THE BOND MARKET STRONG
債券市場(chǎng) Treasure Notes and Bonds: The U.S. government borrows funds in large part by selling Treasury notes and Treasury bonds. T-note maturities range up to 10 years, whereas bonds on issued with maturities ranging from10 to 30 years. 國(guó)債：美國(guó)政府通過(guò)賣出國(guó)債大規(guī)模借入資金。短期國(guó)債到期日在10年以內(nèi)，長(zhǎng)期國(guó)債距離發(fā)行日長(zhǎng)達(dá)10年至30年。 Both make semiannual invest payments called coupon payments. 每半年一次的投資支付稱為息票。 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 par value. 國(guó)債可能在給定的期限，通常是國(guó)債的最后五年被贖回。贖回給財(cái)政一項(xiàng)以平價(jià)再買回國(guó)債的權(quán)利。 Federal Agency Debt: Some government agencies issue their own securities to finance their activities. 聯(lián)邦機(jī)構(gòu)債務(wù)：政府機(jī)構(gòu)發(fā)行自己的證券為他們的行為融資。 The majority of the debt is issued in support of farm credit and home mortgages. 發(fā)行的債務(wù)主要用于農(nóng)業(yè)貸款和房屋抵押。 Eurobond: A Eurobond is a bond denominated in a currency other than that of the country in which it is issued. 歐洲美元債券：歐洲美元債券是一種發(fā)行人以在發(fā)行所在國(guó)以外的其他貨幣進(jìn)行標(biāo)價(jià)的債券。 債券市場(chǎng).jpg
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.
市政債券：市政債券是由州或地方政府發(fā)行的債券。普通債務(wù)債券由發(fā)行人的信用做保證。收益?zhèn)菫樘囟ǖ墓こ袒I資的債券。由該工程的收入，或特定的經(jīng)營(yíng)市政工程的代理機(jī)構(gòu)做保證。 Their interest income is except from federal income taxation. The interest income also is exempt 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. 市政債券的利息收入不用交納聯(lián)邦利息稅，利息收入在所發(fā)行的州也不用交納州和地方所得稅。然而必須在債券到期日，或投資者以高于債券買入價(jià)出售債券時(shí)交納資本利得稅。 Corporate Bonds: Corporate bonds are the means by which private firms borrow money directly from the public.Secured bonds have specific collateral backing them in the event of firm bankruptcy.Unsecured bonds, called debentures, 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 holder at a stipulated call price.Convertible bonds give the holders the option to convert each bond into a stipulated number of shares of stock. 公司債券：公司債券是私人公司直接向公眾借入資金發(fā)行的債券。一旦公司破產(chǎn)，擔(dān)保債券由特定的資產(chǎn)作保證。無(wú)擔(dān)保債券，又稱信用債券，沒(méi)有保證。一旦公司破產(chǎn)，次級(jí)債務(wù)對(duì)公司的資產(chǎn)有較低的優(yōu)先受償權(quán)?？哨H回債券賦予公司一項(xiàng)權(quán)利，可以從持有者手中以特定的贖回價(jià)格回購(gòu)債券。可轉(zhuǎn)換債券賦予持有人一項(xiàng)權(quán)利，每張債券可以轉(zhuǎn)換成約定數(shù)額的股票。 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. 抵押和抵押憑證：固定利率抵押將使貸款人在利率上升的年份處境困難。可調(diào)整利率抵押將消除利率風(fēng)險(xiǎn)。抵押憑證既是抵押資產(chǎn)池的所有權(quán)憑證，又是這一資產(chǎn)池作保證的債務(wù)。
債券市場(chǎng) Treasure Notes and Bonds: The U.S. government borrows funds in large part by selling Treasury notes and Treasury bonds. T-note maturities range up to 10 years, whereas bonds on issued with maturities ranging from10 to 30 years. 國(guó)債：美國(guó)政府通過(guò)賣出國(guó)債大規(guī)模借入資金。短期國(guó)債到期日在10年以內(nèi)，長(zhǎng)期國(guó)債距離發(fā)行日長(zhǎng)達(dá)10年至30年。 Both make semiannual invest payments called coupon payments. 每半年一次的投資支付稱為息票。 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 par value. 國(guó)債可能在給定的期限，通常是國(guó)債的最后五年被贖回。贖回給財(cái)政一項(xiàng)以平價(jià)再買回國(guó)債的權(quán)利。 Federal Agency Debt: Some government agencies issue their own securities to finance their activities. 聯(lián)邦機(jī)構(gòu)債務(wù)：政府機(jī)構(gòu)發(fā)行自己的證券為他們的行為融資。 The majority of the debt is issued in support of farm credit and home mortgages. 發(fā)行的債務(wù)主要用于農(nóng)業(yè)貸款和房屋抵押。 Eurobond: A Eurobond is a bond denominated in a currency other than that of the country in which it is issued. 歐洲美元債券：歐洲美元債券是一種發(fā)行人以在發(fā)行所在國(guó)以外的其他貨幣進(jìn)行標(biāo)價(jià)的債券。 債券市場(chǎng).jpg
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.
市政債券：市政債券是由州或地方政府發(fā)行的債券。普通債務(wù)債券由發(fā)行人的信用做保證。收益?zhèn)菫樘囟ǖ墓こ袒I資的債券。由該工程的收入，或特定的經(jīng)營(yíng)市政工程的代理機(jī)構(gòu)做保證。 Their interest income is except from federal income taxation. The interest income also is exempt 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. 市政債券的利息收入不用交納聯(lián)邦利息稅，利息收入在所發(fā)行的州也不用交納州和地方所得稅。然而必須在債券到期日，或投資者以高于債券買入價(jià)出售債券時(shí)交納資本利得稅。 Corporate Bonds: Corporate bonds are the means by which private firms borrow money directly from the public.Secured bonds have specific collateral backing them in the event of firm bankruptcy.Unsecured bonds, called debentures, 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 holder at a stipulated call price.Convertible bonds give the holders the option to convert each bond into a stipulated number of shares of stock. 公司債券：公司債券是私人公司直接向公眾借入資金發(fā)行的債券。一旦公司破產(chǎn)，擔(dān)保債券由特定的資產(chǎn)作保證。無(wú)擔(dān)保債券，又稱信用債券，沒(méi)有保證。一旦公司破產(chǎn)，次級(jí)債務(wù)對(duì)公司的資產(chǎn)有較低的優(yōu)先受償權(quán)?？哨H回債券賦予公司一項(xiàng)權(quán)利，可以從持有者手中以特定的贖回價(jià)格回購(gòu)債券。可轉(zhuǎn)換債券賦予持有人一項(xiàng)權(quán)利，每張債券可以轉(zhuǎn)換成約定數(shù)額的股票。 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. 抵押和抵押憑證：固定利率抵押將使貸款人在利率上升的年份處境困難。可調(diào)整利率抵押將消除利率風(fēng)險(xiǎn)。抵押憑證既是抵押資產(chǎn)池的所有權(quán)憑證，又是這一資產(chǎn)池作保證的債務(wù)。