影响债券收益的成分(国外英文资料).docVIP

影响债券收益的因素(国外英文资料) The higher the bond coupon, the higher the interest income on the bond and the higher the bond yield. The coupon rate of the bond is determined by the market interest rate, the maturity of the bond, the credit level of the issuer, the liquidity level of the bond, etc. The higher the market interest rate, the higher the coupon. The longer the bond, the higher the coupon; The higher the issuers credit, the lower the coupon rate; The higher the liquidity, the lower the coupon. (2) market interest rates and bond prices By the calculation formula of bond yields, the changes in market interest rates and an inverse relationship between bond prices changes, namely when market interest rates rise, bond prices fall, bond prices rise when market interest rates lower. The change in market interest rates caused the price of bonds to change, thereby creating a price difference for the sale of bonds. Market interest rates rise, bond spreads are positive and bond yields increase. Market interest rates fell, bond spreads were negative and yields on bonds fell. As market interest rates rise and fall, investors can get a bigger return on bonds if they can buy and sell bonds at the right time. Of course, the bad timing of investors bond purchases also reduces the yield on bonds. Bond yields are lower than coupon rates when bond prices are higher than their face value. Instead, it is higher than the coupon rate. (3) the investment cost of the bond The cost of a bond investment is roughly the cost of buying, transaction costs and tax costs. The cost of buying is the amount of money that investors pay for the bonds (the amount of the bond they buy is the product of the bond price, the principal); Transaction costs include brokerage commissions, transaction fees and transfer fees. Currently the tax-free bond interest income, but the interest income also need to pay tax, corporate institutional investors also need to pay business tax, the tax is also an important factor o