債券投資及其它投資ppt課件

1、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(fēng)險(xiǎn)Bonds produce steady current income.債券有穩(wěn)定當(dāng)期收益Bonds can be a safe investment if held to maturity.假設(shè)持有債券，直到到期，則債券投資是平安的.Basic Bond Terminology and Features債券

2、的根本術(shù)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(shí)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(yīng)以利息的方式支付Indenture a document that outlines the terms of the loan agreement

3、合約提供借貸合約具體條件的文件.Basic Bond Terminology and Features (contd)債券的根本術(shù)語和特性(續(xù))Call provision allows the issuer to repurchase the bonds before the maturity date提早贖回條款債券發(fā)行人在到期前以提早贖回該債券Deferred calls provide more protection.延遲贖回較有保證Sinking fund money set aside annually to pay off the bonds at maturity償債基金透過定

4、期撥付錢到帳戶中，於到期時(shí)還清債務(wù).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(jī)構(gòu)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(chǎn)做擔(dān)保secured bond擔(dān)保債券mortgage bond抵押債券.Corporat

5、e Bonds (contd)公司債券Unsecured corporate debts are not secured by collateral, and pay a higher return 無擔(dān)保品的公司債券，無抵押品擔(dān)保，且償還價(jià)款較高debenture long-term unsecured bond無擔(dān)保公司債券長期無擔(dān)保債券can have a hierarchy of payment, with unsubordinated and subordinated debentures次順位的無擔(dān)保債券.Treasury and Agency Bonds國庫債券與代理機(jī)構(gòu)債券Tr

6、easury bonds國庫債券Bills, notes, and bonds票據(jù)、票據(jù)與債券Treasury inflation-indexed bonds國庫通膨指數(shù)債券Savings bonds儲(chǔ)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(jī)構(gòu)債券Pass-through certificates傳遞證明書.Treasury Bills, Notes, and Bonds國庫券、票據(jù)和債券Considered risk free no default or call risk無風(fēng)險(xiǎn)，且無贖回的風(fēng)險(xiǎn)Pay a lowe

7、r 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(shù)由聯(lián)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(fā)行無代理費(fèi)用.Treasury Bills, Notes, Bonds (contd)國庫券、票據(jù)和債券(續(xù))Bills mature in 3, 6, or 12 months國庫負(fù)債有3.6. 或12個(gè)月的到期日稱國庫券 Notes mature in 2, 3, 5, or 10 y

8、ears假設(shè)發(fā)行時(shí)卣2.3.5.或10年的到期日，稱為國庫票據(jù)Bonds mature in 10 to 30 years國庫債券有10 30年的限制All are sold in denominations of $1,000最小面額都是$1,000Can be purchased directly from the Treasury.可直接向國庫購買.Agency Bonds代理機(jī)構(gòu)債券Issued by government agencies; authorized by Congress由聯(lián)邦政府的代理機(jī)構(gòu)或國會(huì)授權(quán)發(fā)行Federal National Mortgage Associa

9、tion (FNMA)聯(lián)邦國家抵押協(xié)會(huì)Federal Home Loan Banks (FHLB)聯(lián)邦國家貸款銀行Low risk, with interest rates slightly higher than Treasury issues低風(fēng)險(xiǎn)，比國庫的債券利率微高M(jìn)inimum denomination of $25,000 with maturities from 1 to 40 years普通最小面額為$25,000，到期日由1 40年.Pass-Through Certificates傳遞證明書Issued by Government National Mortgage Ass

10、ociation (GNMA)由政府國家抵押協(xié)會(huì)發(fā)行Minimum $25,000 certificate for pool of mortgages最小面額$25,000的抵押儲(chǔ)金證明Principal and interest repaid monthly每月償付本金與利息.Treasury Inflation-Indexed Bonds通膨指數(shù)債券Maturities of 10 years and a minimum par value of $1,000最小面值為$1,000,到期日為10年Inflation increases the face value of the bond,

11、 guaranteeing the investor a real return投資者保證有通貨膨脹加上債券面額的實(shí)質(zhì)報(bào)酬Tax complication must pay taxes annually on par value adjustments稅賦問題複雜每年需支付面值調(diào)整的部分作為利息收入且課稅.U.S. Series EE Bonds美國系列EE債券Purchase price is one-half of the face value, ranging from $50 to $10,000買價(jià)是面值的一半，票面價(jià)值由$50 - $10,000 不等Rate of return

12、varies with the market rate報(bào)酬率隨市場(chǎng)報(bào)酬率而變動(dòng)Have a guaranteed minimum interest rate based on Treasury securities有個(gè)按照國庫利率為基準(zhǔn)的保證最低利率High level of liquidity, but cashing in before maturity may reduce yield具有高流動(dòng)性，在到期前隨時(shí)可被兌換成現(xiàn)金，但報(bào)酬率會(huì)降低.Municipal Bonds (Munis)市政公債Issued by to fund public projects由州、郡與市集其他公共代理人

13、發(fā)行Interest earnings are federal tax-exempt利息是不被聯(lián)邦政府課稅Can be exempt from state taxes if you live in the state where bonds issued 假使他居住在某城市且購買該市所發(fā)行的市政公債，則債券收入免課城市、州和聯(lián)邦稅Not very liquid, due to the lack of a secondary market流動(dòng)性不高，無次級(jí)市場(chǎng)可買賣.Municipal Bonds (contd)市政公債(續(xù))Two basic types兩種根本型態(tài)general obliga

14、tion普通義務(wù)公債Revenue收益公債Serial maturity a portion of the debt comes due each year for a set number of years系列期限每年都有一部分的債券到期，通常分許多年Not risk free; check the bond ratings非無風(fēng)險(xiǎn)，留意債信評(píng)等.Special Situation Bonds特別情況債券Zero-coupon bonds 零息債券Junk bonds渣滓債券.Zero-coupon Bonds零息債券Issued by corporations, municipalitie

15、s, and the Treasury (e.g., STRIPS)由公司、地方自治體與市府發(fā)行(例如STRIPS)Do not pay interest不付利息Are sold at a discount from face value以面額折價(jià)出賣Annual appreciation is taxed although it is not realized每年債券價(jià)格的增值，雖無任何收入但仍被課稅Fluctuate more with interest rate changes than traditional bonds利率波動(dòng)較傳統(tǒng)債券波動(dòng)大.Junk Bonds渣滓債券Have v

16、ery low ratings評(píng)等非常低Normally offer very high interest rates通常提供高的利率Have a high default rate有很高的違約風(fēng)險(xiǎn)利率Are almost always callable幾乎都是可贖回的.Bond Yield殖利率Is the total return on a bond investment債券投資的總報(bào)酬率Is not the same as the interest rate與普通利率不同Is affected by the bond price which may be more or less tha

17、n face value受債券價(jià)格影響，能夠高於或低於面值.Ways to Measure Bond Yield計(jì)算殖利率的方法Current yield當(dāng)期殖利率Yield to maturity到期殖利率Equivalent taxable yield on munis 等稅殖利率.Current Yield當(dāng)期殖率利Ratio of annual interest payments to the bonds market price每年利息支付與債券市場(chǎng)價(jià)格的比率Current yield = 當(dāng)期殖利率 =annual interest payments 債券的年付息/債券市場(chǎng)價(jià)格ma

18、rket price of the bond.Yield to Maturity到期殖利率True yield received if the bond is held to maturity持有債券到到期日時(shí)，所收得的真實(shí)利率或報(bào)酬Approximate yield to maturity = 近似到期殖利率 = annual interest + par value - current price payments years to maturity par value + current price 2 年付息+(面值 - 現(xiàn)在價(jià)值)/ 到期年數(shù) / (面值+ 當(dāng)期價(jià)格 / 2)Equi

19、valent Taxable Yield Equation for Munis市政公債的等稅殖利率Equivalent taxable yield = 等稅殖利率=tax-free yield on the municipal bond (1 - investors marginal tax bracket) 市政公債的免稅殖利 / (1 投資人的邊際稅距 ).Bond Ratings A Measure of Riskiness 債券評(píng)等風(fēng)險(xiǎn)的衡量Generally ratings run from AAA or Aaa for the safest to D for the extreme

20、ly risky通常債券風(fēng)險(xiǎn)的等級(jí)由最平安的AAA到極危險(xiǎn)的 DRatings categorize bonds by default risk針對(duì)債券違約或不履行的風(fēng)險(xiǎn)Rating companies債評(píng)等級(jí)公司Standard & Poors標(biāo)準(zhǔn)普爾Moodys穆迪.Corporate Bond Quotes in The Wall Street Journal華爾街日?qǐng)?bào)的公債報(bào)價(jià)Bonds the name of the issuer Bonds債券發(fā)行公司名稱Cur Yld the annual interest divided by the most current price Cu

21、r Yld當(dāng)期殖利率即年息除以當(dāng)期價(jià)格Vol the volume, or number, of bonds traded Vol買賣量債券的買賣數(shù)量.Corporate Bond Quotes (contd)公債報(bào)價(jià)(續(xù))Close the last price paid for that issue. Measured in 1/8s or $1.25. 收盤價(jià)前一買賣日的最後價(jià)格，普通以1/8s 或 $1.25衡量Net Chg the change in closing price from the prior days closing price. Measured in 1/8s

22、or $1.25.淨(jìng)變動(dòng)當(dāng)日收盤價(jià)與前一日收盤價(jià)的變動(dòng)，普通以1/8s 或 $1.25衡量.Reading Treasury Quotes in The Wall Street Journal華爾街日?qǐng)?bào)的國庫券報(bào)價(jià)Rate the original interest rate on the bond 利率表示債券原始利率Maturity Mo/Yr the year and month the issue will mature 到期月/年表示到期的年與月Bid the previous days mid-afternoon bid price that Treasury dealers we

23、re willing to buy the issue for. Measured in 32nds of a point; a point equals one-hundredth of par.買價(jià)買價(jià)參考前一日中午國庫券買賣商願(yuàn)意支付的買價(jià)，以第32點(diǎn)來衡量，一點(diǎn)相當(dāng)於面值的百分之一Asked the previous days mid-afternoon ask price the Treasury dealers were willing to sell the issue for賣價(jià)賣價(jià)參考前一日中午國庫券買賣商願(yuàn)意賣出的價(jià)格.Reading Treasury Quotes (co

24、ntd)國庫券報(bào)價(jià)(續(xù))Chg change from the prior days bid price淨(jìng)變動(dòng)與前一日賣出價(jià)格的變化Ask Yld is the effective rate of return on the investment有效殖利率對(duì)投資人的有效殖利率STRIPS refers to zero-coupon bonds 零息債券與零息債券有關(guān)Days to Mat listed for T-bills due to their short maturity lengths 到期天數(shù)由於到期日很短所以列出到期天數(shù).Bond Valuation Principles債券評(píng)價(jià)

25、原則Value of a bond =債券價(jià)值= present value of + present value of repayment all interest payments of par at maturity 付息的現(xiàn)值 + 到期償還面值的現(xiàn)值Bonds fluctuate in value, and the longer the time to maturity the greater the fluctuation.債券價(jià)值會(huì)波動(dòng)，到期日越長波動(dòng)越大.Valuation Principles (contd)評(píng)價(jià)的原則(續(xù))Why would an investors requ

26、ired rate of return change?為何投資人要求報(bào)酬率會(huì)變動(dòng)？Change in the risk associated with the firm issuing the bond.因?yàn)楣镜膫旁u(píng)等變動(dòng)Change in general interest rates in the market.因?yàn)榭傮w的市場(chǎng)利率變動(dòng).Valuation Principles (contd)評(píng)價(jià)的原則(續(xù))As the available rate of return increases, the value of a lower rated bond decreases and an

27、investor would pay a discount.當(dāng)利率提高時(shí)，低於市場(chǎng)利率的債券的價(jià)值會(huì)降低，投資人可以折價(jià)買進(jìn)As the available rate of return drops, the value of a higher rated bond increases and an investor would pay a premium.當(dāng)利率降低時(shí)，高於市場(chǎng)利率的債券價(jià)格會(huì)提高，投資人必須溢價(jià)買進(jìn).Valuation Principles (contd)評(píng)估的原則(續(xù))Interest rates affect bond valuation by changing the

28、 demand, and price, for a bond.利率會(huì)借由影響債券的需求而影響債券的價(jià)值Interest rates and bond values are inversely related in the secondary market. But the call price limits the upward price on a bond with a call provision.在次級(jí)市場(chǎng)，債券的利率和價(jià)值是呈相反的關(guān)係，但是贖回的價(jià)格會(huì)限制這個(gè)價(jià)格的上升As a bond approaches its maturity date, its market value

29、approaches it par value.當(dāng)債券接近期到期日時(shí)，市場(chǎng)價(jià)值會(huì)與其面值接近.Bond Valuation Relationships and The Investor債券價(jià)值與投資者的關(guān)係If you expect interest rates to increase, buy short-term bonds.假設(shè)他希望利率上升，購買短期債券If you expect interest rates to decrease, buy long-term non-callable bonds.假設(shè)他希望利率下跌，購買長期不可贖回債券.The Pros of Investing

30、in Bonds贊成投資債券的觀點(diǎn)If interest rates drop, bond prices will rise.假設(shè)利率下跌，債券價(jià)值會(huì)上升Bonds reduce risk through diversification.透過分散降低的債券的風(fēng)險(xiǎn)Bonds produce steady current income.債券提供穩(wěn)定的當(dāng)期收入Bonds can be a safe investment if held to maturity.假設(shè)持有債券直到到期，則債券投資是平安的.The Cons of Investing in Bonds反對(duì)投資債券的觀點(diǎn)If interest

31、 rates rise, bond prices will fall.假使利率上升，債券價(jià)格會(huì)下跌If the issuer experiences financial problems, the bondholder may lose.假設(shè)發(fā)行人有財(cái)務(wù)困難，持有人能夠會(huì)有損失If interest rates drop, rather than experiencing price appreciation, the bond may be called.假使利率下跌，債券價(jià)格上升，債券有能夠被贖回.The Cons of Investing in Bonds (contd)反對(duì)投資債券的觀

32、點(diǎn)(續(xù))If you need to sell your bonds early, you may have a problem selling them at a reasonable price.假設(shè)他必須提早賣掉他的債券，想要賣到合理的價(jià)格是有困難的Finding a good investment outlet for the interest you receive may be difficult.為他所收到的利息找到一個(gè)好的投資出路能夠很困難.Analyzing Bond Choices債券選擇分析Think about taxes.考慮稅賦Keep the inverse re

33、lationship between interest rates and bond price in mind.牢記利率與價(jià)格之間存在反向關(guān)係Avoid losers, and dont worry about picking winners.防止輸家，而不需求擔(dān)憂選擇贏家Consider only high quality bonds.僅考慮品質(zhì)較佳的債券Buy a bond when it is first issued, rather than in the secondary market.購買初級(jí)市場(chǎng)發(fā)行的債券別購買次級(jí)市場(chǎng)發(fā)行債券.Analyzing Bond Choices (

34、contd)債券選擇分析(續(xù))Avoid bonds that might get called.防止能夠被贖回的債券Match your bonds maturity to your investment time horizon.債券到期日必需與他的投資期限相符Stick to large issues.釘住大量發(fā)行者When in doubt, go Treasury!當(dāng)有疑慮時(shí)，去購買國庫證券.Preferred Stock An Alternative to Bonds特別股債券之外的另一種選擇Hybrid security with characteristics of stock

35、s and bonds特別股是具有普通股與債券特性的混合證券Dividend payments can be skipped, without the company being bankrupt不支付股息也不會(huì)引起破產(chǎn)Dividends are a fixed amount a fixed dollar amount or a percentage of the stocks par value股息是固定的，固定的金額或是面值的固定百分比.Preferred Stock An Alternative to Bonds (contd)特別股債券之外的另一種選擇(續(xù))Dividends are

36、paid before common stock dividends股息的支付是在普通股股息之前Do not share in other profits with the common stockholders無法與普通股股東分享額外的獲利No voting rights無投票權(quán)No fixed maturity date無固定的到期日Rated like bonds, typically medium grade利率與債券一樣，普通是中等的水準(zhǔn).Features and Characteristics of Preferred Stock特別股的特征與特徵Multiple issues s

37、ome companies have multiple issues of preferred stock, each with a different dividend多次發(fā)行公司能發(fā)行種以上的特別股，每一種股息都不同Cumulative feature all past unpaid dividends must be paid before common stock dividends are paid累積的特征要求全部過去未付的特別股股息，要在發(fā)放普通股股息以前就支付Adjustable rate the dividend rate changes with the market in

38、terest rate rather than letting the value of the stock drop可調(diào)整的利率以提供投資者對(duì)抗因利率波動(dòng)而影響股價(jià)價(jià)值的服務(wù).Features and Characteristics of Preferred Stock (contd)特別股的特征與特徵(續(xù))Convertibility preferred stock can be exchanged for common stock at any time可轉(zhuǎn)變性特別股的持有者能隨時(shí)轉(zhuǎn)換成普通股Callability issuer can repurchase the stock in c

39、ase interest rates drop可贖回性發(fā)行公司可於利率下跌時(shí)將股票贖回.The Valuation of Preferred Stock特別股的價(jià)值The value of preferred stock is the present value of the perpetuity of dividends特別股的價(jià)值 = 永久固定股息的現(xiàn)值Value = annual dividend required rate of return特別股價(jià)值 = 每年特別股股息 / 預(yù)期的報(bào)酬率.Risks Associated with Preferred Stock Investing特

40、別股的風(fēng)險(xiǎn)If interest rates rise, the value of the preferred stock drops.假設(shè)利率攀升，特別股股價(jià)下跌If interest rates drop, the value rises, and the stock may be called.假設(shè)利率下跌，特別股價(jià)值上升就有能夠被贖回.Risks Associated with Preferred Stock Investing (contd)特別股的風(fēng)險(xiǎn)(續(xù))Investors dont participate in the capital gains that common stockholders receive.投資者不能參與普通股股東所收到的資本利得Preferred stock does not have the safety of a bond, because dividends can be passed without the risk of bankruptcy.投資者無債券付息的平安，因?yàn)樘貏e股股息未被支付，而沒有破產(chǎn)的風(fēng)險(xiǎn).Investing in Real Estate投資房地產(chǎn)Direct inves