.6218 3.6532 3.5300 3.5400 5.9890 5.4720 4.14 3.3000 1.2380 4.4173 3.5526 3.3600 3.3800 5.8070 5.2877 4.00 3.1300 1.1430 4.2847 3.4050 3.1900 3.2000 5.7110 5.1405 4.18 3.2000 1.2950 4.3011 3.4384 32200 3.2700 5.7529 5.1902 4.26 3.2300 1.3650 4.3249 3.4490 3.2300 3.3000 5.7707 5.2187 4.20 3,0700 1.4500 42109 3.2870 3.0900 3.1300 5.7052 43428 5.1864 4.18 4.26 4.20 4.46 4.54 4.47 4.42 4.57 4.72 4.99 5.11 5.11 5.09 4.88 4.72 4.73 4.60 4.56 4.3011 4.3249 4.2109 4.3482 4.3129 4.2186 4,0752 4.1543 4.3177 4.5177 4.648 4.6645 4.6560) 4.6535 4.3522 4.6155 4.5452 4.6195 4.8694 4.8960 4.8194 5.0439 5.1458 5.1321 5.4084 5.1499 4.9928 4.9576 4.7263 4.6937 4.4925 4.6234 2005-07-01 4.18 2005-08.04.26 2005-09-01 4.20 2005-10-01 4.46 2005-11-11 454 2005.12.0L 441 2006-01-01 4.42 2006-02-0L4.57 2006-04-01 4.72 2006-04-0L 4.99 2006-05-0L 5.11 2006-06-0L 5.11 2006-07.01 5.09 2006-08-0L 4.88 2006-09.0L 4.72 2006-10-01 4.73 2006-11-01 4.60 2006-12-01 4.56 2007-01-01 4.76 2007-02-01 4.72 2007-03-01 4.56 2007-04-01 4.69 2007-05-0L 4.75 2007-06-01 5.10 2007-07-01 5.00 2007-08-0L 4.67 2007-09-01 4.52 2007-10-01 4.53 2007-11-01 4.15 2007-12-0L 4.10 2008-01-01 3.74 2008-02-01 3.74 2008-03-01 3.51 2008-04-0L 3.68 2008-05-01 1.88 2008-06-0L4.10 2008-07-014.01 2008-08-0L 3.89 2008-09-01 1.69 2008-10-01 3.81 2008-11-01 153 2008-12-0L 2.42 2009-01-01 2.52 2009-02-01 2.87 2009-03.0L 2.82 2009-04-01 2.93 2009-05-01 3.29 2009-06-01 3.72 2009.07.0L 3.56 2009-11-01 1.59 2009-09.0L 3.40 2009-10-01 3.39 2009-11-01 3.40 2009-12-01 3.59 2010-01-0L 3.73 2010-02-01 3.69 2010-03-01 3.73 2010-04-01 3.85 2010-05-01 3.42 2010-06-0L 3.20 2010-07-01 3.01 2010-08-01 2.70 2010-09-01 2.65 2010-10-OL 2.54 2010-11-01 2.76 2010-12-0L 3.29 2011-01-13 19 2011-02-01 3.58 20011-03-11 3.41 2011-04-01 146 2011-45.41 3.12 2011-06-01 3.00 2011-07-01 200 2011-08-01 230 2011-09-01 1.98 2011-10-01 2.15 2011-11-01 2.01 2011-12-01 198 2012-01-OL 1.97 2012-02-01 1.97 2012-03-01 2.17 2012-04-01 205 3.2000 3.2300 3.0700 3,2400 3.4500 3,3400 3.3200 3.4700 3.6400 3.8900 3.9600 3.9800 4.0100 3.BROD 3.7500 3.7900 3.7100 3.7700 4.0200 4.0500 3.3400 4.1500 4.2800 4.5600 4.5000 4.3000 4.2200 4.280C 4.0900 4.2100 4.0300 3.9500 3.BOOD 4,0400 4.2000 4.5200 4.4900 4.2000 4.0900 3.8800 3.5600 3.0500 3.0700 3.1300 3.0200 3.1300 3.3700 3.4700 3.3400 3.3100 3.2600 3.2100 3.2200 3.1400 3.2600 3.1700 3.1000 3.0600 2.7300 2.5400 2.6200 2.3500 2.3000 2.3500 2.5300 2.9100 3.0200 3.2000 3.2100 3.3400 3.0600 2 8900 2.7400 2.2100 1.8300 2.0000 1.8700 1.9300 1.2950 1.3650 1.4500 1.5130 1.4540 1.4880 1.5470 1.5980 1.7590 1.9560 1.8490 1.9010 1.9270 1.6680 1.6280 1.7180 1.6900 1.6450 1.7050 1.6400 1.6290 1.650 1.7330 1.9030 1.8090 1.5770 1.6980 1.6160 1.4970 1.5260 1.4290 1.4290 1.2450 1.6000 1.7780 1.6010 1.5370 1.4310 1.4810 1.4860 1.3770 1.2140 1.2720 1.2770 1.3230 1.4020 1.4810 1.16.30 1.3860 1.3140 1.2580 1.4140 1.2530 1.2720 1.3080 1.2950 1.3610 1.2860 1.2570 1.0800 1.0750 1.0230 0.8980 0.9030 1.1610 1.1330 1.21.30 1.2410 3.4384 3.4421 3.2870 3.4444 3.6552 3.5532 3.5435 3.6973 3.9228 42200 4.2847 4.2947 4.3065 4.1707 4.0358 4,0700 3.9701 4.0376 4.2628 4.2801 4.1762 4.3702 4.4897 4.7720 4.7603 4.5835 4.5736 4.5909 4.4493 4.5385 4.3989 4.3544 4.320X1 4.5300 4.7000 5.1056 5.17946 4.8139 4.8041 4.7800 4.7425 4.4688 4.6213 4.5358 4.4584 4.3560 4.4151 4.6262 4.72 4.56 4.69 4.75 5.10 5.00 4.67 4.52 4.53 4.15 4.10 3.74 3.74 3.51 3.68 3.88 4.10 4.01 3.89 3.69 3.81 3.53 2.42 2.52 2.87 2.82 2.93 3.29 3.72 3.56 3.59 3.40 3.39 3.40 3.59 3.73 3.69 3.73 3.85 3.42 3.20 3.01 2.70 2.65 2.54 2.76 3.29 3.39 3.58 3.41 3.46 3.17 3.00 3.00 2.30 1.98 2.15 2.01 1.96 1.97 1.97 2.17 2.05 3.2200 3.2300 3.0900 3.2700 3.4800 33700 3 3310 3.4800 3.6500 3.9200 3.9900 3.9900 4.0200 3.9900 3.7600 3.8100 3.7500 3.8200 4.0700 4.1100 4.0100 4.2090 4.3360 4.6190 4.5950 4.3980 43540 4.3790 42490 4.3480 4.1800 4.1430 4.1160 4.3110 4.4220 4.7920 4.7990 4.5590 4.5660 4.4660 4.1460 3.8580 4.1500 4.2340 4.0590 4.0060 4,0540 4.2350 4.0120 3.7780 3.8030 3.7710 3.7900 3.8000 3.9880 3.9790 3.8300 3.9010 4.0810 4.5560 44330 4.0370 4.0950 4.0370 4.6860 5.3740 5.3790 5.2580 5.2490 5.3290 5.3220 5.4800 5.8250 5.2520 5.2000 5.2590 6.1920 5.5050 5.3990 5.1110 5.1700 5.7900 3.2700 3.3000 3.1.2010 3.2900 3.5000 3.3800 3.3400 3.5100 3.6900 3.9600 4.0000 4.0100 4.0300 3.9000 3.7700 3.8100 3.7400 3.100 4.0700 4.1000 4.0000 4.2100 4.3400 4.6200 4.5800 4.3900 4 3600 4.4000 42300 4.3500 4.1500 4.0800 4.0200 4.2700 4.4100 4.7300 4.6900 4.4000 4.3600 4 1800 3.9800 3.5400 3.6000 1.6800 3.6500 3.6600 3.8000 3.9000 3.7300 3.5800 3.5900 3.5600 3. 5500 3.4800 3.5200 3.5000 3 4400 3.4000 5.0800 3.700 2 9900 2.6800 5.1902 S.2187 5.1864 5.4002 5.4352 5.3465 5.2035 5.2720 5.3413 5.5797 5.7500 5.7379 5.8340 5.7733 5.6017 5.6650 S.5995 5.6966 5.8776 5.8093 5.7368 5.90/97 5.9209 6.2018 6.1498 5.9259 5.9921 6.1743 6,0255 6.2076 6.0764 6.2945 6.ONSS 6.1705 6.3550 6.5868 6.3665 5.8625 5.6459 5.2152 4.9408 4.2157 4.0858 4.2530 4.6432 4.8683 5.2103 5.0494 4.7267 4.5701 4.5789 4.2571 3.6238 3.6699 3.6899 3.2497 3.4072 3.6206 3.7221 3.8238 3.7142 3.6566 3.5699 3.7592 3.8871 4,0295 4.0732 4,0779 4.0920 3.7650 3.5716 3.4795 3.2047 3.1095 3.0561 3.2970 3.5870 3.7078 3.8678 3.7202 3.7464 5.7529 5.7707 5.7052 5.8838 5.9470 5.8305 5.7240 5.6961 5.7187 5.7400 5.8093 5.8376 5.8807 5.8424 5.7960 5.8388 5.7132 5.7671 5.9302 5.9405 5.8686 6.053 6.1650 6.7170 6.7725 6.3980 6.1593 6.3682 6.3895 6.3950 6.2826 6.4023 6.3629 6.4755 6.4293 6.4152 6.1772 6.1279 5.8245 5.8616 5.7293 4.8771 4.4875 4.5297 4.7745 5.2358 5.5860 5.9702 5.7498 5.8155 5.6293 5.6621 6.0119 6.0174 5.9955 5.8565 5.8583 5.9595 5.7264 5.5140 3980 5.2418 5.2791 5.0855 5.4930 5.8157 5.6129 5.5620 5.5789 5.7011 5.2278 5.0365 5.0717 4.5480 4.4070 4.5350 4.1352 3.9100 3.8645 3.9840 4.1698 3.9819 4.1160 4 4.0880 4.1010 4.0565 4.000 40779 4.04471 3.9450 3.9956 3.9900 4.100 40300 3.8000 3.8600 3.8000 4.1800 4.6030 4.72911 4 4.7356 4.8754 4.8410 4.7561 4.8156 5.4630 5.2705 5.741 5.9719 7.0571 6.8120 6.5366 5.5461 3.0488 5.6758 4.5120 5.0043 5.5567 5.4878 5.5333 5.3236 5.4502 5.4667 5.4731 5.5575 5.4775 5.6200 5.7950 5.4800 5.3275 5.1450 4.9700 5.0025 5.0850 5.3775 5.5550 5.5200 5.6100 5.4350 5.5125 5.3250 5.1600 5.0200 4,4925 4.2025 4,3700 4.0823 3.8250 3.7950 3.9700 4.1500 3.8575 1.2140 1.2150 1.1180 1.0840 1.0750 1.0210 0.9750 1.0380 1.0620 0.9710 0.9590 0.9620 0.9660 0.9140 2.6800 2.7200 3.(1000 3.3400 3.44010 3.6000 3.6100 3.6900 3.4900 3.4300 3.4000 29800 2.6400 2.9900 3.4100 3.1600 3.1800 3.0200 2.9500 2.9900 3.3927 3.2910 2.7630 2.4807 2.5267 2.2898 2.1704 2.1037 2.2098 2.3012 2.1800 1.8200 1.8500 1.8300 1.6200 4.5b 4.69 4.75 5 10 5.00 4.67 4.52 4.53 4.15 4.10 3.74 3.74 3.51 3.68 3.88 4.10 4.01 3.89 3.69 3.81 3,53 2.42 2.52 2.87 2.82 2.93 3.29 3.72 3.56 3.59 3.40 3.39 4.0100 4.2090 4.3360 46190 4.5950 4.3980 4.3540 4.3790 4.2490 4.3480 4.1800 4.1430 4.1160 4.3110 4,4220 4.7920 4.7990 4.5590 .- 04.20 2007-04-01 4.69 2007-05.01 4.75 2007-06-01 5.10 2007-09-01 5.00 2007-08-01 4.67 2007-09.014.3 2007-10-01 4.53 2007-11-01 4.15 2007-12-01 4.10 2008-01-01 3.74 2008-02-01 3.74 2008-03-01 3.51 2008 0.01 3.68 2008-05-01 3.88 2008./6.01 4.10 2008-07-01 4.01 2008.08.01 3.89 2008-09-01 3.69 2008-10-01 3.81 2008-11-01 3.53 2008-12-01 2.42 2009-01-01 2.52 2009-12-01 2.87 2009 03 01 2.87 2009-04-01 2.99 2009.05.01 3.29 2009-06-01 3.72 2009 09 01 3.56 2009-08-01 3.59 2009.09.01 3.40 2009-10-01 3.39 2009-11-0L 3.40 2009-12-01 3.59 2010-01-01 3.73 2010-02-01 3.69 2010-04-01 1.73 2010-01-01 3.85 2010-05-01 3.42 2010-06-01 3.20 2010-07-01 3.01 2010-08-01 2.70 2010-09-01 265 2010-10 01 2.54 2010-11-01 2.76 2010-12-01 3.29 2011-01-01 3.39 2011-02-0L 3.58 2011-03-01 3.41 2011-04-01 3.46 2011-05-01 3.17 2011-06-01 3.00 2011-07-01 3.00 2011-08-01 2.30 2011-09-01 1.98 2011-10-01 2.15 2011-11-01 2.01 2011-12-01 1.98 2017 01 01 197 2012-02-01 197 2012-03-01 2.17 2012-10-01 205 2012.05.01 1.80 2012-06-01 1.62 2012-09-01 1.53 2012-08-01 1.68 2012-04-01 1.72 2012-10-01 1.75 2012-11-01 1.65 2012-12-01 1.72 2013-01-01 1.91 2013-02-01 1.98 2013-03-01 1.96 2013 01.01 1.76 2013-05-01 1.93 2013-06-01 2.30 2013-07-01 2.58 2013-08-01 2.74 2013-09-01 2.81 2013-10-01 2.62 2013-11-01 2.72 2013-12-01 2.90 3.9900 4.1500 4.2800 4.5600 4.5000 4.3000 4.2200 4.2800 4.0900 4.2100 4.0300 3.9500 3.BOOD 4,0400 4.2000 4.5200 4.4900 4.2000 4.0900 3.8800 3.5600 3.050 3,0700 3.1300 3.0200 3.1300 3.3700 3.4700 3.3400 3.3100 3.2500 3.2100 3.2200 3.1400 3.2500 3.1700 3.1000 3.0600 2.7300 2.5400 2.6200 2.3500 2.3000 2.3500 2.5300 1.0.90 1.6530 1.7330 1.9030 1.80990 1.5770 1.6980 1.6160 1.4970 1.5260 1.4290 1.4290 1.2450 1.6000 1.7780 1.6010 1.5370 1.4310 1,4810 1.1860 1.3770 1.2140 1.2720 1.2770 1.3230 1.4020 1.4810 1.3630 1.3860 1.3140 1.2580 1.4040 1.2530 1.2720 1.3080 1.2950 1.3610 1.2860 1.2570 1.0800 1.0750 1.0230 0.8980 ( 0.9030 1.1610 1.1330 1.2130 1.2410 3.40 3.59 4.8194 5.0439 5.1458 5.4321 5.4084 5.1499 4.9928 4.9576 4.7263 4.6937 4.4925 4.6234 4.4450 4.6432 4.8683 S.2103 5.0494 4.7267 4.5701 4.5789 4.2571 3.6238 3.6699 3.6899 3.2497 3.4072 3.6206 3.7221 3.8238 3.7142 3.6566 3.5699 3.7592 3.8871 4.0295 4.0732 4.0779 4.0920 3.7650 3.5716 3.4795 3.2047 3.1095 3.0561 3.2970 3.5870 3.7078 3.8678 3.7202 3.7464 3.4856 3.3927 3.2940 2.7630 2.4807 2.5267 2.2898 2.17 14 2.1037 2.2098 2.3012 2.1800 1.9278 1.7652 1.6404 1.6699 1.7134 1.7628 1.7665 1.8361 2.1857 2.2875 2.0779 1.7766 1.9448 2.3092 2.6036 2.8571 2.8613 2.6700 2.7514 3.0879 3.73 3.69 3.73 3.85 3.42 3.20 3.01 2.70 2.65 2.54 2.76 3.29 3.39 3.58 3.41 3.48 3.17 3.00 3.00 2.30 1.98 2.15 2.01 1.96 1.97 1.97 2.17 2.05 1.80 1.62 1.53 1.68 1.72 1.75 1.65 1.72 1.91 1.98 4.1/62 43702 4.4897 4.7720 4.7603 4.5835 4.5736 4. 5909 4.4493 4.5385 4.3989 4.3544 4.3800 4.5300 4.7000 S.1056 5.0946 4.8139 48041 4.7800 4.7425 4.4688 4.6213 4.535 4.4384 4.3560 4.4151 4.6062 4.3729 4.1160 4.0880 4.1010 4.(1565 40070 4.0779 4.0470 3.9450 3.9956 3.9900 4.1000 4.0.300 3.8000 3.8600 3.8000 4.1800 4.6030 4.7290 4.7356 48754 4.8410 4.7560 4.8156 54630 5.2705 5.7460 5.9719 7.0571 6.8120 6.5366 5.5460 5.0488 5.6758 5.7833 59037 5.9960 5.8220 5.2540 49529 4.8514 4.5416 4.2077 4.4929 4.64114 4.2780 3.9640 4.3789 44183 1.00 42100 4.340x0 4.6200 1.5800 4.3900 4.360XI 4.4000 4.23XI 43500 4.1500 4.0800 4.021X1 4.2701 4.410.00 4.7300 4.6900 4.401XI 4 3600 4.1801 3.9800 3.540X1 3.6000 3.68IXI 3.6500 3.6600 3.8000 3.900X0 3.7300 3.5800 3.5900 3.5600 3.5SIXI 3.4800 3.5200 3.5000 3.4401 3.4000 3.IXI 3.0700 2.9900 2.6800 2.6IXI 2.7200 3.0000 3.3400 3.4400 3.600X1 36100 3.6900 3.4900 3.4301 34000 2.98IXI 2.6400 2.9900 3.4100 3.160XI 3.1800 3.020,00 2.9500 2 9900 2.750X1 2.5700 2.2800 2.1200 2.240,00 2.1900 2.140XI 2.0100 2.1700 2.2400 2017IXI 1.800X1 1.8700 2.2100 2.2500 2.360X1 2.4900 23900 2.2700 23301 3.80 6,0583 6.1650 6.7170 6.7725 6.3980 6.1595 6.3682 6.3895 6.3950 6.2826 6.4023 65.3629 6.4735 6.4293 6.4153 6.1772 6.1279 5.8245 5.8616 5.7293 4.8771 4.4875 4.5297 4.7745 5.2358 5.5860 5.9702 5.7498 5.8155 5.6293 5.6621 6.0119 6.0174 5.9955 5.8565 5.8583 5.9595 5.7264 5.5140 5.3980 5.2418 5.2791 5.0855 5.4930 5.8157 5.6129 5.5620 5.5789 5.7011 5.2278 5.0365 5,0717 4.5481 4.4070 4.5350 4.1352 3.910X1 3.8645 3.9840 4.1698 3.9819 3.6565 3.4035 3.3973 3.6591 3.5735 3.5068 4.5660 4.4680 4.1460 3.8580 4.1500 4.2340 4.0590 4.0060 4.0540 4.2350 4.0120 3.7780 3.8030 3.7710 3.7900 3.8000 3.9880 3.9790 3.8300 3.9010 4.0810 4.5560 4.4330 4.0370 4.0950 4.0370 4.6860 5.3740 5.3790 5.2580 5.2490 5.3290 5.3220 5.4800 5.8250 5.2520 5.2000 5.2590 6.1920 5.5050 5.3990 5.1110 5.1700 5.7900 6.1260 6.5890 6.7950 6.5810 5.9210 5.6450 5.6900 5.3400 5.0500 5.2180 4.9210 4.5910 4.2460 4.6710 4.6600 4.5070 4,4170 4.2160 4.1100 4.1390 3. SON 5.9097 5.9209 6.2048 6.1.198 5.9259 5.9921 6.1743 6.025$ 6.2076 6.0764 6.2945 6,0855 6.1705 6,3550 6.3868 6.3665 5.8625 5.6459 5.2152 49408 4.2157 4.0858 4.2530 4.3277 4.5120 5.0043 5.5567 3.4878 5.5333 5.3236 5.4502 5.4667 5.4731 5.5575 5.4775 5.62001 5.7950 5.4800) 5.3275 5.1450 4.9700 5.1X125 5.0850 5.3775 5.5550 5.5200 5.6100 5.4350 5.5125 5.3250 5.1600) 5.0200 4.4925 4.2025 4.700 4.0825 3.8250 3.7950 3.9700 4.1500 3.8575 3.2775 2 9950 2.8875 3.1875 3.1/925 3.0225 3.0875 3.2275 3.3975 3.4975 3.5125 3.2450 3.2250 3.3400 3.7500 3.8600 3.9950 3.9700 4.1250 4.2425 1.2140 1.2150 1.1180 1.0840 1.0750 1.0230 0.9750 1.0380 1.0620 01.9710 0.9390 0.9620 0.9660 0,9140 2.9100 3.0200 3.2000 3.2100 3.3400 3.0600 2.8900 2.7400 2.2100 1.8300 2.0000 1.8700 1.9300 1.8200 1.8500 1.8300 1.6200 1.3400 1.3000 1.2400 1.3400 1.4900 1.4700 1.3400 1.3000 1.5100 1.5400 1.3500 1.2000 1.2900 1.5300 1.5800 1.7300 1.8900 1.7600 1.6800 1.8000 0.8460 0.7890 0.7800 0.8000 0.7570 1.96 1.76 1.93 2.30 2.58 2.74 2.81 2.62 2.72 2.9D 0.7600 0.7130 0.7810 0.7750 0.6690 0.4920 0.5890 0.8790 0.8220 0.7900 0,7080 (60790 0.5900 0.6050 (1.68RO 3.4673 3.5584 3.5536 3.8108 3.7208 3.3335 3.3693 3.8324 4.2265 4.4661 4.6971 4.6511 4.7026 4.7618 4.4191 4.2476 4.0951 4.1140 Suppose you work as a junior analyst in one large Australian mining firm, which mainly export coal to Japan. The company has 100 million dollars to invest for up to 10 years in a financial instrument. Your boss, who knows a lot about finance, ask you to investigate the possibility to invest the full amount in one or more 10 year-bonds (for one or different countries) to diversify the risk of being totally exposed to the Japanese economy. Your task is to write a report about 10 years government bonds (you can choice one or more of the countries/bonds in the data folder) and provide a recommendation for the company to invest (for example 30% in bond of country X and 20% on bonds of country Y, etc...). Other investments such as share will not be considered for the company. This is a great opportunity to test your understanding of this financial instrument and understand what factors you should consider for this investment. For this assignment marks will be allocated in the following manner: Please use the following format to write your report (Rubrics are in brackets): 1. General introduction and characteristics of this investment (10-year government bonds). [20 marks] 2. Use the data in the file: 10 year bond.xls to construct a table of the correlation amongst each pair of all 10- year bond yield, described your results and investigates why some countries yield are very high correlated. [20 marks] 3. Given the objective of the firm to diversify from Japanese risk, recommend a portfolio investment for the next 10 years. Domestic and international economic context (e.g. interest rates, exchange rates economic growth and inflation) Diversification Risk/return Liquidity [60 marks] [Total Marks 100 marks] 1999-01-01 4.72 1999-02-01 5.00 1999-09-01 5.23 1999-01-01 5.18 1999-05.01 5.54 1999-06-01 5.90 1999-07-01 5.79 1999.08.01 5.94 1999-19-01 5.92 1999.10.01 6.11 1999-11-01 6,03 1999.12.01 6.28 2000-01-01 6.66 2000-02.01 632 2000-03-01 6.26 2000-04-01 5.99 2000-05-01 6.44 2000-17.01 6.10 2000-07-01 6.05 2000-1/8-01 5,83 2000-09.01 5.80 2000-10-01 5.74 2000-11.0L 5.72 2000-12-01 5.24 2001-01-01 5.16 2001-02-01 5.10 2001-03-01 4.89 2001-04.01 5.14 2001-05.01 5.39 2001-1/6.01 5.28 2001-09-01 5.24 2001-08-01 4.97 2001-09.01 4.73 2001-10-01 4.57 2001-11-01 4.63 2001-12.01 5.09 2002-01-01 5.04 2002-02-01 4.91 2002-03-01 5.28 2002-04.01 5.21 2002-05-01 5.16 2002-06.01 4.93 2002-07-01 465 2002-08.01 4.26 2002-09.01 3.87 2002-10-01 3.94 2002-11-01 4.05 2002-12-01 403 2003-01-01 4.05 2009-02-01 3.90 2003-03-01 3.81 2003-04-01 3.96 2003-05.01 3.57 2003-04-01 3.33 2003-07-01 3.98 2003-06-01 4.45 2003-09.01 4.27 2003-10-01 4.29 2003-11-01 4.30 2003-12-01 4.27 2004-01-01 4.15 2004-02-01 4.08 2004-03-01 3.83 2004-04-01 4.35 2004-05-01 4.72 2001-06-01 4.73 2004-07-01 4.50 200108 01 4.28 2004-09-01 4.13 2001-10.01 4.10 2004-11-01 4.19 2004-12-01 4.23 2005-01-01 4.22 2005-02-01 4.17 2005-03-01 4.50 2005-01-01 4.34 2005-05-01 4.14 2005-176.01 4.00 2005-07-01 4.18 2005-08-01 426 2005.09.01 4.20 US 10 year Germany 1CJapan 10 ye:UK 10 year Italy 10 yea Spain 10 ye France 10 y New Zealan Australia 10 year bond yields 4.72 3.7000 1.9100 4.2868 3.9220 3.8800 3.7800 5.5300 5.1279 5.00 3.8500 2.1170 4.4319 4.0540 4.0200 3.9300 5.6200 5.3000 5.23 4.0400 1.8160 4.6554 4.2700 4.2800 4.1300 5.8400 5.5265 5.18 3.8500 1.5630 4.5920 4.1100 4.0900 3.9800 5.7000 5.3575 5.54 4.0100 1.3340 4.9068 4.2790 4.2700 4.1600 6. 1200 5.8757 5.90 4.3600 1.6320 5.1716 4.6150 4 6000 4.4700 6,5148 6.2067 5.79 4.6800 1.7030 5.3721 4.9380 4.9100 4.8100 6.5395 6,1359 5.94 4.8800 1.8780 5.4312 3.1300 5.1700 5.0100 6.8768 6.3400 5.92 5.0400 1.7590 5.6919 52820 5.3100 5.1900 6.9114 6.3414 6.11 5.2900 1.6920 3.8801 5.5200 5.5700 5.4300 7.1055 6.6062 6.03 5.0400 1.8170 5.3145 5.2500 5.2800 5.1500 7,0227 6.5564 6.28 5.1500 1.7670 5.3890 5.3600 5.3700 5.2700 7.1714 6.7371 6.66 5.5400 1.6910 5.8227 5.7500 5.7600 5,6600 7,4763 7.1779 6.52 5.5100 1.7960 5.6347 5.7300 5.7300 5.6200 7.3138 6.9576 5.3300 1.8190 5.3707 5.5800 5.5500 5.4300 7,0557 6.5704 5.99 5.2200 1.7400 5.3213 5.4661 5.4500 5.3300 6.8429 6.2647 6.44 5.3800 1.7050 5.4033 5.6700 5.6300 5.5000 7.0996 6.4657 6.10 5.1900 1.6640 5.2097 5.5100 5.4600 5.3200 6.8486 6.1724 6.05 5.2700 1.6890 5.2388 3.3910 5.5300 5.4000 6.7271 6.1619 5.83 5.2100 1.7500 5.3312 5.5600 5.5000 5.3600 6,6774 6.2274 5.80 5.2600 1.8760 5.3873 5.5600 5.4200 6.7352 6.1362 5.74 5.2100 1.8150 5.2179 5.57800 5.4900 5.3600 6,7010 6.1080 5.72 5.1500 1.7640 5.0983 5.5500 5.4500 5.2900 6.5936 5.9895 5.24 4.8900 1.6240 4.9118 5.2980 5.2000 5,0400 6,1495 5.5432 5.16 4.8000 1.5080 4.8471 5.1830 5.0800 4.9400 6.0586 5.4055 5.10 4.7800 1.4150 48248 5.1800 5.1200 4,9300 6,0426 5.3213 4.89 4.6700 1.1690 4.7030 5.1310 5.0400 4.8400 5.9500 5.1307 5.14 4.8300 1.3150 4.9468 5.2820 5.1800 5.0000 6.25 50 5.5772 5.39 5.0500 1.2500 5.1153 5.4490 5.3600 5.2100 6.6165 5.9435 5.28 5.0000 1.1520 5.1951 5.3900 5.3300 5.1500 6,6320 5.8968 5.24 5.0200 1.3050 5.2037 5.4000 5.3500 5.1500 6.7432 6.0864 4.97 4.8200 1.3430 4.9854 5.2200 5.1600 4.9500 6.5774 5.7615 4.73 4.8100 1.3460 4.9876 5.2000 5.1400 4.9400 6.5240 5.5783 4.57 4.6000 1.3630 4.8253 4.9600 4.9100 4.7200 6.4041 5.4076 4.65 4.4500 1.3280 4.6271 4.8000 4.7600 4.5700 6.2950 5.4577 5.09 4.7400 1.3340 4.8928 5.0500 4.9700 4.8700 6.6216 5.8168 5.04 4.8600 1.4200 4.9171 5.1420 5.0500 4.9300 6,5810 5.8583 4.91 4.9200 1.5010 4.9251 5.1990 5.1100 4.9900 6,6100 5.9458 5.28 5.1600 1.4210 5.2202 5,4110 5 3400 5.2500 6,8840 6,3090 5.21 5.1500 1.3940 5.2331 5.4000 5.3400 5.2400 6.8675 6.2940 5.16 5.1700 1 3650 5.2689 5.4060 5.3600 5.2600 6,8078 6.2152 4.93 5.0200 1.3280 5.0991 5.2550 5.2300 5.1100 6,6400 6.0076 4.65 4.8700 1.2960 5.0027 5.1090 50700 4.9600 6.5361 5.8598 4.26 4.5900 1.2550 4.7460 4.8280 4.7800 4.6700 6.3318 5.6484 3.87 4.3800 1.1290 4.5006 4.6180 4.5800 4,4600 6.1693 5.4357 3.94 4.4600 1.0950 4.6160 4.7570 4.6200 4.5500 6.3268 5.6591 4.05 4.4800 09790 4.6378 4.7350 4.6000 4.5300 6.2850 5.4995 4.03 4.3300 0.9750 4.5644 4.5500 4.4300 4.3800 6.2770 5.3950 4.05 4.1800 0.8360 4.3899 4.3800 4.2400 4.2200 6.1193 5.2750 3.90 3.9500 0.8280 4.2131 4.1600 4.0100 4,0100 5.8774 5.1678 3.81 4.0000 0.7240 4.3243 4.1800 4.0400 4.1000 5.9124 5.2717 3.96 4.1500 0.6630 4.4664 4.3100 4.1900 4.2200 5.9789 5.3461 3.57 3.8200 0.5770 4.2197 4.0400 3.8800 3.8900 5.5968 5.0282 3.33 3.6200 0.5290 4.1127 4.1300 3.7000 3,6900 5.2308 4.8028 3.98 3.9700 0.9560 4.4078 4.2900 4.0300 4.0100 S.5428 5.2328 4.45 4.1300 1.4000 4.6040 4.3100 4.1900 4.1600 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