债券市场_分析解析跟策略pptch06.pptVIP

Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall 6-* Federal Agency Securities (continued) The price quotation conventions for GSE securities will vary between types of debt. Short-term GSE discount notes are quoted on a yield basis, the same as that for Treasury bills explained earlier in this chapter. The most liquid GSE issues are generally quoted on two primary bases: a price basis, like Treasury securities; that is, the bid and ask price quotations are expressed as a percentage of par plus fractional 32nds of a point a spread basis, as an indicated yield spread in basis points, off a choice of proxy curves or issue. Federally related institutions are arms of the federal government and generally do not issue securities directly in the marketplace. Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall 6-* Federal Agency Securities (continued) Tennessee Valley Authority (TVA) 发行电力债券 The TVA was established by Congress in 1933 primarily to provide flood control, navigation, and agricultural and industrial development. The TVA issues a variety of debt securities in U.S. dollars and other currencies. The debt obligations issued by the TVA may be issued only to provide capital for its power program or to refund outstanding debt obligations. TVA debt obligations are not guaranteed by the U.S. government. However, the securities are rated triple A by Moody’s and Standard and Poor’s. The rating is based on the TVA’s status as a wholly owned corporate agency of the U.S. government and the view of the rating agencies of the TVA’s financial strengths. Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall 6-* Federal Agency Securities (continued) Fannie Mae 房地美 In the 1930s, Congress created a federally related institution, the Federal National Mortgage Association, popularly known as “Fannie Mae,” which was charged with the responsibility to create a liquid secondary market for mortgages. Fannie Mae was to accomplish this