金融英语|国际金融市场主要买卖工具:债券市场

THE BOND MARKETSTRONG债券市场
▲Treasure Notes and Bonds: The U.S. government borrows funds in large part by selling Treasury^{2 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 百度竞价推广iannual invest payments called coupon^{4 payments.}

●T-bonds may be callable during a given period, usually the last five years of the bonds life. The call provision gives the Treasury the right to repurchase the bond at par^{1 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 taxation^{5. 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 investors purchase price.}

▲Corporate Bonds: Corporate^{7 bonds are the means by which private firms borrow money directly from the public.}

Secured bonds have specific collateral^{8 backing them in the event of firm bankruptcy9.}

Unsecured bonds, called debentures^{10, have no collateral.}

Subordinated debentures have a lower priority claim to the firms assets in the event of bankruptcy.

Callable bonds give the firm the option to repurchase the bond from the holder^{11 at a stipulated12 call price.}

Convertible bonds give the holders^{13 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