THE BOND MARKET  债券市场 
▲Treasure Notes and Bonds: The U.S. government borrows funds in large part by selling Treasury2 notes and Treasury bonds. T-note maturities3 range up to 10 years, whereas bonds on issued with maturities ranging from 10 to 30 years.
●Both make semiannual invest payments called coupon4 payments.
●T-bonds may be callable during a given period, usually the last five years of the bond’s life. The call provision gives the Treasury the right to repurchase the bond at par1 value.
▲Federal Agency Debt: Some government agencies issue their own securities to finance their activities.
●The majority of the debt is issued in support of farm credit and home mortgages.
▲Eurobond: A Eurobond is a bond denominated in a currency other than that of the country in which it is issued.
 
▲Municipal Bonds: Municipal bonds are issued by state and local governments.
—General Obligation bonds are backed by the “full faith and credit” of the issuer.
—Revenue bonds are issued to finance particular projects and are backed either by the revenues from that project or by the particular municipal agency operating the project.
●Their interest income is except from federal income taxation5. The interest income also is exempt6 from state and local taxation in the issuing state. Capital gains taxes, however, must be paid on “munis” when the bonds mature or if they are sold for more than the investor’s purchase price.
Corporate7 Bonds: Corporate bonds are the means by which private firms borrow money directly from the public.
—Secured bonds have specific collateral8 backing them in the event of firm bankruptcy9.
—Unsecured bonds, called debentures10, have no collateral.
 
—Subordinated debentures have a lower priority claim to the firm’s assets in the event of bankruptcy.
—Callable bonds give the firm the option to repurchase the bond from the holder11 at a stipulated12 call price.
 
—Convertible bonds give the holders13 the option to convert each bond into a stipulated number of shares of stock.
▲Mortgages and Mortgage-Backed Securities:
—Fixed-rate mortgages have posed difficulties to lenders in years of increasing interesting rates.
—The adjustable-rate mortgage was a response to this interest rate risk.
—A mortgage-backed security is either an ownership claim in a pool of mortgages or an obligation that is secured by such a pool.
▲国债:美国政府通过卖出国债大规模借入资金。短期国债到期日在10年以内,长期国债距离发行日长达10年至30年。
●每半年一次的投资支付称为息票。
 
●国债可能在给定的期限,通常是国债的最后五年被赎回。赎回给财政一项以平价再买回国债的权利。
 
▲联邦机构债务:政府机构发行自己的证券为他们的行为融资。
●发行的债务主要用于农业贷款和房屋抵押。
欧洲美元债券:欧洲美元债券是一种发行人以在发行所在国以外的其他货币进行标价的债券。
▲市政债券:市政债券是由州或地方政府发行的债券。
—普通债务债券由发行人的信用做保证。
—收益债券是为特定的工程筹资的债券。由该工程的收入,或特定的经营市政工程的代理机构做保证。
●市政债券的利息收入不用交纳联邦利息税,利息收入在所发行的州也不用交纳州和地方所得税。然而必须在债券到期日,或投资者以高于债券买入价出售债券时交纳资本利得税。
▲公司债券:公司债券是私人公司直接向公众借入资金发行的债券。
—一旦公司破产,担保债券由特定的资产作保证。
—无担保债券,又称信用债券,没有保证。
—一旦公司破产,次级债务对公司的资产有较低的优先受偿权。
—可赎回债券赋予公司一项权利,可以从持有者手中以特定的赎回价格回购债券。
—可转换债券赋予持有人一项权利,每张债券可以转换成约定数额的股票。
▲抵押和抵押凭证:
—固定利率抵押将使贷款人在利率上升的年份处境困难。
—可调整利率抵押将消除利率风险。
 
—抵押凭证既是抵押资产池的所有权凭证,又是这一资产池作保证的债务


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文章来源: 文章作者: 发布时间:2007-04-24 01:58 字体: [ ]  进入论坛
(单词翻译:双击或拖选)
 
   
   
1 par OK0xR     
n.标准,票面价值,平均数量;adj.票面的,平常的,标准的
参考例句:
  • Sales of nylon have been below par in recent years.近年来尼龙织品的销售额一直不及以往。
  • I don't think his ability is on a par with yours.我认为他的能力不能与你的能力相媲美。
2 treasury 7GeyP     
n.宝库;国库,金库;文库
参考例句:
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
3 maturities d851a9b545796e02deeef998c66789c0     
n.成熟(maturity的复数形式)
参考例句:
  • Maturities of commercial paper range from three days to nine months. 商业票据的期限从3天到9个月不等。 来自互联网
  • German federal government bonds issued with maturities of up to 30 years. 指期限可长达30年的德国联邦政府债券。 来自互联网
4 coupon nogz3     
n.息票,配给票,附单
参考例句:
  • The coupon can be used once only.此优惠券只限使用一次。
  • I have a coupon for ten pence off a packet of soap.我有一张优惠券买一盒肥皂可以便宜十便士。
5 taxation tqVwP     
n.征税,税收,税金
参考例句:
  • He made a number of simplifications in the taxation system.他在税制上作了一些简化。
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
6 exempt wmgxo     
adj.免除的;v.使免除;n.免税者,被免除义务者
参考例句:
  • These goods are exempt from customs duties.这些货物免征关税。
  • He is exempt from punishment about this thing.关于此事对他已免于处分。
7 corporate 7olzl     
adj.共同的,全体的;公司的,企业的
参考例句:
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
8 collateral wqhzH     
adj.平行的;旁系的;n.担保品
参考例句:
  • Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
  • Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押,这里大部分人无法从银行贷款。
9 bankruptcy fPoyJ     
n.破产;无偿付能力
参考例句:
  • You will have to pull in if you want to escape bankruptcy.如果你想避免破产,就必须节省开支。
  • His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。
10 debentures 562ac96c0dd37532484d5a88ce061f3e     
n.公司债券( debenture的名词复数 )
参考例句:
  • My money is invested in debentures. 我把钱用于买债券。 来自《现代汉英综合大词典》
  • Owners of debentures do not have voting rights. 信用债券的所有人没有选择权。 来自辞典例句
11 holder wc4xq     
n.持有者,占有者;(台,架等)支持物
参考例句:
  • The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
  • That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。
12 stipulated 5203a115be4ee8baf068f04729d1e207     
vt.& vi.规定;约定adj.[法]合同规定的
参考例句:
  • A delivery date is stipulated in the contract. 合同中规定了交货日期。
  • Yes, I think that's what we stipulated. 对呀,我想那是我们所订定的。 来自辞典例句
13 holders 79c0e3bbb1170e3018817c5f45ebf33f     
支持物( holder的名词复数 ); 持有者; (支票等)持有人; 支托(或握持)…之物
参考例句:
  • Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
  • It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识,才使得死刑的提倡者指控主张废除死刑的人感情用事,同情谋杀犯胜过同情受害者。
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