l**v
发帖数: 188 | 1 谢谢你的详尽解释。我对你所说的理解是这样的，麻烦你看一看对不对。
我举的例子那个20年的muni bond利率是3.7%的样子，免联邦税。你举的例子AGG 的ETF
现在的利率是税前-0.36%，税后-1.39%。两者差了5%。
那你的意思是不是说这个muni bond给的利率已经考虑到了今后利率要大涨。而这个AGG
是基于目前的interest rate，今后它的利率要非常大幅度的增长？（要match 这个5%
今后AGG的利率至少也要10%吧，3.7%+5%+additional increase to catch up）。我的
理解不知道对不对？
另外如果我决定买bond fund的话（我公司的401k即使用了fidelity的brokerage link
也不能买ETF）有什么可以推荐的吗？我计划20年后才退休，那么是不是买long term的
bond fund yield会比较高？你说的那个agg的equivalent maturity duration好像是6
～7年。
op
years.
see |
|
S**P
发帖数: 1290 | 2
呃， 我自然是把所有的portfolio一起考虑的。 就是觉得现在全是cash或者股票， 考
虑是不是加点bond diversify一下。
investments
是啊， 现在就是想找比房贷利率高的bond。
我的意思是虽然我愿意冒一定的风险， 来拿比CD高一些的利率，但是具体到什么程度
还是没想清楚的。 这需要先搞清楚那些bond/bond fund是怎么回事才行呀。 |
|
b****b
发帖数: 199 | 3 The only reason to buy saving bond now is because it allows using credit card.
With 2-5% cash rebate (or plus 6-12 months 0% APR), it would be a very good
deal. The choice is determined by the length of period you expected to hold.
For a relatively short period, 1-2 years, EE bond wold be a good choice due to
expected deflation and increasing interest rate.
However, if you don't have a good credit card to use by now (the last day of
saving bond purchase by credit card), and you don't plan to h |
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b****b
发帖数: 199 | 4 Of course, espeically after today. Those with high APY and gracious terms are
dominant strategy over bonds.
1) You can withdraw at anytime (depending on the terms). More flexible than
saving bond which you have to wait at least one year.
2) Higher returns (if you don't plan to hold it for 10 years).
3) Zero risk. safter because it is FDIC insured. Bond are not insured.
4) Return rate is a constant (also means a lower risk). If you don't think
this important, then you probably just need to buy st |
|
s****w
发帖数: 6 | 5 发信人: zengdl (方鸿渐博士), 信区: Money
标 题: When to dump I Bond
发信站: BBS 未名空间站 (Wed Jun 14 23:40:41 2006), 转信
The current APR of I-Bond is very low.
It makes sense to dump I-Bond in the following months.
Exception: If you file income tax as resident AND
you need to pay a fat tuition bill in the next years,
you may be able to avoid federal income tax on the yield
of I-Bond.
Recommended time to sell Purchase time
8/1/2006 May, 2005 or earlier year
Nove |
|
z********g
发帖数: 10 | 6 二十年多前丈人老头公派出国，在修车铺打黑工赚了些钱，然后买了2千还是3千的EE
saving
bond（上面只有他一个人的名字），本想下次在出国再兑换的。
结果回国后就再也没机会出来，到期后想兑换一直没法兑换
后来在网站上看到这么一段
http://www.treasurydirect.gov/indiv/research/indepth/ebonds/res
eeredeem_special.htm
If you reside outside of the United States and you can't find a bank
authorized and willing to redeem the bonds and you wish to redeem your
savings bonds:
Request for payment must be signed in the presence of and be certified
by a U.S. diplomatic or consular representative or an officer of a
fore... 阅读全帖 |
|
b***c
发帖数: 2280 | 7 I lost my $5000 paper I bond purchased last Oct.
I mailed the replace form to the treasury on Mar. 24, 2012.(I attached a
copy of my original I bond)
I haven't receive any replace paper I bond in the mail.
Is that normal?
How long it takes to get paper I bond replaced?
Thank you very much! |
|
B*D
发帖数: 5016 | 8 你就google annual bond或者custom bond
即可
其实真正bond的买家是所谓有资格写surety bond的保险公司
但是你一般通过代理和他们打交道
货代，报关行都是所谓的代理
反正你记住保险公司给代理的价格是200即可 |
|
d********8
发帖数: 74 | 9 【 以下文字转载自 TA 俱乐部 】
发信人: dadaodan88 (三一), 信区: TA
标 题: Bond yield
发信站: BBS 未名空间站 (Sun Jul 26 22:14:05 2009, 美东)
BOND YIELDS AND STOCKS TREND TOGETHER... During most of the postwar era,
rising rates were considered to be negative for stocks. That hasn't been the
case since 1998 however. A deflationary threat that started with the 1997-
1998 currency crisis caused a major decoupling of bond and stock prices. As
my 2004 book on intermarket analysis points out, deflation causes bond
prices to rise wh |
|
r*m
发帖数: 16380 | 10 Currently, 100% of my 401K is in stocks, now that it is out of water and
actually with some profit, I would like to rebalance it.
I want to move 50% into a inflation linked bond fund:
"The CREF Inflation-Linked Bond Account seeks a long-term rate of return
that outpaces inflation, primarily through investment in inflation-indexed
bonds—fixed-income securities whose returns are designed to track a
specified inflation index over the life of the bond"
Is it a good time to do so? I have no idea how |
|
c*o
发帖数: 186 | 11 我是投资的文盲，刚看了几本书，异口同声说bond不要碰。但是我觉得股市和bond反着
来，股市上，bond下，反之亦然。所以现在投bond还可以。
股版前辈给分析一下吧。 |
|
d**e
发帖数: 94 | 12 No I mean bond from company in financial troubles usually those bonds have
very high yield. My broker only carry
investment grade bonds.
Any one knows where can I trade junk bond? |
|
d**e
发帖数: 94 | 13 Thanks for the info.
I am not a serious bond trader. Just would like to have an option to buy
stressed bond in case there is a good opportunity. ie, if a company with
good asset has liquidation risk, buying bond is far better choice than
common stocks.
I have TD account with me, but TD only has investment grade bond from
companies like IBM or GE.
for other brokers you mentioned, I will check them out. Thanks.
wide |
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M*N
发帖数: 435 | 14 想在ROTH里投资TIP 相关的BOND, 不知道直接BOND 还是买BOND FUND 好? 请指教. |
|
Y******u
发帖数: 1090 | 15 所以在市场上交易的话，交易价格永远也不会比这个fair price低？
False. There is default risk.
如果我手里有这个bond的话，如果市场价格比fair price低，那我就攥住这个bond不卖
，一直到maturity就好啦？所以说作为bond持有者，我永远也不会亏钱，除非发行方倒
闭，bond变废纸？
True, if you ignore inflation. |
|
a*w
发帖数: 4495 | 16 假设你花1000买了一手%5的bond，过几天市场上又出现了10%的bond。
你还能把那bond原价卖掉？
bond |
|
h*********i
发帖数: 2605 | 17 【 以下文字转载自 Investment 讨论区 】
发信人: huchihaisai (hu), 信区: Investment
标 题: 这种投资bond的方式谁听过？
发信站: BBS 未名空间站 (Sun Jan 1 15:51:34 2012, 美东)
有人推荐了一种投资iBond的方式：
buy five $2,000 bonds that mature in 2012, 2013, 2017, 2019, 2021. As each
one comes due, roll it over into a new 10-year bond.
为什么要这么设定？有什么好处？是为了对冲bond price loss还是为了避税？ |
|
M*********l
发帖数: 214 | 18 那个bond不是这个bond,
bond index是短期bond, 一年3%左右， 没什么收益和风险。 |
|
M*********l
发帖数: 214 | 19 那个bond不是这个bond,
bond index是短期bond, 一年3%左右， 没什么收益和风险。 |
|
x****e
发帖数: 1780 | 20 有几个junk bond fund不让投资人抽取资金了。等中国几个大国企default美元债券，
就差不多了。
再加上shale oil 借的债.
危机路线图：
junk bond default ->
CDS on high yield bond explode ->
CDS writers on high yield bond go bankrypcy ->
credit crunch ->bank run ->
increasing lay offs ->
increasing morgage and auto loan default ->
CDS on MBS and auto loans explode ->
CDS writers on MBS and auto loans go bankrypcy ->
credit crunch and mass lay off ->
fed step in, helicopter money, QE infiniti ->
massive inflation->
game over
以上是按链式反应逐级放大的过程， junk fun... 阅读全帖 |
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x****e
发帖数: 1780 | 21 Junk bond 规模不小了，15年美国新发行的junk bond为220个b, 其中接近一半是
refinance旧债。从这个数字可以估摸junk bond总量大约在5000亿附近
中国企业的美元债大概五千亿，房地产企业也有不少美元债. 这些违约的可能性很大。
油价再保低位半年, 那些页岩油junk bond就要出事 |
|
f********s
发帖数: 658 | 22 Bond之前不错啊，有些duration长的bond今年收益特别好。其实现世界的情况和美国的
情况，加息的频率和幅度都不会太大。加息后，bond fund短暂下跌，但最终会catch
up， bond 持有期需长些，才看得出效果 |
|
x*********n
发帖数: 28013 | 23 我买短期mutual fund，根本不timing market。
timing market不应该买bond，原因很简单，就像你说的，fed会加息。
我第一个帖子的目的是告诉你bond的分类，结果你理解成我长期投资与短期投资。
不过短期bond也就是比CD好不了多少，非常保守的一种投资，也是看空市场的意思。
可以了吗？ |
|
f**********n
发帖数: 258 | 24 Look at IEF and TLT in stock market crash during 2008. you will know. They
do will increase value when crash. But it seems only national bond increase,
company bond also decrease when market crash.
It is always good to hold some bond in 401k. Depending on your age, normal
suggestion is that if you are 30 years, hold 30% bond. if you are 40 years
old, then hold 40%. |
|
f********s
发帖数: 658 | 25 这是为什么我建议钱多的找业内人士管钱，尤其要找CFA title多的公司。
首先，这些人分析的framework是主流的framework，也就是说是街上的主流的
framework。各家金融机构推出的分析都带有一定的倾向性。受过全面金融分析教育的
人，不需要听这些机构的意见，可以自己独立做出判断。
其次，业内人士的信息优势是业外人无法拥有的。作为一名散户，你根本没法和那些专
门做bond做Equity的fund manager打交道。但是业内人士，成天和这些人打交道。用自
己的framework，可以问到很关键的问题。象为什么我在3.25%的时候加了TLT，是我在
自己分析的基础上，问了一个做bond Fund做得非常好的manager.，什么时候可以开始
调长bond的duration.
最后，必须找认真学过和体会过投资者行为的人来管。对自己投资行为的认识，是投资
成功非常重要的一个方面。
关于回报，如果不是exceptional的strategy不可能得到exceptional的回报。
professional的好处是能帮你尽量在efficient frontier上投，至于更高... 阅读全帖 |
|
y****i
发帖数: 778 | 26 【 以下文字转载自 Bond 俱乐部 】
发信人: yangqi (zzzzzz), 信区: Bond
标 题: $390M CA PWB Bond IPO 4/22
发信站: BBS 未名空间站 (Tue Apr 16 20:25:56 2013, 美东)
For Fidelity accounts:
www.fidelity.com/newissuemunis
For other brokers and upcoming offers:
http://www.buycaliforniabonds.com/bcb/offering.asp
PWB has higher yield but liquidity is not as good as general obligation (GO)
bond. |
|
y****i
发帖数: 778 | 27 【 以下文字转载自 Bond 俱乐部 】
发信人: yangqi (zzzzzz), 信区: Bond
标 题: AGM insured CA muni bond IPO
发信站: BBS 未名空间站 (Tue Aug 20 17:44:56 2013, 美东)
CA ONTARIO PUBLIC FINANCING AUTHORITY, CALIFORNIA, 2013 LEASE REVENUE BONDS
ONTARIO CALIF PUB FING AUTH LEASE REV 04.50000% 10/01/2027LEASE REV BDS
CAPITAL PROJS SER. 4.500 10/01/2027 -- AA- -- -- 98.461 4.650
www.fidelity.com/newissuemunis |
|
s**x
发帖数: 7506 | 28 Bond Composite Rate of 2.58% includes a Fixed Rate of 0.10%
The composite rate for Series I Savings Bonds is a combination of a fixed
rate, which applies for the 30-year life of the bond, and the semiannual
inflation rate. The 2.58% composite rate for I bonds bought from November
2017 through April 2018 applies for the first six months after the issue
date. The composite rate combines a 0.10% fixed rate of return with the 2.
48% annualized rate of inflation as measured by the Consumer Price In... 阅读全帖 |
|
t**i
发帖数: 688 | 29 【 以下文字转载自 Carolinas 讨论区 】
发信人: tosi (夏虫语冰), 信区: Carolinas
标 题: 中国科大北卡校友野餐会 10/16/2011 Bond Park
发信站: BBS 未名空间站 (Fri Sep 23 11:49:50 2011, 美东)
http://www.ustcnc.org/picnic.html
USTC Alumni Picnic (中国科大北卡校友野餐会) :
时间：十月十六日，星期天，11:30am-3:00pm
地点：The Screened Porch at the Bond Park, Cary, NC
What: USTC Alumni Potluck Picnic Party
When: Sunday, October 16, 2011, 11:30am-3:00pm
Where: The Screened Porch at the Bond Park
(801 High House Road, Cary, NC 27512)
一年一度的科大北卡校友聚会的时候又到了。... 阅读全帖 |
|
m******1
发帖数: 11 | 30 Three years ago in 2005, an investor purchased 12.0% monthly coupon bond at
par value. The current yield of the bond is 11.0%. The bond will mature in
2025. Answer the following questions:
： Calculate the price of the bond in year 2010, if it pays monthly
coupons until 2015 and then begins paying semi-annual coupons for the
remaining years until maturity. |
|
u***s
发帖数: 88 | 31 market rate>coupon rate, the bond is sold at discount
market rate
FV*coupon rate=interest payments (in this case, it is $12K)
FV*market rate=interest
sold at discount, bond issuer receives less money and pay a fixed interest
sold at premium, bond issuer receives more money and pay a fixed interest
is |
|
c********1
发帖数: 35 | 32 The first JE should be recorded by the issuing company (seller).
Cash 920
Bond issue cost 50
Discount on Bond 30
Bond Payable 1000
Per becker textbook, the issuing company pays for the bond issue cost, so
the bondholder doesn't consider the issue cost again. |
|
h*********1
发帖数: 102 | 33 A 1000 par value bond pays annual coupons of 80. The bond is redeemable at
par in 30 years, but is callable any time from the end of the 10th year at
1050. Based on her desired yield rate, an investor calculates the following
potential purchase prices, P:
1) Assuming the bond is called at the end of the 10th year, P=957
2) Assuming the bond is held until maturity, P=897
For 2) PV=897, n=30, PMT=-80, FV=-1000, CPT i and store i value in the
calculator.
For 1) then I tried, PV=957, PMT=-80, FV=-10 |
|
s***r
发帖数: 1121 | 34 【 以下文字转载自 Quant 讨论区 】
发信人: smxzr (smxzr), 信区: Quant
标 题: 问个弱智题: market default risk premium and corporate bond credit spreads
发信站: BBS 未名空间站 (Wed Mar 2 01:14:04 2011, 美东)
market default risk premium = long term investment bond yield - long term
treasury bond yield
Then what is the relation between this market default risk premium with
corporate bond credit spreads? I thought it is POSITIVE. Am I correct?
thansk. |
|
j*****o
发帖数: 6 | 35 We say that duration is bond price sensitivity to interest rate. But really
which interest rate? Does a change in any point within the entire yield
curve (i.e. any interest rate change) will affect the price of a particular
bond? or only rates with shorter terms than the bond maturity matters?
If we express bond price as P(r), then this "r" seems to be the internal
rate of return, and the duration is just the first order Taylor expansion
for P(r) around this "r". So the interest rate affects th |
|
b***k
发帖数: 2673 | 36 ☆─────────────────────────────────────☆
maggie01 (新月格格) 于 (Wed Oct 29 16:13:41 2008) 提到:
Three years ago in 2005, an investor purchased 12.0% monthly coupon bond at
par value. The current yield of the bond is 11.0%. The bond will mature in
2025. Answer the following questions:
： Calculate the price of the bond in year 2010, if it pays monthly
coupons until 2015 and then begins paying semi-annual coupons for the
remaining years until maturity.
☆─────────────────────────────────────☆
maggi |
|
M*S
发帖数: 459 | 37 yield to maturity 是指的interest rate，当然不是我说的“利息”, 我说的“利息
”书上叫 coupon interest.不知道翻成“利息”有什么大问题。
我们换一个角度看问题，假设有公司发现一种bond,它的Par value 是1000$，coupon
interest rate 定为15%， 每年的coupon interest 就是150$，我写了个小程序，用
DCF 公式来计算这个bond valuation，结果正好就是1000$， 然后如果我改变coupon
interest rate ，极端一点，定为1%，所以每年的coupon interest 就是10$，用DCF
公式计算bond valuation 仍然是1000$.基于上面的事实，我的问题是bond valuation
到底有什么意义呢？ |
|
M*S
发帖数: 459 | 38 经过在这里讨教了一番，我基本上搞清楚了跟bond valuation有关的最重要的几个概念
，比如coupon rate(我前面老是错误的叫利率的)，YTM, current yield. 以及他们之
间的关系决定bond 是premium 还是 discounted。有了这个作为基础，我最初的问题实
际上是问Annuity(我前面错误的叫利息的)为什么是固定的。也就是问coupon rate 是
怎么确定的，我想coupon rate 应该是参考了当时的利率决定的，如果我的理解不对，
请纠正。另外我忽视了一个明显的事实，就是bond 在maturity之前的任何时候都是可
以买卖的，正因为这一点，bond valuation 才变得有意义，也才会有YTM 这个东西。
再次谢谢大家. |
|
h*********i
发帖数: 2605 | 39 【 以下文字转载自 Investment 讨论区 】
发信人: huchihaisai (hu), 信区: Investment
标 题: 这种投资bond的方式谁听过？
发信站: BBS 未名空间站 (Sun Jan 1 15:51:34 2012, 美东)
有人推荐了一种投资iBond的方式：
buy five $2,000 bonds that mature in 2012, 2013, 2017, 2019, 2021. As each
one comes due, roll it over into a new 10-year bond.
为什么要这么设定？有什么好处？是为了对冲bond price loss还是为了避税？ |
|
a**********n
发帖数: 848 | 40 对一道题想不明白，请大家帮忙看看
这道题是CFA 2008年的考题
Buying and selling an equal value of fixed income securities with identical characteristics
Buy 7-year Ba2/BB industrial corporate bonds;
sell 7-year Baa3/BBB industrial corporate bonds
Given market expectations: a weakening economy, over the next 2 weeks credit spreads will widen significantly and all interest rates will decline significantly
问题: determine the expected effect on the portfolio's value over the next 2 weeks, Positive or Negative, reason
官方答案：Nega... 阅读全帖 |
|
S*********d
发帖数: 451 | 41 楼主，你的整个逻辑是不对的。
第一,BBB is higher quality bond,BB is lower quality bond.
第二，whatever the economy is ，BBB is always pay less premium than BB
第三，As a portfolio view, you are comparing the change of BBB and the
change of BB
第四，both bonds will increase the yields due to the weak economy (the
default risk goes up). Hence, both bond price will decrease
第五，the short position of BBB will increase the value of the portfolio
while the long position of BB will decrease the value of portfolio
第六,because the p... 阅读全帖 |
|
r*******t
发帖数: 8550 | 42 看来要有很多东西要做出来才能计算Option on Bond Future Analytics，我分析，有
如下几点
A) construct daily off-the-run bond zero curve, and their curve change for
calculating analytics
B) cheapest to deliver for bond future (possible switch from one bond to
another for delivery if interest rate curve change)
C) price vol VS yield vol
D) volatility smile (vol changes when analytics curve changes) for option
price
E) the future daily settlement method affects on option price
F) the future option daily settlement method affect... 阅读全帖 |
|
C***x
发帖数: 468 | 43 银行买这个bond的一部分钱是借的, 包括你存在银行的钱就有部分跑那里了. 如果这个
bond default, 而银行本身没有capital, 你到银行取钱时,就会和其他银行的债权人一
起抓狂, 砸窗户.
bond,
bond |
|
F****c
发帖数: 526 | 44 今天看到Motley Fool的文章，说AGO/Assured Guaranty 的生意会越来越差，因为很多
新的municiple bonds没有insurance,原文是这样的
“The business of insuring municipal bonds is quickly dying, as shown by the
decreasing number of new municipal bond issues that have insurance. With
only a little more than $18 billion in total assets, Assured Guaranty doesn'
t seem like much of an insurance policy compared to projections of a
combined budget deficit of $140 billion for all 50 states in 2012.”
我原以为muni bonds买insurance 是必须的，这样看比subprime还乱。
... 阅读全帖 |
|
d********8
发帖数: 74 | 45 BOND YIELDS AND STOCKS TREND TOGETHER... During most of the postwar era,
rising rates were considered to be negative for stocks. That hasn't been the
case since 1998 however. A deflationary threat that started with the 1997-
1998 currency crisis caused a major decoupling of bond and stock prices. As
my 2004 book on intermarket analysis points out, deflation causes bond
prices to rise while stocks fall. That's why bond and stock prices have
maintained an inverse relationship in the last decade. T |
|
s*********8
发帖数: 901 | 46 European nations are expected to sell more than $43 billion in debt this
week as optimism has returned to the region. (Read: the European Central
Bank is all but promising a bailout.) Italy sold $9.8 billion of debt, near
the maximum, at auction today… The troubled nation paid 6.08% for 2 billion
euros of 10-year debt, down from 6.98% at the last auction on December 29.
It also sold 3.57 billion euros of five-year bonds at 5.39%, down from 6.47%
on December 14. Italy also sold 1.9 billion euros ... 阅读全帖 |
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R********n
发帖数: 5904 | 47 James Bond全世界跑，到处杀人、抢劫、偷盗、奸女、爆炸。跟９１１袭击者唯一不同
的是，人是为了美帝撤出阿拉伯世界，James Bond则是为了美国的国家利益，到全世界
杀人、抢劫、偷盗、奸女、爆炸。
James Bond的形象对美帝和CIA是胸大无脑的讥讽，对欧洲等则是滑稽的讽刺：难道要
德国青年接受CIA在德国为美帝利益爆炸弹？ |
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c********i
发帖数: 6 | 48 今天收到DMV寄来的title，我发现是一个bonded title，因为在dealer买车，dealer说
title丢了，拖了五个月都没办好，找DMV投诉，结果办了个bonded title。听说可以办
一个duplicated title，但是时间比较长，现在办成了一个bonded title，怎么办呢？
这个好像不是clean title了吧？还好卖吗？车还不错！请各位给我点意见，多谢！ |
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M*******1
发帖数: 4037 | 49 [label ready 求购]Bond 50 blue Ray:23 @105
Bond 50 Blueray 22 movies 这是2012版 不收
Bond 50 Blueray 23 movies for $105 这是2013版（多一个Skyfall) |
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d**a
发帖数: 3715 | 50 1x Bond 50: The Complete 22 Film Collection [Blu-ray] 2012 James Bond
@110, bill pay |
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