債券投資與其它投資綜合概述(ppt 52頁).ppt

1、Chapter 14第十四章,Investing in Bonds and Other Investments債券投資與其他投資,Prentice Hall Inc.,2,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 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.如果持有債券，直到到期，則債券投資是安全的,Prentice Hal

2、l Inc.,3,Basic Bond Terminology and Features債券的基本術(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)以利息的形式支付 Indenture a docum

3、ent that outlines the terms of the loan agreement合約提供借貸合約具體條件的文件,Prentice Hall Inc.,4,Basic Bond Terminology and Features (contd)債券的基本術(shù)語和特性(續(xù)),Call provision allows the issuer to repurchase the bonds before the maturity date提前贖回條款債券發(fā)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 Sink

4、ing 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(wù),Prentice Hall Inc.,5,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,Prentice Hall Inc.,6,Corporate Bonds公司債券,Secured co

5、rporate 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,Prentice Hall Inc.,7,Corporate 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，且償還價款較高 debenture long-term unsecured b

6、ond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,Prentice Hall Inc.,8,Treasury and Agency Bonds國庫債券與代理機(jī)構(gòu)債券,Treasury 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儲蓄債券 U.S. Series EE bonds美國系列

7、 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,Prentice Hall Inc.,9,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，且無贖回的風(fēng)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(shù)由聯(lián)邦支付

8、的利息可免除州及地方租稅 Treasury Direct avoids brokerage fees政府直接發(fā)行無代理費用,Prentice Hall Inc.,10,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個月的到期日稱國庫券 Notes mature in 2, 3, 5, or 10 years如果發(fā)行時卣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

9、All are sold in denominations of $1,000最小面額都是$1,000 Can be purchased directly from the Treasury.可直接向國庫購買,Prentice Hall Inc.,11,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)或國會授權(quán)發(fā)行 Federal National Mortgage Association (FNMA)聯(lián)邦國家抵押協(xié)會 Federal Home Loan Banks (FHLB)

10、聯(lián)邦國家貸款銀行 Low risk, with interest rates slightly higher than Treasury issues低風(fēng)險，比國庫的債券利率微高 Minimum denomination of $25,000 with maturities from 1 to 40 years一般最小面額為$25,000，到期日由1 40年,Prentice Hall Inc.,12,Pass-Through Certificates傳遞證明書,Issued by Government National Mortgage Association (GNMA)由政府國家抵押協(xié)會

11、發(fā)行 Minimum $25,000 certificate for pool of mortgages最小面額$25,000的抵押儲金證明 Principal and interest repaid monthly每月償付本金與利息,Prentice Hall Inc.,13,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 bon

12、d, guaranteeing the investor a real return投資者保證有通貨膨脹加上債券面額的實質(zhì)報酬 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,Prentice Hall Inc.,14,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買價是面值的一半，票面價值由$50 -

13、 $10,000 不等 Rate of return varies with the market rate報酬率隨市場報酬率而變動 Have a guaranteed minimum interest rate based on Treasury securities有個依照國庫利率為基準(zhǔn)的保證最低利率 High level of liquidity, but cashing in before maturity may reduce yield具有高流動性，在到期前隨時可被兌換成現(xiàn)金，但報酬率會降低,Prentice Hall Inc.,15,Municipal Bonds (Munis)

14、市政公債,Issued by to fund public projects由州、郡與市集其他公共代理人發(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 假使你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流動性不高，無次級市場可交易,Prentice H

15、all Inc.,16,Municipal Bonds (contd)市政公債(續(xù)),Two basic types兩種基本型態(tài) general obligation一般義務(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，注意債信評等,Prentice Hall Inc.,17,Special Situation Bo

16、nds特別情況債券,Zero-coupon bonds 零息債券 Junk bonds垃圾債券,Prentice Hall Inc.,18,Zero-coupon Bonds零息債券,Issued by corporations, municipalities, 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以面額折價出售 Annual appreciation is taxed although it i

17、s not realized每年債券價格的增值，雖無任何收入但仍被課稅 Fluctuate more with interest rate changes than traditional bonds利率波動較傳統(tǒng)債券波動大,Prentice Hall Inc.,19,Junk Bonds垃圾債券,Have very low ratings評等非常低 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)險利率 Are almost always callable幾乎都是可贖回的,Prent

18、ice Hall Inc.,20,Bond Yield殖利率,Is the total return on a bond investment債券投資的總報酬率 Is not the same as the interest rate與一般利率不同 Is affected by the bond price which may be more or less than face value受債券價格影響，可能高於或低於面值,Prentice Hall Inc.,21,Ways to Measure Bond Yield計算殖利率的方法,Current yield當(dāng)期殖利率 Yield to m

19、aturity到期殖利率 Equivalent taxable yield on munis 等稅殖利率,Prentice Hall Inc.,22,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價格的比率 Current yield = 當(dāng)期殖利率 = annual interest payments 債券的年付息/債券市場價格 market price of the bond,Prentice Hall Inc.,23,Yield to Maturity到期殖

20、利率,True yield received if the bond is held to maturity持有債券到到期日時，所收得的真實利率或報酬 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)在價值)/ 到期年數(shù) / (面值+ 當(dāng)期價格 / 2) Equivalent Taxable Yield Equation for Munis市

21、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 ),Prentice Hall Inc.,24,Bond Ratings A Measure of Riskiness 債券評等風(fēng)險的衡量,Generally ratings run from AAA or Aaa for the safest to D for the extremely risky通常債券風(fēng)險的

22、等級由最安全的AAA到極危險的 D Ratings categorize bonds by default risk針對債券違約或不履行的風(fēng)險 Rating companies債評等級公司 Standard a point equals one-hundredth of par.買價買價參考前一日中午國庫券交易商願意支付的買價，以第32點來衡量，一點相當(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賣價賣價參考前一日中

23、午國庫券交易商願意賣出的價格,Prentice Hall Inc.,28,Reading Treasury Quotes (contd)國庫券報價(續(xù)),Chg change from the prior days bid price淨(jìng)變動與前一日賣出價格的變化 Ask Yld is the effective rate of return on the investment有效殖利率對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 shor

24、t maturity lengths 到期天數(shù)由於到期日很短所以列出到期天數(shù),Prentice Hall Inc.,29,Bond Valuation Principles債券評價原則,Value of a bond =債券價值= 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 f

25、luctuation.債券價值會波動，到期日越長波動越大,Prentice Hall Inc.,30,Valuation Principles (contd)評價的原則(續(xù)),Why would an investors required rate of return change?為何投資人要求報酬率會變動？ Change in the risk associated with the firm issuing the bond.因為公司的債信評等變動 Change in general interest rates in the market.因為總體的市場利率變動,Prentice Ha

26、ll Inc.,31,Valuation Principles (contd)評價的原則(續(xù)),As the available rate of return increases, the value of a lower rated bond decreases and an investor would pay a discount.當(dāng)利率提高時，低於市場利率的債券的價值會降低，投資人可以折價買進(jìn) As the available rate of return drops, the value of a higher rated bond increases and an investor

27、 would pay a premium.當(dāng)利率降低時，高於市場利率的債券價格會提高，投資人必須溢價買進(jìn),Prentice Hall Inc.,32,Valuation Principles (contd)評估的原則(續(xù)),Interest rates affect bond valuation by changing the demand, and price, for a bond.利率會借由影響債券的需求而影響債券的價值 Interest rates and bond values are inversely related in the secondary market. But th

28、e call price limits the upward price on a bond with a call provision.在次級市場，債券的利率和價值是呈相反的關(guān)係，但是贖回的價格會限制這個價格的上升 As a bond approaches its maturity date, its market value approaches it par value.當(dāng)債券接近期到期日時，市場價值會與其面值接近,Prentice Hall Inc.,33,Bond Valuation Relationships and The Investor債券價值與投資者的關(guān)係,If you e

29、xpect interest rates to increase, buy short-term bonds.如果你希望利率上升，購買短期債券 If you expect interest rates to decrease, buy long-term non-callable bonds.如果你希望利率下跌，購買長期不可贖回債券,Prentice Hall Inc.,34,The Pros of Investing in Bonds贊成投資債券的觀點,If interest rates drop, bond prices will rise.假如利率下跌，債券價值會上升 Bonds red

30、uce risk through diversification.透過分散降低的債券的風(fēng)險 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.如果持有債券直到到期，則債券投資是安全的,Prentice Hall Inc.,35,The Cons of Investing in Bonds反對投資債券的觀點,If interest rates rise, bond prices will fall.假使利率上升，債券價格會下跌 If the issu

31、er experiences financial problems, the bondholder may lose.假如發(fā)行人有財務(wù)困難，持有人可能會有損失 If interest rates drop, rather than experiencing price appreciation, the bond may be called.假使利率下跌，債券價格上升，債券有可能被贖回,Prentice Hall Inc.,36,The Cons of Investing in Bonds (contd)反對投資債券的觀點(續(xù)),If you need to sell your bonds e

32、arly, you may have a problem selling them at a reasonable price.如果你必須提早賣掉你的債券，想要賣到合理的價格是有困難的 Finding a good investment outlet for the interest you receive may be difficult.為你所收到的利息找到一個好的投資出路可能很困難,Prentice Hall Inc.,37,Analyzing Bond Choices債券選擇分析,Think about taxes.考慮稅賦 Keep the inverse relationship

33、between interest rates and bond price in mind.牢記利率與價格之間存在反向關(guān)係 Avoid losers, and dont worry about picking winners.避免輸家，而不需要擔(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.購買初級市場發(fā)行的債券別購買次級市場發(fā)行債券,Prentice Hall Inc.,38,Analyzing

34、Bond Choices (contd)債券選擇分析(續(xù)),Avoid bonds that might get called.避免可能被贖回的債券 Match your bonds maturity to your investment time horizon.債券到期日必需與你的投資期限相符 Stick to large issues.釘住大量發(fā)行者 When in doubt, go Treasury!當(dāng)有疑慮時，去購買國庫證券,Prentice Hall Inc.,39,Preferred Stock An Alternative to Bonds特別股債券之外的另一種選擇,Hybr

35、id security with characteristics of stocks 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,Prentice Hall Inc.,40,Preferred St

36、ock An Alternative to Bonds (contd)特別股債券之外的另一種選擇(續(xù)),Dividends are 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利率與債券相同，一般是中等的水準(zhǔn),Pre

37、ntice Hall Inc.,41,Features and Characteristics of Preferred Stock特別股的特色與特徵,Multiple issues some 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

38、累積的特色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 interest rate rather than letting the value of the stock drop可調(diào)整的利率以提供投資者對抗因利率波動而影響股價價值的服務(wù),Prentice Hall Inc.,42,Features and Characteristics of Preferred Stock (contd)特別股的特色與特徵(續(xù)),Convertibility preferred s

39、tock can be exchanged for common stock at any time可轉(zhuǎn)變性特別股的持有者能隨時轉(zhuǎn)換成普通股 Callability issuer can repurchase the stock in case interest rates drop可贖回性發(fā)行公司可於利率下跌時將股票贖回,Prentice Hall Inc.,43,The Valuation of Preferred Stock特別股的價值,The value of preferred stock is the present value of the perpetuity of divid

40、ends特別股的價值 = 永久固定股息的現(xiàn)值 Value = annual dividend required rate of return 特別股價值 = 每年特別股股息 / 預(yù)期的報酬率,Prentice Hall Inc.,44,Risks Associated with Preferred Stock Investing特別股的風(fēng)險,If interest rates rise, the value of the preferred stock drops.假如利率攀升，特別股股價下跌 If interest rates drop, the value rises, and the s

41、tock may be called.假如利率下跌，特別股價值上升就有可能被贖回,Prentice Hall Inc.,45,Risks Associated with Preferred Stock Investing (contd)特別股的風(fēng)險(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安全，因為特別股股息未被支付，而沒有破產(chǎn)的風(fēng)險,Prentice Hall Inc.,46,Investing in Real Estate投資房地產(chǎn),Direct investments直接投資 vacation homes度假住宅 commercial property (e.g., apartment buildings, office buildings, etc.)商業(yè)資產(chǎn)(公寓大樓、辦公大樓等) undeveloped land未開發(fā)土地 Indi