金融市場英文教學(xué)課件：Summary-chapter 3

1、Summary-Chapter 3The yield to maturity, which is the measure that most accurately reflects the interest rate, is the interest rate that equates the present value of future cash flows of a debt instrument with its value today. Application of this principal reveals that bond prices and interest rate a

2、re negatively related: When the interest rate rises, the price of the bond must fall, and vice versa.到期收益率是對(duì)利率最精確的衡量，它是使得未來所有收入的現(xiàn)值等于債務(wù)工具當(dāng)前價(jià)值的利率。應(yīng)用這個(gè)原則揭示了債券的價(jià)格和利率是負(fù)相關(guān)的：當(dāng)利率上升，債券的價(jià)格下降，反之亦然。The is defined as the minus the . It is a better measure of the incentives to borrow and lend than the nominal int

3、erest rate, and it is a more accurate indicator of the tightness of credit market conditions than the nominal interest rate 實(shí)際利率定義為名義利率減去預(yù)期的通貨膨脹率。相對(duì)于名義利率，它能夠更好地衡量人們借款或者放貸的意愿，同時(shí)它也能更好地體現(xiàn)信貸市場的緊張程度。real interest ratenominal interest rate expected rate of inflation , which tells you how well you have don

4、e by holding this security over a stated period of time, can differ substantially from the interest rate as measured by the yield to maturity. Long-term bond prices have fluctuations when interest rates change and thus bear interest-rate risk. The resulting capital gains and losses can be large, Bon

5、ds whose maturity is shorter than the holding period are also subject to reinvestment risk, which occurs because the proceeds from the short-term bond need to be reivested at a future interest rate that is uncertain.substantial which is why long-term bonds are not considered to be safe assets with a

6、 sure return. The return on a security證券收益率收益率能告訴你持有證券的表現(xiàn)，它可能和用到期收益率計(jì)量的利率有很大的差別。長期債券的價(jià)格在利率變動(dòng)的時(shí)候會(huì)有很大的變動(dòng)， 也就是說承受著利率風(fēng)險(xiǎn)。資本利得或損失的數(shù)額可能很大，這也是長期債券不被視為可以帶來確定收益的安全資產(chǎn)的原因。到期期限短于持有期限的債券同樣面臨著再投資風(fēng)險(xiǎn)，這是因?yàn)閷?duì)于短期債券，其資金在未來進(jìn)行再投資的時(shí)候面臨的利率是不確定的。 , the average lifetime of a debt securitys stream of payments, is a measure of e

7、ffective maturity, the term to maturiy that accurately measures interest-rate risk. Everything else being equal, Duration is : The duration of a portfolio of securities is the weighted average of the durations of the individual securities, with the weights reflecting the proportion of the portfolio

8、invested in each. The greater the duration of a security, the greater the percentage change in the market value of the security for a given change in interest rate. Therefore, the greater the duration of a security, the greater its interest-rate risk.Duration久期 the duration of a bond is greater the longer the maturity of a bond, when interest rate fall, or when the coupon rate of a coupon bond falls. additive可加的一只債券的支付流的平均時(shí)間叫做久期，是有效到期期限（準(zhǔn)確衡量利率風(fēng)險(xiǎn)的到期期限）的一種衡量方法。當(dāng)其他條件相同，利率越