债券投资与其它投资综合概述.pptx

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 Direct avoids brokerage fees政府直接發行無代理費用Treasury Bills, Notes,