債券投資與其它投資綜合概述課件

Chapter14第十四章InvestinginBondsandOtherInvestments債券投資與其他投資1PrenticeHallInc.Chapter14第十四章InvestinginBonWhyConsiderBonds?為何考慮債券?Bondsreduceriskthroughdiversification.債券透過分散投資來降低風(fēng)險Bondsproducesteadycurrentincome.債券有穩(wěn)定當(dāng)期收益Bondscanbeasafeinvestmentifheldtomaturity.如果持有債券，直到到期，則債券投資是安全的2PrenticeHallInc.WhyConsiderBonds?為何考慮債券?BondBasicBondTerminologyandFeatures債券的基本術(shù)語和特性Parvalue–theamountreturnedtotheholderatmaturity面值─債券持有人於到期日時所回收的金額Couponinterestrate–indicatesthepercentageofthefacevaluethatwillbepaidannuallytotheholderintheformofinterest票面利率─載明債券面值的百分比每年應(yīng)以利息的形式支付Indenture–adocumentthatoutlinesthetermsoftheloanagreement合約─提供借貸合約具體條件的文件3PrenticeHallInc.BasicBondTerminologyandFeaBasicBondTerminologyandFeatures(cont’d)債券的基本術(shù)語和特性(續(xù))Callprovision–allowstheissuertorepurchasethebondsbeforethematuritydate提前贖回條款─債券發(fā)行人在到期前以提前贖回該債券Deferredcallsprovidemoreprotection.延遲贖回較有保障Sinkingfund–moneysetasideannuallytopayoffthebondsatmaturity償債基金─透過定期撥付錢到帳戶中，於到期時還清債務(wù)4PrenticeHallInc.BasicBondTerminologyandFeaDifferentTypesofBonds債券的類型Corporatebonds公司債券Treasuryandagencybonds國庫債券與代理機構(gòu)債券Municipalbonds市政公債Specialsituationbonds特別情況公債5PrenticeHallInc.DifferentTypesofBonds債券的類型CCorporateBonds公司債券Securedcorporatedebtsaresecuredbycollateralorrealpropertyliens公司債券是有抵押品或房地產(chǎn)做擔(dān)保securedbond擔(dān)保債券mortgagebond抵押債券6PrenticeHallInc.CorporateBonds公司債券SecuredcorCorporateBonds(cont’d)公司債券Unsecuredcorporatedebtsarenotsecuredbycollateral,andpayahigherreturn無擔(dān)保品的公司債券，無抵押品擔(dān)保，且償還價款較高debenture–long-termunsecuredbond無擔(dān)保公司債券─長期無擔(dān)保債券canhaveahierarchyofpayment,withunsubordinatedandsubordinateddebentures次順位的無擔(dān)保債券7PrenticeHallInc.CorporateBonds(cont’d)公司債券UnTreasuryandAgencyBonds國庫債券與代理機構(gòu)債券Treasurybonds國庫債券Bills,notes,andbonds票據(jù)、票據(jù)與債券Treasuryinflation-indexedbonds國庫通膨指數(shù)債券Savingsbonds儲蓄債券U.S.SeriesEEbonds美國系列EE債券IbondsI債券Agencybonds代理機構(gòu)債券Pass-throughcertificates傳遞證明書8PrenticeHallInc.TreasuryandAgencyBonds國庫債券與TreasuryBills,Notes,andBonds國庫券、票據(jù)和債券Consideredriskfree–nodefaultorcallrisk無風(fēng)險，且無贖回的風(fēng)險Payalowerrateofinterestthanotherbonds較其他債券付息較低Mostinterestisexemptfromstateandlocaltaxes多數(shù)由聯(lián)邦支付的利息可免除州及地方租稅TreasuryDirectavoidsbrokeragefees政府直接發(fā)行無代理費用9PrenticeHallInc.TreasuryBills,Notes,andBonTreasuryBills,Notes,Bonds(cont’d)國庫券、票據(jù)和債券(續(xù))Billsmaturein3,6,or12months國庫負債有3.6.或12個月的到期日稱國庫券Notesmaturein2,3,5,or10years如果發(fā)行時卣2.3.5.或10年的到期日，稱為國庫票據(jù)Bondsmaturein10to30years國庫債券有10–30年的限制Allaresoldindenominationsof$1,000最小面額都是$1,000CanbepurchaseddirectlyfromtheTreasury.可直接向國庫購買10PrenticeHallInc.TreasuryBills,Notes,Bonds(AgencyBonds代理機構(gòu)債券Issuedbygovernmentagencies;authorizedbyCongress由聯(lián)邦政府的代理機構(gòu)或國會授權(quán)發(fā)行FederalNationalMortgageAssociation(FNMA)聯(lián)邦國家抵押協(xié)會FederalHomeLoanBanks(FHLB)聯(lián)邦國家貸款銀行Lowrisk,withinterestratesslightlyhigherthanTreasuryissues低風(fēng)險，比國庫的債券利率微高Minimumdenominationof$25,000withmaturitiesfrom1to40years一般最小面額為$25,000，到期日由1–40年11PrenticeHallInc.AgencyBonds代理機構(gòu)債券IssuedbygoPass-ThroughCertificates傳遞證明書IssuedbyGovernmentNationalMortgageAssociation(GNMA)由政府國家抵押協(xié)會發(fā)行Minimum$25,000certificateforpoolofmortgages最小面額$25,000的抵押儲金證明Principalandinterestrepaidmonthly每月償付本金與利息12PrenticeHallInc.Pass-ThroughCertificates傳遞證明書TreasuryInflation-IndexedBonds通膨指數(shù)債券Maturitiesof10yearsandaminimumparvalueof$1,000最小面值為$1,000,到期日為10年Inflationincreasesthefacevalueofthebond,guaranteeingtheinvestorarealreturn投資者保證有通貨膨脹加上債券面額的實質(zhì)報酬Taxcomplication–mustpaytaxesannuallyonparvalueadjustments稅賦問題複雜─每年需支付面值調(diào)整的部分作為利息收入且課稅13PrenticeHallInc.TreasuryInflation-IndexedBonU.S.SeriesEEBonds美國系列EE債券Purchasepriceisone-halfofthefacevalue,rangingfrom$50to$10,000買價是面值的一半，票面價值由$50-$10,000不等Rateofreturnvarieswiththemarketrate報酬率隨市場報酬率而變動HaveaguaranteedminimuminterestratebasedonTreasurysecurities有個依照國庫利率為基準(zhǔn)的保證最低利率Highlevelofliquidity,butcashinginbeforematuritymayreduceyield具有高流動性，在到期前隨時可被兌換成現(xiàn)金，但報酬率會降低14PrenticeHallInc.U.S.SeriesEEBonds美國系列EE債券PuMunicipalBonds(Muni’s)市政公債Issuedbytofundpublicprojects由州、郡與市集其他公共代理人發(fā)行Interestearningsarefederaltax-exempt利息是不被聯(lián)邦政府課稅Canbeexemptfromstatetaxesifyouliveinthestatewherebondsissued假使你居住在某城市且購買該市所發(fā)行的市政公債，則債券收入免課城市、州和聯(lián)邦稅Notveryliquid,duetothelackofasecondarymarket流動性不高，無次級市場可交易15PrenticeHallInc.MunicipalBonds(Muni’s)市政公債IsMunicipalBonds(cont’d)市政公債(續(xù))Twobasictypes兩種基本型態(tài)generalobligation一般義務(wù)公債Revenue收益公債Serialmaturity–aportionofthedebtcomesdueeachyearforasetnumberofyears系列期限─每年都有一部分的債券到期，通常分許多年Notriskfree;checkthebondratings非無風(fēng)險，注意債信評等16PrenticeHallInc.MunicipalBonds(cont’d)市政公債(續(xù)SpecialSituationBonds特別情況債券Zero-couponbonds零息債券Junkbonds垃圾債券17PrenticeHallInc.SpecialSituationBonds特別情況債券ZZero-couponBonds零息債券Issuedbycorporations,municipalities,andtheTreasury(e.g.,STRIPS)由公司、地方自治體與市府發(fā)行(例如STRIPS)Donotpayinterest不付利息Aresoldatadiscountfromfacevalue以面額折價出售Annualappreciationistaxedalthoughitisnotrealized每年債券價格的增值，雖無任何收入但仍被課稅Fluctuatemorewithinterestratechangesthantraditionalbonds利率波動較傳統(tǒng)債券波動大18PrenticeHallInc.Zero-couponBonds零息債券IssuedbyJunkBonds垃圾債券Haveverylowratings評等非常低Normallyofferveryhighinterestrates通常提供高的利率Haveahighdefaultrate有很高的違約風(fēng)險利率Arealmostalwayscallable幾乎都是可贖回的19PrenticeHallInc.JunkBonds垃圾債券HaveverylowraBondYield殖利率Isthetotalreturnonabondinvestment債券投資的總報酬率Isnotthesameastheinterestrate與一般利率不同Isaffectedbythebondpricewhichmaybemoreorlessthanfacevalue受債券價格影響，可能高於或低於面值20PrenticeHallInc.BondYield殖利率IsthetotalretuWaystoMeasureBondYield計算殖利率的方法Currentyield當(dāng)期殖利率Yieldtomaturity到期殖利率Equivalenttaxableyieldonmuni’s等稅殖利率21PrenticeHallInc.WaystoMeasureBondYield計算殖利CurrentYield當(dāng)期殖率利Ratioofannualinterestpaymentstothebond’smarketprice每年利息支付與債券市場價格的比率Currentyield=當(dāng)期殖利率=

annualinterestpayments債券的年付息/債券市場價格 marketpriceofthebond22PrenticeHallInc.CurrentYield當(dāng)期殖率利RatioofannYieldtoMaturity到期殖利率Trueyieldreceivedifthebondisheldtomaturity持有債券到到期日時，所收得的真實利率或報酬Approximateyieldtomaturity=近似到期殖利率=

annualinterest+parvalue-currentprice

payments yearstomaturity

parvalue+currentprice

2

年付息+(面值-現(xiàn)在價值)/到期年數(shù)/(面值+當(dāng)期價格/2)EquivalentTaxableYieldEquationforMuni’s市政公債的等稅殖利率Equivalenttaxableyield=等稅殖利率=

tax-freeyieldonthemunicipalbond

(1-investor’smarginaltaxbracket)市政公債的免稅殖利/(1–投資人的邊際稅距)23PrenticeHallInc.YieldtoMaturity到期殖利率TrueyieBondRatings–

AMeasureofRiskiness債券評等─風(fēng)險的衡量GenerallyratingsrunfromAAAorAaaforthesafesttoDfortheextremelyrisky通常債券風(fēng)險的等級由最安全的AAA到極危險的DRatingscategorizebondsbydefaultrisk針對債券違約或不履行的風(fēng)險Ratingcompanies債評等級公司Standard&Poor’s標(biāo)準(zhǔn)普爾Moody’s穆迪24PrenticeHallInc.BondRatings–

AMeasureofRCorporateBondQuotesin

TheWallStreetJournal華爾街日報的公債報價Bonds–thenameoftheissuerBonds債券─發(fā)行公司名稱CurYld–theannualinterestdividedbythemostcurrentpriceCurYld當(dāng)期殖利率—即年息除以當(dāng)期價格Vol–thevolume,ornumber,ofbondstradedVol交易量—債券的交易數(shù)量25PrenticeHallInc.CorporateBondQuotesin

TheCorporateBondQuotes(cont’d)公債報價(續(xù))Close–thelastpricepaidforthatissue.Measuredin1/8sor$1.25.收盤價—前一交易日的最後價格，一般以1/8s或$1.25衡量NetChg–thechangeinclosingpricefromthepriorday’sclosingprice.Measuredin1/8sor$1.25.淨(jìng)變動—當(dāng)日收盤價與前一日收盤價的變動，一般以1/8s或$1.25衡量26PrenticeHallInc.CorporateBondQuotes(cont’d)ReadingTreasuryQuotesin

TheWallStreetJournal華爾街日報的國庫券報價Rate–theoriginalinterestrateonthebond利率—表示債券原始利率MaturityMo/Yr–theyearandmonththeissuewillmature到期月/年—表示到期的年與月Bid–thepreviousday’smid-afternoonbidpricethatTreasurydealerswerewillingtobuytheissuefor.Measuredin32ndsofapoint;apointequalsone-hundredthofpar.買價—買價參考前一日中午國庫券交易商願意支付的買價，以第32點來衡量，一點相當(dāng)於面值的百分之一Asked–thepreviousday’smid-afternoonaskpricetheTreasurydealerswerewillingtoselltheissuefor賣價—賣價參考前一日中午國庫券交易商願意賣出的價格27PrenticeHallInc.ReadingTreasuryQuotesin

ThReadingTreasuryQuotes(cont’d)國庫券報價(續(xù))Chg–changefromthepriorday’sbidprice淨(jìng)變動—與前一日賣出價格的變化AskYld–istheeffectiverateofreturnontheinvestment有效殖利率—對投資人的有效殖利率STRIPS–referstozero-couponbonds零息債券—與零息債券有關(guān)DaystoMat–listedforT-billsduetotheirshortmaturitylengths到期天數(shù)—由於到期日很短所以列出到期天數(shù)28PrenticeHallInc.ReadingTreasuryQuotes(cont’BondValuationPrinciples債券評價原則Valueofabond=債券價值=presentvalueof+ presentvalueofrepaymentallinterestpayments ofparatmaturity付息的現(xiàn)值+到期償還面值的現(xiàn)值Bondsfluctuateinvalue,andthelongerthetimetomaturitythegreaterthefluctuation.債券價值會波動，到期日越長波動越大29PrenticeHallInc.BondValuationPrinciples債券評價原ValuationPrinciples(cont’d)評價的原則(續(xù))Whywouldaninvestorsrequiredrateofreturnchange?為何投資人要求報酬率會變動？Changeintheriskassociatedwiththefirmissuingthebond.因為公司的債信評等變動Changeingeneralinterestratesinthemarket.因為總體的市場利率變動30PrenticeHallInc.ValuationPrinciples(cont’d)評ValuationPrinciples(cont’d)評價的原則(續(xù))Astheavailablerateofreturnincreases,thevalueofalowerratedbonddecreasesandaninvestorwouldpayadiscount.當(dāng)利率提高時，低於市場利率的債券的價值會降低，投資人可以折價買進Astheavailablerateofreturndrops,thevalueofahigherratedbondincreasesandaninvestorwouldpayapremium.當(dāng)利率降低時，高於市場利率的債券價格會提高，投資人必須溢價買進31PrenticeHallInc.ValuationPrinciples(cont’d)評ValuationPrinciples(cont’d)評估的原則(續(xù))Interestratesaffectbondvaluationbychangingthedemand,andprice,forabond.利率會借由影響債券的需求而影響債券的價值Interestratesandbondvaluesareinverselyrelatedinthesecondarymarket.Butthecallpricelimitstheupwardpriceonabondwithacallprovision.在次級市場，債券的利率和價值是呈相反的關(guān)係，但是贖回的價格會限制這個價格的上升Asabondapproachesitsmaturitydate,itsmarketvalueapproachesitparvalue.當(dāng)債券接近期到期日時，市場價值會與其面值接近32PrenticeHallInc.ValuationPrinciples(cont’d)評BondValuationRelationshipsandTheInvestor債券價值與投資者的關(guān)係Ifyouexpectinterestratestoincrease,buyshort-termbonds.如果你希望利率上升，購買短期債券Ifyouexpectinterestratestodecrease,buylong-termnon-callablebonds.如果你希望利率下跌，購買長期不可贖回債券33PrenticeHallInc.BondValuationRelationshipsaTheProsofInvestinginBonds贊成投資債券的觀點Ifinterestratesdrop,bondpriceswillrise.假如利率下跌，債券價值會上升Bondsreduceriskthroughdiversification.透過分散降低的債券的風(fēng)險Bondsproducesteadycurrentincome.債券提供穩(wěn)定的當(dāng)期收入Bondscanbeasafeinvestmentifheldtomaturity.如果持有債券直到到期，則債券投資是安全的34PrenticeHallInc.TheProsofInvestinginBondsTheConsofInvestinginBonds反對投資債券的觀點Ifinterestratesrise,bondpriceswillfall.假使利率上升，債券價格會下跌Iftheissuerexperiencesfinancialproblems,thebondholdermaylose.假如發(fā)行人有財務(wù)困難，持有人可能會有損失Ifinterestratesdrop,ratherthanexperiencingpriceappreciation,thebondmaybecalled.假使利率下跌，債券價格上升，債券有可能被贖回35PrenticeHallInc.TheConsofInvestinginBondsTheConsofInvestinginBonds(cont’d)反對投資債券的觀點(續(xù))Ifyouneedtosellyourbondsearly,youmayhaveaproblemsellingthematareasonableprice.如果你必須提早賣掉你的債券，想要賣到合理的價格是有困難的Findingagoodinvestmentoutletfortheinterestyoureceivemaybedifficult.為你所收到的利息找到一個好的投資出路可能很困難36PrenticeHallInc.TheConsofInvestinginBondsAnalyzingBondChoices債券選擇分析Thinkabouttaxes.考慮稅賦Keeptheinverserelationshipbetweeninterestratesandbondpriceinmind.牢記利率與價格之間存在反向關(guān)係Avoidlosers,anddon’tworryaboutpickingwinners.避免輸家，而不需要擔(dān)憂選擇贏家Consideronlyhighqualitybonds.僅考慮品質(zhì)較佳的債券Buyabondwhenitisfirstissued,ratherthaninthesecondarymarket.購買初級市場發(fā)行的債券別購買次級市場發(fā)行債券37PrenticeHallInc.AnalyzingBondChoices債券選擇分析ThAnalyzingBondChoices(cont’d)債券選擇分析(續(xù))Avoidbondsthatmightgetcalled.避免可能被贖回的債券Matchyourbond’smaturitytoyourinvestmenttimehorizon.債券到期日必需與你的投資期限相符Sticktolargeissues.釘住大量發(fā)行者Whenindoubt,goTreasury!當(dāng)有疑慮時，去購買國庫證券38PrenticeHallInc.AnalyzingBondChoices(cont’dPreferredStock–

AnAlternativetoBonds特別股─債券之外的另一種選擇Hybridsecuritywithcharacteristicsofstocksandbonds特別股是具有普通股與債券特性的混合證券Dividendpaymentscanbeskipped,withoutthecompanybeingbankrupt不支付股息也不會引起破產(chǎn)Dividendsareafixedamount–afixeddollaramountorapercentageofthestock’sparvalue股息是固定的，固定的金額或是面值的固定百分比39PrenticeHallInc.PreferredStock–

AnAlternatPreferredStock–

AnAlternativetoBonds(cont’d)特別股─債券之外的另一種選擇(續(xù))Dividendsarepaidbeforecommonstockdividends股息的支付是在普通股股息之前Donotshareinotherprofitswiththecommonstockholders無法與普通股股東分享額外的獲利Novotingrights無投票權(quán)Nofixedmaturitydate無固定的到期日Ratedlikebonds,typicallymediumgrade利率與債券相同，一般是中等的水準(zhǔn)40PrenticeHallInc.PreferredStock–

AnAlternatFeaturesandCharacteristicsofPreferredStock特別股的特色與特徵Multiple

issues–somecompanieshavemultipleissuesofpreferredstock,eachwithadifferentdividend多次發(fā)行─公司能發(fā)行ㄧ種以上的特別股，每一種股息都不同Cumulativefeature–allpastunpaiddividendsmustbepaidbeforecommonstockdividendsarepaid累積的特色─要求全部過去未付的特別股股息，要在發(fā)放普通股股息以前就支付Adjustablerate–thedividendratechangeswiththemarketinterestrateratherthanlettingthevalueofthestockdrop可調(diào)整的利率─以提供投資者對抗因利率波動而影響股價價值的服務(wù)41PrenticeHallInc.FeaturesandCharacteristicsoFeaturesandCharacteristicsofPreferredStock(cont’d)特別股的特色與特徵(續(xù))Convertibility–preferredstockcanbeexchangedforcommonstockatanytime可轉(zhuǎn)變性─特別股的持有者能隨時轉(zhuǎn)換成普通股Callability–issuercanrepurchasethestockincaseinterestratesdrop可贖回性─發(fā)行公司可於利率下跌時將股票贖回42PrenticeHallInc.FeaturesandCharacteristicsoTheValuationofPreferredStock特別股的價值Thevalueofpreferredstockisthepresentvalueoftheperpetuityofdividends特別股的價值=永久固定股息的現(xiàn)值Value=annualdividend requiredrateofreturn特別股價值=每年特別股股息/預(yù)期的報酬率43PrenticeHallInc.TheValuationofPreferredStoRisksAssociatedwithPreferredStockInvesting特別股的風(fēng)險Ifinterestratesrise,thevalueofthepreferredstockdrops.假如利率攀升，特別股股價下跌Ifinterestratesdrop,thevaluerises,andthestockmaybecalled.假如利率下跌，特別股價值上升就有可能被贖回44PrenticeHallInc.RisksAssociatedwithPreferreRisksAssociatedwithPreferredStockInvesting(cont’d)特別股的風(fēng)險(續(xù))Investorsdon’tparticipateinthecapitalgainsthatcommonstockholdersreceive.投資者不能參與普通股股東所收到的資本利得Preferredstockdoesnothavethesafetyofabond,becausedividendscanbepassedwithouttheriskofbankruptcy.投資者無債券付息的安全，因為特別股股息未被支付，而沒有破產(chǎn)的風(fēng)險45PrenticeHallInc.RisksAssociatedwithPreferreInvestinginRealEstate投資房地產(chǎn)Directinvestments直接投資vacationhomes度假住宅commercialproperty(e.g.,apartmentbuildings,officebuildings,etc.)商業(yè)資產(chǎn)(公寓大樓、辦公大樓等)undevelopedland未開發(fā)土地Indirectinvestments間接投資realestatesyndicates房地產(chǎn)聯(lián)盟組織realestateinvestmenttrusts(REIT)房地產(chǎn)投資信託46PrenticeHallInc.InvestinginRealEstate投資房地產(chǎn)DRealEstate:ProsandCons房地產(chǎn)：Incomeproducedwithanopportunityofcapitalappreciation有增值的機會Fewtaxadvantages稅賦較少的優(yōu)點Directinvestmentisactive–time,energy,andknowledgerequired直接投資須相當(dāng)投入—時間、精力、知識Illiquidity不具流動性O(shè)verbuildingcanhurtprices過度的開發(fā)會傷害到價格47PrenticeHallInc.RealEstate:ProsandCons房地產(chǎn)：48PrenticeHallInc.48PrenticeHallInc.Investing(Speculating)inMetals,Gems,Collectibles投資(投機)金屬、珠寶及收藏品JustDon’tDoIt!放手去做Speculationisnotinvesting.投機買賣並非投資Collectiblesarefineasentertainment,butnotassavingsvehicles.收藏品作為娛樂是很好，但不適合作為投資的手段Pricedependsonsupplyanddemand.供需決定了價格49PrenticeHallInc.Investing(Speculating)inMetSummary摘要Determinantsofabond’sreturn記算債券報酬Reasonstoinvestinbonds為何要投資債券annualinterestpayments年利率支付額returnoftheparvalue面值的報酬Measuresofbondreturns債券報酬的計算currentyieldd當(dāng)期殖利率yieldtomaturity到期殖利率50PrenticeHallInc.Summary摘要DeterminantsofabonSummary(cont’d)摘要(續(xù))Sourcesofbonds債券的來源Corporations公司Treasuryandotheragencies國庫或其他代理機構(gòu)Municipalities市政公債Bondratings–AAAtoD債評等─AAA到DBondvaluationandtherelationshipwithinterestrates債券評價及相關(guān)利率51PrenticeHallInc.Summary(cont’d)摘要(續(xù))SourcesoSummary(cont’d)摘要(續(xù))Featuresofpreferredstock特別股的特性Realestateinvestments房地產(chǎn)投資Speculative“investments”–precious投機性投資─metals,gems,andcollectibles金屬、珠寶與收藏品52PrenticeHallInc.Summary(cont’d)摘要(續(xù))FeaturesChapter14第十四章InvestinginBondsandOtherInvestments債券投資與其他投資53PrenticeHallInc.Chapter14第十四章InvestinginBonWhyConsiderBonds?為何考慮債券?Bondsreduceriskthroughdiversification.債券透過分散投資來降低風(fēng)險Bondsproducesteadycurrentincome.債券有穩(wěn)定當(dāng)期收益Bondscanbeasafeinvestmentifheldtomaturity.如果持有債券，直到到期，則債券投資是安全的54PrenticeHallInc.WhyConsiderBonds?為何考慮債券?BondBasicBondTerminologyandFeatures債券的基本術(shù)語和特性Parvalue–theamountreturnedtotheholderatmaturity面值─債券持有人於到期日時所回收的金額Couponinterestrate–indicatesthepercentageofthefacevaluethatwillbepaidannuallytotheholderintheformofinterest票面利率─載明債券面值的百分比每年應(yīng)以利息的形式支付Indenture–adocumentthatoutlinesthetermsoftheloanagreement合約─提供借貸合約具體條件的文件55PrenticeHallInc.BasicBondTerminologyandFeaBasicBondTerminologyandFeatures(cont’d)債券的基本術(shù)語和特性(續(xù))Callprovision–allowstheissuertorepurchasethebondsbeforethematuritydate提前贖回條款─債券發(fā)行人在到期前以提前贖回該債券Deferredcallsprovidemoreprotection.延遲贖回較有保障Sinkingfund–moneysetasideannuallytopayoffthebondsatmaturity償債基金─透過定期撥付錢到帳戶中，於到期時還清債務(wù)56PrenticeHallInc.BasicBondTerminologyandFeaDifferentTypesofBonds債券的類型Corporatebonds公司債券Treasuryandagencybonds國庫債券與代理機構(gòu)債券Municipalbonds市政公債Specialsituationbonds特別情況公債57PrenticeHallInc.DifferentTypesofBonds債券的類型CCorporateBonds公司債券Securedcorporatedebtsaresecuredbycollateralorrealpropertyliens公司債券是有抵押品或房地產(chǎn)做擔(dān)保securedbond擔(dān)保債券mortgagebond抵押債券58PrenticeHallInc.CorporateBonds公司債券SecuredcorCorporateBonds(cont’d)公司債券Unsecuredcorporatedebtsarenotsecuredbycollateral,andpayahigherreturn無擔(dān)保品的公司債券，無抵押品擔(dān)保，且償還價款較高debenture–long-termunsecuredbond無擔(dān)保公司債券─長期無擔(dān)保債券canhaveahierarchyofpayment,withunsubordinatedandsubordinateddebentures次順位的無擔(dān)保債券59PrenticeHallInc.CorporateBonds(cont’d)公司債券UnTreasuryandAgencyBonds國庫債券與代理機構(gòu)債券Treasurybonds國庫債券Bills,notes,andbonds票據(jù)、票據(jù)與債券Treasuryinflation-indexedbonds國庫通膨指數(shù)債券Savingsbonds儲蓄債券U.S.SeriesEEbonds美國系列EE債券IbondsI債券Agencybonds代理機構(gòu)債券Pass-throughcertificates傳遞證明書60PrenticeHallInc.TreasuryandAgencyBonds國庫債券與TreasuryBills,Notes,andBonds國庫券、票據(jù)和債券Consideredriskfree–nodefaultorcallrisk無風(fēng)險，且無贖回的風(fēng)險Payalowerrateofinterestthanotherbonds較其他債券付息較低Mostinterestisexemptfromstateandlocaltaxes多數(shù)由聯(lián)邦支付的利息可免除州及地方租稅TreasuryDirectavoidsbrokeragefees政府直接發(fā)行無代理費用61PrenticeHallInc.TreasuryBills,Notes,andBonTreasuryBills,Notes,Bonds(cont’d)國庫券、票據(jù)和債券(續(xù))Billsmaturein3,6,or12months國庫負債有3.6.或12個月的到期日稱國庫券Notesmaturein2,3,5,or10years如果發(fā)行時卣2.3.5.或10年的到期日，稱為國庫票據(jù)Bondsmaturein10to30years國庫債券有10–30年的限制Allaresoldindenominationsof$1,000最小面額都是$1,000CanbepurchaseddirectlyfromtheTreasury.可直接向國庫購買62PrenticeHallInc.TreasuryBills,Notes,Bonds(AgencyBonds代理機構(gòu)債券Issuedbygovernmentagencies;authorizedbyCongress由聯(lián)邦政府的代理機構(gòu)或國會授權(quán)發(fā)行FederalNationalMortgageAssociation(FNMA)聯(lián)邦國家抵押協(xié)會FederalHomeLoanBanks(FHLB)聯(lián)邦國家貸款銀行Lowrisk,withinterestratesslightlyhigherthanTreasuryissues低風(fēng)險，比國庫的債券利率微高Minimumdenominationof$25,000withmaturitiesfrom1to40years一般最小面額為$25,000，到期日由1–40年63PrenticeHallInc.AgencyBonds代理機構(gòu)債券IssuedbygoPass-ThroughCertificates傳遞證明書IssuedbyGovernmentNationalMortgageAssociation(GNMA)由政府國家抵押協(xié)會發(fā)行Minimum$25,000certificateforpoolofmortgages最小面額$25,000的抵押儲金證明Principalandinterestrepaidmonthly每月償付本金與利息64PrenticeHallInc.Pass-ThroughCertificates傳遞證明書TreasuryInflation-IndexedBonds通膨指數(shù)債券Maturitiesof10yearsandaminimumparvalueof$1,000最小面值為$1,000,到期日為10年Inflationincreasesthefacevalueofthebond,guaranteeingtheinvestorarealreturn投資者保證有通貨膨脹加上債券面額的實質(zhì)報酬Taxcomplication–mustpaytaxesannuallyonparvalueadjustments稅賦問題複雜─每年需支付面值調(diào)整的部分作為利息收入且課稅65PrenticeHallInc.TreasuryInflation-IndexedBonU.S.SeriesEEBonds美國系列EE債券Purchasepriceisone-halfofthefacevalue,rangingfrom$50to$10,000買價是面值的一半，票面價值由$50-$10,000不等Rateofreturnvarieswiththemarketrate報酬率隨市場報酬率而變動HaveaguaranteedminimuminterestratebasedonTreasurysecurities有個依照國庫利率為基準(zhǔn)的保證最低利率Highlevelofliquidity,butcashinginbeforematuritymayreduceyield具有高流動性，在到期前隨時可被兌換成現(xiàn)金，但報酬率會降低66PrenticeHallInc.U.S.SeriesEEBonds美國系列EE債券PuMunicipalBonds(Muni’s)市政公債Issuedbytofundpublicprojects由州、郡與市集其他公共代理人發(fā)行Interestearningsarefederaltax-exempt利息是不被聯(lián)邦政府課稅Canbeexemptfromstatetaxesifyouliveinthestatewherebondsissued假使你居住在某城市且購買該市所發(fā)行的市政公債，則債券收入免課城市、州和聯(lián)邦稅Notveryliquid,duetothelackofasecondarymarket流動性不高，無次級市場可交易67PrenticeHallInc.MunicipalBonds(Muni’s)市政公債IsMunicipalBonds(cont’d)市政公債(續(xù))Twobasictypes兩種基本型態(tài)generalobligation一般義務(wù)公債Revenue收益公債Serialmaturity–aportionofthedebtcomesdueeachyearforasetnumberofyears系列期限─每年都有一部分的債券到期，通常分許多年Notriskfree;checkthebondratings非無風(fēng)險，注意債信評等68PrenticeHallInc.MunicipalBonds(cont’d)市政公債(續(xù)SpecialSituationBonds特別情況債券Zero-couponbonds零息債券Junkbonds垃圾債券69PrenticeHallInc.SpecialSituationBonds特別情況債券ZZero-couponBonds零息債券Issuedbycorporations,municipalities,andtheTreasury(e.g.,STRIPS)由公司、地方自治體與市府發(fā)行(例如STRIPS)Donotpayinterest不付利息Aresoldatadiscountfromfacevalue以面額折價出售Annualappreciationistaxedalthoughitisnotrealized每年債券價格的增值，雖無任何收入但仍被課稅Fluctuatemorewithinterestratechangesthantraditionalbonds利率波動較傳統(tǒng)債券波動大70PrenticeHallInc.Zero-couponBonds零息債券IssuedbyJunkBonds垃圾債券Haveverylowratings評等非常低Normallyofferveryhighinterestrates通常提供高的利率Haveahighdefaultrate有很高的違約風(fēng)險利率Arealmostalwayscallable幾乎都是可贖回的71PrenticeHallInc.JunkBonds垃圾債券HaveverylowraBondYield殖利率Isthetotalreturnonabondinvestment債券投資的總報酬率Isnotthesameastheinterestrate與一般利率不同Isaffectedbythebondpricewhichmaybemoreorlessthanfacevalue受債券價格影響，可能高於或低於面值72PrenticeHallInc.BondYield殖利率IsthetotalretuWaystoMeasureBondYield計算殖利率的方法Currentyield當(dāng)期殖利率Yieldtomaturity到期殖利率Equivalenttaxableyieldonmuni’s等稅殖利率73PrenticeHallInc.WaystoMeasureBondYield計算殖利CurrentYield當(dāng)期殖率利Ratioofannualinterestpaymentstothebond’smarketprice每年利息支付與債券市場價格的比率Currentyield=當(dāng)期殖利率=

annualinterestpayments債券的年付息/債券市場價格 marketpriceofthebond74PrenticeHallInc.CurrentYield當(dāng)期殖率利RatioofannYieldtoMaturity到期殖利率Trueyieldreceivedifthebondisheldtomaturity持有債券到到期日時，所收得的真實利率或報酬Approximateyieldtomaturity=近似到期殖利率=

annualinterest+parvalue-currentprice

payments yearstomaturity

parvalue+currentprice

2

年付息+(面值-現(xiàn)在價值)/到期年數(shù)/(面值+當(dāng)期價格/2)EquivalentTaxableYieldEquationforMuni’s市政公債的等稅殖利率Equivalenttaxableyield=等稅殖利率=

tax-freeyieldonthemunicipalbond

(1-investor’smarginaltaxbracket)市政公債的免稅殖利/(1–投資人的邊際稅距)75PrenticeHallInc.YieldtoMaturity到期殖利率TrueyieBondRatings–

AMeasureofRiskiness債券評等─風(fēng)險的衡量GenerallyratingsrunfromAAAorAaaforthesafesttoDfortheextremelyrisky通常債券風(fēng)險的等級由最安全的AAA到極危險的DRatingscategorizebondsbydefaultrisk針對債券違約或不履行的風(fēng)險Ratingcompanies債評等級公司Standard&Poor’s標(biāo)準(zhǔn)普爾Moody’s穆迪76PrenticeHallInc.BondRatings–

AMeasureofRCorporateBondQuotesin

TheWallStreetJournal華爾街日報的公債報價Bonds–thenameoftheissuerBonds債券─發(fā)行公司名稱CurYld–theannualinterestdividedbythemostcurrentpriceCurYld當(dāng)期殖利率—即年息除以當(dāng)期價格Vol–thevolume,ornumber,ofbondstradedVol交易量—債券的交易數(shù)量77PrenticeHallInc.CorporateBondQuotesin

TheCorporateBondQuotes(cont’d)公債報價(續(xù))Close–thelastpricepaidforthatissue.Measuredin1/8sor$1.25.收盤價—前一交易日的最後價格，一般以1/8s或$1.25衡量NetChg–thechangeinclosingpricefromthepriorday’sclosingprice.Measuredin1/8sor$1.25.淨(jìng)變動—當(dāng)日收盤價與前一日收盤價的變動，一般以1/8s或$1.25衡量78PrenticeHallInc.CorporateBondQuotes(cont’d)ReadingTreasuryQuotesin

TheWallStreetJournal華爾街日報的國庫券報價Rate–theoriginalinterestrateonthebond利率—表示債券原始利率MaturityMo/Yr–theyearandmonththeissuewillmature到期月/年—表示到期的年與月Bid–thepreviousday’smid-afternoonbidpricethatTreasurydealerswerewillingtobuytheissuefor.Measuredin32ndsofapoint;apointequalsone-hundredthofpar.買價—買價參考前一日中午國庫券交易商願意支付的買價，以第32點來衡量，一點相當(dāng)於面值的百分之一Asked–thepreviousday’smid-afternoonaskpricetheTreasurydealerswerewillingtoselltheissuefor賣價—賣價參考前一日中午國庫券交易商願意賣出的價格79PrenticeHallInc.ReadingTreasuryQuotesin

ThReadingTreasuryQuotes(cont’d)國庫券報價(續(xù))Chg–changefromthepriorday’sbidprice淨(jìng)變動—與前一日賣出價格的變化AskYld–istheeffectiverateofreturnontheinvestment有效殖利率—對投資人的有效殖利率STRIPS–referstozero-couponbonds零息債券—與零息債券有關(guān)DaystoMat–listedforT-billsduetotheirshortmaturitylengths到期天數(shù)—由於到期日很短所以列出到期天數(shù)80PrenticeHallInc.ReadingTreasuryQuotes(cont’BondValuationPrinciples債券評價原則Valueofabond=債券價值=presentvalueof+ presentvalueofrepaymentallinterestpayments ofparatmaturity付息的現(xiàn)值+到期償還面值的現(xiàn)值Bondsfluctuateinvalue,andthelongerthetimetomaturitythegreaterthefluctuation.債券價值會波動，到期日越長波動越大81PrenticeHallInc.BondValuationPrinciples債券評價原ValuationPrinciples(cont’d)評價的原則(續(xù))Whywouldaninvestorsrequired