Chapter 14第十四章.ppt

Prentice Hall Inc. 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，則債券投資是安全的 Basic Bond Terminology and Features債券的基本術語和特性 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─提供借貸合約具體條件的文件 Basic Bond Terminology and Features (cont’d)債券的基本術語和特性(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 Bonds (cont’d)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 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 of 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