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A portfolio manager, Gazoo and Partners Limited, needs to reposition one of its bond portfolios: accounts for bankers Assignment, BU, UK

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A portfolio manager, Gazoo and Partners Limited, needs to reposition one of its bond portfolios: accounts for bankers Assignment, BU, UK

UniversityBangor University (BU)
Subjectaccounts for bankers Assignment

A portfolio manager, Gazoo and Partners Limited, needs to reposition one of its bond portfolios with the introduction of a Toyota Motor Corporation Bond, that offers 2.362% and matures on 25th March 2031, USD (ISIN code: US892331AN94). The portfolio manager considered buying certain tranches over 2023.

The coupon is payable half yearly on 30th June and 31st December. On the 1st of March 2023 the company purchased a nominal amount of 50,000 nominal at USD 79.00 CUM DIV. This was followed by another purchase on the 1st of May 2023 for 30,000 nominal at USD85.00 CUM DIV and a further 20,000 nominal at USD82.00 on the 30th of June EX DIV.

On the 1st of November 2023, the portfolio manager, seeing that yields have remained the same in the market, sold 40,000 nominal at 84.00 CUM DIV. Requirement: Prepare the investment account (combined capital and interest account) showing all calculations to the nearest US dollar, for the year ending 31st December 2023 (assuming that it is the end of the year) in the books of Gazoo and Partners Limited using: The average cost method (AVCO)

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