债券投资与其它投资综合概述.pptx
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1、Chapter 14第十四章Investing in Bonds and Other Investments債券投資與其他投資Why Consider Bonds?為何考慮債券?Bonds reduce risk through diversification.債券透過分散投資來降低風險Bonds produce steady current income.債券有穩定當期收益Bonds can be a safe investment if held to maturity.如果持有債券,直到到期,則債券投資是平安的Basic Bond Terminology and Features債券的根
2、本術語和特性Par value the amount returned to the holder at maturity面值債券持有人於到期日時所回收的金額Coupon interest rate indicates the percentage of the face value that will be paid annually to the holder in the form of interest票面利率載明債券面值的百分比每年應以利息的形式支付Indenture a document that outlines the terms of the loan agreement合約
3、提供借貸合約具體條件的文件Basic Bond Terminology and Features (contd)債券的根本術語和特性(續)Call provision allows the issuer to repurchase the bonds before the maturity date提前贖回條款債券發行人在到期前以提前贖回該債券Deferred calls provide more protection.延遲贖回較有保障Sinking fund money set aside annually to pay off the bonds at maturity償債基金透過定期撥付
4、錢到帳戶中,於到期時還清債務Different Types of Bonds債券的類型Corporate bonds公司債券Treasury and agency bonds國庫債券與代理機構債券Municipal bonds市政公債Special situation bonds特別情況公債Corporate Bonds公司債券Secured corporate debts are secured by collateral or real property liens公司債券是有抵押品或房地產做擔保secured bond擔保債券mortgage bond抵押債券Corporate Bond
5、s (contd)公司債券Unsecured corporate debts are not secured by collateral, and pay a higher return 無擔保品的公司債券,無抵押品擔保,且償還價款較高debenture long-term unsecured bond無擔保公司債券長期無擔保債券can have a hierarchy of payment, with unsubordinated and subordinated debentures次順位的無擔保債券Treasury and Agency Bonds國庫債券與代理機構債券Treasury
6、bonds國庫債券Bills, notes, and bonds票據、票據與債券Treasury inflation-indexed bonds國庫通膨指數債券Savings bonds儲蓄債券U.S. Series EE bonds美國系列 EE債券I bonds I 債券Agency bonds代理機構債券Pass-through certificates傳遞證明書Treasury Bills, Notes, and Bonds國庫券、票據和債券Considered risk free no default or call risk無風險,且無贖回的風險Pay a lower rate o
7、f interest than other bonds較其他債券付息較低Most interest is exempt from state and local taxes多數由聯邦支付的利息可免除州及地方租稅Treasury Direct avoids brokerage fees政府直接發行無代理費用Treasury Bills, Notes, Bonds (contd)國庫券、票據和債券(續)Bills mature in 3, 6, or 12 months國庫負債有3.6. 或12個月的到期日稱國庫券 Notes mature in 2, 3, 5, or 10 years如果發行時
8、卣2.3.5.或10年的到期日,稱為國庫票據Bonds mature in 10 to 30 years國庫債券有10 30年的限制All are sold in denominations of $1,000最小面額都是$1,000Can be purchased directly from the Treasury.可直接向國庫購買Agency Bonds代理機構債券Issued by government agencies; authorized by Congress由聯邦政府的代理機構或國會授權發行Federal National Mortgage Association (FNMA
9、)聯邦國家抵押協會Federal Home Loan Banks (FHLB)聯邦國家貸款銀行Low risk, with interest rates slightly higher than Treasury issues低風險,比國庫的債券利率微高Minimum denomination of $25,000 with maturities from 1 to 40 years一般最小面額為$25,000,到期日由1 40年Pass-Through Certificates傳遞證明書Issued by Government National Mortgage Association (G
10、NMA)由政府國家抵押協會發行Minimum $25,000 certificate for pool of mortgages最小面額$25,000的抵押儲金證明Principal and interest repaid monthly每月償付本金與利息Treasury Inflation-Indexed Bonds通膨指數債券Maturities of 10 years and a minimum par value of $1,000最小面值為$1,000,到期日為10年Inflation increases the face value of the bond, guaranteein
11、g the investor a real return投資者保證有通貨膨脹加上債券面額的實質報酬Tax complication must pay taxes annually on par value adjustments稅賦問題複雜每年需支付面值調整的局部作為利息收入且課稅U.S. Series EE Bonds美國系列EE債券Purchase price is one-half of the face value, ranging from $50 to $10,000買價是面值的一半,票面價值由$50 - $10,000 不等Rate of return varies with t
12、he market rate報酬率隨市場報酬率而變動Have a guaranteed minimum interest rate based on Treasury securities有個依照國庫利率為基準的保證最低利率High level of liquidity, but cashing in before maturity may reduce yield具有高流動性,在到期前隨時可被兌換成現金,但報酬率會降低Municipal Bonds (Munis)市政公債Issued by to fund public projects由州、郡與市集其他公共代理人發行Interest ear
13、nings are federal tax-exempt利息是不被聯邦政府課稅Can be exempt from state taxes if you live in the state where bonds issued 假使你居住在某城市且購買該市所發行的市政公債,則債券收入免課城市、州和聯邦稅Not very liquid, due to the lack of a secondary market流動性不高,無次級市場可交易Municipal Bonds (contd)市政公債(續)Two basic types兩種根本型態general obligation一般義務公債Reven
14、ue收益公債Serial maturity a portion of the debt comes due each year for a set number of years系列期限每年都有一局部的債券到期,通常分許多年Not risk free; check the bond ratings非無風險,注意債信評等Special Situation Bonds特別情況債券Zero-coupon bonds 零息債券Junk bonds垃圾債券Zero-coupon Bonds零息債券Issued by corporations, municipalities, and the Treasu
15、ry (e.g., STRIPS)由公司、地方自治體與市府發行(例如STRIPS)Do not pay interest不付利息Are sold at a discount from face value以面額折價出售Annual appreciation is taxed although it is not realized每年債券價格的增值,雖無任何收入但仍被課稅Fluctuate more with interest rate changes than traditional bonds利率波動較傳統債券波動大Junk Bonds垃圾債券Have very low ratings評等非
16、常低Normally offer very high interest rates通常提供高的利率Have a high default rate有很高的違約風險利率Are almost always callable幾乎都是可贖回的Bond Yield殖利率Is the total return on a bond investment債券投資的總報酬率Is not the same as the interest rate與一般利率不同Is affected by the bond price which may be more or less than face value受債券價格影響
17、,可能高於或低於面值Ways to Measure Bond Yield計算殖利率的方法Current yield當期殖利率Yield to maturity到期殖利率Equivalent taxable yield on munis 等稅殖利率Current Yield當期殖率利Ratio of annual interest payments to the bonds market price每年利息支付與債券市場價格的比率Current yield = 當期殖利率 =annual interest payments 債券的年付息/債券市場價格market price of the bon
18、dYield to Maturity到期殖利率True yield received if the bond is held to maturity持有債券到到期日時,所收得的真實利率或報酬Approximate yield to maturity = 近似到期殖利率 = annual interest + par value - current price payments years to maturity par value + current price 2 年付息+(面值 - 現在價值)/ 到期年數 / (面值+ 當期價格 / 2)Equivalent Taxable Yield E
19、quation for Munis市政公債的等稅殖利率Equivalent taxable yield = 等稅殖利率=tax-free yield on the municipal bond (1 - investors marginal tax bracket) 市政公債的免稅殖利 / (1 投資人的邊際稅距 )Bond Ratings A Measure of Riskiness 債券評等風險的衡量Generally ratings run from AAA or Aaa for the safest to D for the extremely risky通常債券風險的等級由最平安的A
20、AA到極危險的 DRatings categorize bonds by default risk針對債券違約或不履行的風險Rating companies債評等級公司Standard & Poors標準普爾Moodys穆迪Corporate Bond Quotes in The Wall Street Journal華爾街日報的公債報價Bonds the name of the issuer Bonds債券發行公司名稱Cur Yld the annual interest divided by the most current price Cur Yld當期殖利率即年息除以當期價格Vol t
21、he volume, or number, of bonds traded Vol交易量債券的交易數量Corporate Bond Quotes (contd)公債報價(續)Close the last price paid for that issue. Measured in 1/8s or $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Net Chg the change in closing price from the prior days closing price. Measured in 1/8s or $1.25.淨變動當日收盤價與前一日收盤價的
22、變動,一般以1/8s 或 $1.25衡量Reading Treasury Quotes in The Wall Street Journal華爾街日報的國庫券報價Rate the original interest rate on the bond 利率表示債券原始利率Maturity Mo/Yr the year and month the issue will mature 到期月/年表示到期的年與月Bid the previous days mid-afternoon bid price that Treasury dealers were willing to buy the issu
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