c*********y
发帖数: 73 | 1 或者收益3%-4%也成，就求简单不用怎么打理，且风险低或接近于0，
有无这样的投资选项？
谢谢 |
s******t
发帖数: 12883 | 2 买中国国债， 人民币定存， 等。
【在 c*********y 的大作中提到】
: 或者收益3%-4%也成，就求简单不用怎么打理，且风险低或接近于0，
: 有无这样的投资选项？
: 谢谢
|
y****i
发帖数: 778 | 3 In addition to Rmb 3 year CD, Individual muni bond with AGM or MBIA
insurance, 3.5-4.5percent, tax free but need long term like 5-12 year, risk
is close to 0 with BBB+ underlying rating bonds.
http://www.mitbbs.com/clubarticle_t/Bond/31335337.html
http://www.mitbbs.com/clubarticle_t/Bond/31335337.html
If taxable short term, Genworth corporate bond can offer such yield for 2-3
year maturity, rating is BBB-, but the risk for default is very small for
short term. Italian telecom offer better yield with BBB rating. You may want
to avoid euro company though the crisis is most likely for sovereign bond
only. |
b******y
发帖数: 1684 | 4 你有多少资金？上百万的话，买商业地产5%属于很稳当的投资。
【在 c*********y 的大作中提到】
: 或者收益3%-4%也成，就求简单不用怎么打理，且风险低或接近于0，
: 有无这样的投资选项？
: 谢谢
|
c*********y
发帖数: 73 | 5 或者收益3%-4%也成，就求简单不用怎么打理，且风险低或接近于0，
有无这样的投资选项？
谢谢 |
s******t
发帖数: 12883 | 6 买中国国债， 人民币定存， 等。
【在 c*********y 的大作中提到】
: 或者收益3%-4%也成，就求简单不用怎么打理，且风险低或接近于0，
: 有无这样的投资选项？
: 谢谢
|
y****i
发帖数: 778 | 7 In addition to Rmb 3 year CD, Individual muni bond with AGM or MBIA
insurance, 3.5-4.5percent, tax free but need long term like 5-12 year, risk
is close to 0 with BBB+ underlying rating bonds.
http://www.mitbbs.com/clubarticle_t/Bond/31335337.html
http://www.mitbbs.com/clubarticle_t/Bond/31335337.html
If taxable short term, Genworth corporate bond can offer such yield for 2-3
year maturity, rating is BBB-, but the risk for default is very small for
short term. Italian telecom offer better yield with BBB rating. You may want
to avoid euro company though the crisis is most likely for sovereign bond
only. |
b******y
发帖数: 1684 | 8 你有多少资金？上百万的话，买商业地产5%属于很稳当的投资。
【在 c*********y 的大作中提到】
: 或者收益3%-4%也成，就求简单不用怎么打理，且风险低或接近于0，
: 有无这样的投资选项？
: 谢谢
|
|
j******3
发帖数: 18319 | 9 保证年收益的肯定没有，有也不能信。
看你的time horizon，如果是long-term，可以考虑勇dollar cost averaging买大盘。
或者选几个蓝筹股也可以。
个人意见，仅供参考。
【在 c*********y 的大作中提到】
: 或者收益3%-4%也成，就求简单不用怎么打理，且风险低或接近于0，
: 有无这样的投资选项？
: 谢谢
|
b*h
发帖数: 28 | |
|
|
f***c
发帖数: 1285 | 11 直接人民币定存啊，有时候发行债券，还可以有一年5%的。
再加上人民币升值，一年6%-8% ，无风险。 |
q****x
发帖数: 7404 | 12 贬值风险，汇兑风险。
【在 f***c 的大作中提到】
: 直接人民币定存啊，有时候发行债券，还可以有一年5%的。
: 再加上人民币升值，一年6%-8% ，无风险。
|
h******b
发帖数: 6055 | |
m**********w
发帖数: 4161 | 14 transfer back to china.
【在 h******b 的大作中提到】
: 怎样从美国买RMB的三年CD？
|
h*******7
发帖数: 1481 | 15 汇率风险， 中国政府政策风险， 中国政治风险
【在 f***c 的大作中提到】
: 直接人民币定存啊，有时候发行债券，还可以有一年5%的。
: 再加上人民币升值，一年6%-8% ，无风险。
|
h*******7
发帖数: 1481 | 16 全世界公认的风险最低的是美国国债， 10年Yield 1.59%
【在 c*********y 的大作中提到】
: 或者收益3%-4%也成，就求简单不用怎么打理，且风险低或接近于0，
: 有无这样的投资选项？
: 谢谢
|
h******b
发帖数: 6055 | 17 1.59恐怕连inflation都没法打败。
为什么买单个municipal bond？ fund不是更保险？ 求高手指点。 最近看中一个
pttrx, 一个swntx。 |
y****i
发帖数: 778 | 18 You will lose money if the bond fund market value goes down. You can hold
the individual bond until maturity to avoid that.
【在 h******b 的大作中提到】
: 1.59恐怕连inflation都没法打败。
: 为什么买单个municipal bond？ fund不是更保险？ 求高手指点。 最近看中一个
: pttrx, 一个swntx。
|
z******a
发帖数: 5381 | 19 擦。人明明问的是零风险
板上一众牛人上来先给人Load了一整车的汇率风险上来。
还都是硕士博士，还不如我老一个老粗 |
h******b
发帖数: 6055 | 20 You are guaranteed the principal and interest if you hold to maturity on
individual bonds?
What duration are you going for and how much do you diversify? i.e. for
100k how many different bonds do you need to reduce risk?
【在 y****i 的大作中提到】
: You will lose money if the bond fund market value goes down. You can hold
: the individual bond until maturity to avoid that.
|
|
|
h******b
发帖数: 6055 | 21 世界上没有零风险，你哪怕买国债都有美国政府垮台的风险。 地产也有遇上极品房客
，房屋像日本一样贬值的风险。买CD你利息未必顶的上物价，一样是风险。
这里建议的都是比较稳的方法了，百分之五，不到15年就翻一倍了，完全没有风险是不
可能的。
【在 z******a 的大作中提到】
: 擦。人明明问的是零风险
: 板上一众牛人上来先给人Load了一整车的汇率风险上来。
: 还都是硕士博士，还不如我老一个老粗
|
y****i
发帖数: 778 | 22 Yes, especially municipal bond insured by AGM or MBIA, the default risk of
both bond issuer and insurance company is so low that I think it can replace
CD. Most of my municipal bonds are 4-14 year maturity. You can have 10k for
each year. 10 different bonds are enough. If they are insured by AGM or
MBIA, you don't need to consider default risk, just consider interest/
inflation risk. One or two bond can be zero coupon bond to boost the yield.
【在 h******b 的大作中提到】
: You are guaranteed the principal and interest if you hold to maturity on
: individual bonds?
: What duration are you going for and how much do you diversify? i.e. for
: 100k how many different bonds do you need to reduce risk?
|
h******b
发帖数: 6055 | 23 受教了，谢谢！
请问您是用Fidelity的bonddesk吗？ 请问他们收多少手续费？ 我炒股喜欢
interactive broker，手续费最低但不知道他们bond如何。好像是5到10美金per trade。
liquidity怎么样？ 一般来说用各种bond screener搜出来就可以买吗？ 还有是不是
应该尽量买below par的这样又赚principal本金又赚coupon利息？ 自己看yield to
maturity就可以了？
最后，是不是说一个公司不倒闭就不会有default的可能？
不好意思好多小白问题，从来没有想过直接买bond，误以为只是适合institution，您
一指点有茅塞顿开的感觉。 平常面前就是一个Bloomberg的平台，最近想买bond fund
但他们都是历史新高，不想一进去先损失个5到10百分点。 而且每年手续费很讨厌。
replace
for
【在 y****i 的大作中提到】
: Yes, especially municipal bond insured by AGM or MBIA, the default risk of
: both bond issuer and insurance company is so low that I think it can replace
: CD. Most of my municipal bonds are 4-14 year maturity. You can have 10k for
: each year. 10 different bonds are enough. If they are insured by AGM or
: MBIA, you don't need to consider default risk, just consider interest/
: inflation risk. One or two bond can be zero coupon bond to boost the yield.
|
y****i
发帖数: 778 | 24 Yes, I use Fidelity for fixed income and IB for stock because bid/ask prices
are more important for bond than transaction fee. $8 for each transaction
if your face value is less than 8000$, above that $1 for $1000 bond.
Yes, 90% of my bond is below par value because some bonds are callable, you
have to buy below par value (plus the transaction fee) to avoid early call
risk.
Corporate bond liquidity is better than municipal bond. Usually, you can
sell it online like stock if the amount is 5000$ or above. For muni bond,
you have to call Fidelity to get the bid quote first, and the spread is high
if your bond is not actively traded. If you need money for emergency or
down payment, sell the corporate bond first, next is muni bond with capital
gain or the bond whose bid quote is close to 3rd party price.
fund
【在 h******b 的大作中提到】
: 受教了，谢谢！
: 请问您是用Fidelity的bonddesk吗？ 请问他们收多少手续费？ 我炒股喜欢
: interactive broker，手续费最低但不知道他们bond如何。好像是5到10美金per trade。
: liquidity怎么样？ 一般来说用各种bond screener搜出来就可以买吗？ 还有是不是
: 应该尽量买below par的这样又赚principal本金又赚coupon利息？ 自己看yield to
: maturity就可以了？
: 最后，是不是说一个公司不倒闭就不会有default的可能？
: 不好意思好多小白问题，从来没有想过直接买bond，误以为只是适合institution，您
: 一指点有茅塞顿开的感觉。 平常面前就是一个Bloomberg的平台，最近想买bond fund
: 但他们都是历史新高，不想一进去先损失个5到10百分点。 而且每年手续费很讨厌。
|
h******b
发帖数: 6055 | 25 Thanks!
Did you compare Fidelity vs IB on security selection and bid/ask prices? I
have IB, is it worth it to have a separate account at Fidelity? Just
wondering how bad IB is versus Fidelity for funds and bonds.
I started screening bonds and bond funds on terminal. I see what you mean,
almost all funds are trading at all time high, risk of getting hit on a
pullback that wipes out your dividend for a year is very high.
So much to learn!
prices
you
high
【在 y****i 的大作中提到】
: Yes, I use Fidelity for fixed income and IB for stock because bid/ask prices
: are more important for bond than transaction fee. $8 for each transaction
: if your face value is less than 8000$, above that $1 for $1000 bond.
: Yes, 90% of my bond is below par value because some bonds are callable, you
: have to buy below par value (plus the transaction fee) to avoid early call
: risk.
: Corporate bond liquidity is better than municipal bond. Usually, you can
: sell it online like stock if the amount is 5000$ or above. For muni bond,
: you have to call Fidelity to get the bid quote first, and the spread is high
: if your bond is not actively traded. If you need money for emergency or
|
S**C
发帖数: 2964 | 26 Anyone put trust on municipal bond insurers should check the history of
AMBAC. MBIA? It did not make investment grade. AGM fares far better, but
before Dec. 2007, AMBAC and MBIA are all AAA rated.
replace
for
【在 y****i 的大作中提到】
: Yes, especially municipal bond insured by AGM or MBIA, the default risk of
: both bond issuer and insurance company is so low that I think it can replace
: CD. Most of my municipal bonds are 4-14 year maturity. You can have 10k for
: each year. 10 different bonds are enough. If they are insured by AGM or
: MBIA, you don't need to consider default risk, just consider interest/
: inflation risk. One or two bond can be zero coupon bond to boost the yield.
|
y****i
发帖数: 778 | 27 I think you need a Fidelity account for individual bond because IB has very
limit inventories.
I
,
【在 h******b 的大作中提到】
: Thanks!
: Did you compare Fidelity vs IB on security selection and bid/ask prices? I
: have IB, is it worth it to have a separate account at Fidelity? Just
: wondering how bad IB is versus Fidelity for funds and bonds.
: I started screening bonds and bond funds on terminal. I see what you mean,
: almost all funds are trading at all time high, risk of getting hit on a
: pullback that wipes out your dividend for a year is very high.
: So much to learn!
:
: prices
|
y****i
发帖数: 778 | 28 Yes, AGM AA3 is the best, MBIA is B only, but split NATL for municipal
bond insurance only, rating is BBB. AMBAC was bankrupt, but the risk for
insured bond still lower than uninsured if the underlying rating is similar.
Currently I hold a Stockton bond which is insured by MBIA who paid me
interest this Mar and Sept when the issuer default. Let's see if it can pay
me the interest and principal until 2024, the yield is 6%, coupon 4.25%,
bought at market price $84 for $100 face value.
【在 S**C 的大作中提到】
: Anyone put trust on municipal bond insurers should check the history of
: AMBAC. MBIA? It did not make investment grade. AGM fares far better, but
: before Dec. 2007, AMBAC and MBIA are all AAA rated.
:
: replace
: for
|
S**C
发帖数: 2964 | 29 BBB is your definition of no/little default risk? Let alone history has
shown just recently AAA can turn into CCC in short period of time.
similar.
pay
【在 y****i 的大作中提到】
: Yes, AGM AA3 is the best, MBIA is B only, but split NATL for municipal
: bond insurance only, rating is BBB. AMBAC was bankrupt, but the risk for
: insured bond still lower than uninsured if the underlying rating is similar.
: Currently I hold a Stockton bond which is insured by MBIA who paid me
: interest this Mar and Sept when the issuer default. Let's see if it can pay
: me the interest and principal until 2024, the yield is 6%, coupon 4.25%,
: bought at market price $84 for $100 face value.
|
h******b
发帖数: 6055 | 30 仔细考虑以后还是决定买bond fund为主了，我觉得玩bond专业的团队优势太大了，自
己不太可能工作时间下单买bond。而且bond fund比较好出手。我会选最近一年
dividend占了return 75%或更高的，找价钱不怎么变，靠dividend吃饭的。
因为Fidelity和Vanguard是泰山北斗，用他们平台交易他们自己的产品是没有手续费，
我估计是二选一。Fidelity好像如果交易别的东西好一些，所以可能还是Fidelity。不
过vanguard fund每年的expense真的低啊。
FGMNX US FIDELITY GNMA FUND
FSTGX US FIDELITY INTERMED GOVT INCOM FTBFX US FIDELITY TOTAL BOND FUND-TB
FSTFX US FIDELITY SHORT INTERM MUNI I
VFIUX US VANGUARD INTM TERM TREAS-ADM
VFIJX US VANGUARD GNMA FUND-ADM VFIDX US VANGUARD INTM TRM INV G-ADM VNYUX
US VANGUARD NY LONG TRM T/E-ADM
我的broker让我别开online户头，他给我免费进a share的Oppenheimer和blackrock的
load fund。 但我看了performance和sharp ratio，好像没有什么优势啊。
【在 S**C 的大作中提到】
: BBB is your definition of no/little default risk? Let alone history has
: shown just recently AAA can turn into CCC in short period of time.
:
: similar.
: pay
|
|
|
y****i
发帖数: 778 | 31 That's why if you consider the total risk, AAA bond is more because when it
defaults, the same as BBB or CC bonds but the yield is too low to offset
such risk. Why we need bond insurance like AGM or MBIA for BBB grade bond,,
because the bond default risk times these two company bankruptcy is lower
than a AAA or AA bond itself. I just want to show bond investors do not
overvalue the rating because it is changing everyday. It's only a reference,
you have to consider yield in addition to rating. In special time like now
many high grade bonds have such low yield as treasury, their interest risk
under inflation is much higher. Thus lower rating bonds have more investment
value at this special time, better than high rating bond and stock in my
opinion. If you study the company more carefully, Genworth is not GM at all
and it is far, far from bankruptcy even Moody or SP might downgrade it to
junk. The opportunities of these fallen angels are special group which bond
investors can make lots of profit. ILFC, Ford, AIG during 2009, Jefferies
last November and even MS and BOA this year are all good examples that you
can earn 15% capital gain plus 5-10% coupon within 2-6 month. If you want
face value to be no risk, go ahead for treasury bond.
【在 S**C 的大作中提到】
: BBB is your definition of no/little default risk? Let alone history has
: shown just recently AAA can turn into CCC in short period of time.
:
: similar.
: pay
|
h******b
发帖数: 6055 | 32 Thanks so much for the advice.
Can you send me a couple of sample cusips if you don't mind. Just ones you
bought in the past is ok.
I decided to open my account at Fidelity following your steps so I can trade
bonds if I need to.
it
,
reference,
now
investment
【在 y****i 的大作中提到】
: That's why if you consider the total risk, AAA bond is more because when it
: defaults, the same as BBB or CC bonds but the yield is too low to offset
: such risk. Why we need bond insurance like AGM or MBIA for BBB grade bond,,
: because the bond default risk times these two company bankruptcy is lower
: than a AAA or AA bond itself. I just want to show bond investors do not
: overvalue the rating because it is changing everyday. It's only a reference,
: you have to consider yield in addition to rating. In special time like now
: many high grade bonds have such low yield as treasury, their interest risk
: under inflation is much higher. Thus lower rating bonds have more investment
: value at this special time, better than high rating bond and stock in my
|
S**C
发帖数: 2964 | 33 There is no free lunch in bond market, which is far more efficient than
stock market, to say lower rating bonds overall has lower total risk is
absurd, even at this point of time. One scenario is Japan II or global Japan
II for the next 10-20 years. Those muni insurers are small potatos, easily
get overwhelmed in financial distress. The fact BRK no longer insure muni
tell me a lot of things. GNW is not GM, OK, AIG is not GM either, GM is
doing pretty good in early 2000, so what? Junk bond doing well in 2009,
stock doing exceptional well in 2009, and some junk bond and stock doing
exceptional well this year, and your point is?
it
,
reference,
now
investment
【在 y****i 的大作中提到】
: That's why if you consider the total risk, AAA bond is more because when it
: defaults, the same as BBB or CC bonds but the yield is too low to offset
: such risk. Why we need bond insurance like AGM or MBIA for BBB grade bond,,
: because the bond default risk times these two company bankruptcy is lower
: than a AAA or AA bond itself. I just want to show bond investors do not
: overvalue the rating because it is changing everyday. It's only a reference,
: you have to consider yield in addition to rating. In special time like now
: many high grade bonds have such low yield as treasury, their interest risk
: under inflation is much higher. Thus lower rating bonds have more investment
: value at this special time, better than high rating bond and stock in my
|
y****i
发帖数: 778 | 34 GNW, 37247DAM8, 37247DAN6, 37247DAP1. My muni bond holding can be found at:
http://www.mitbbs.com/clubarticle_t/Bond/31335637.html
Not including the Stockton bond 861402DF9 because the junk muni bond even
with insurance is not for new investor.
Junk bond, JCP, 708160BQ8, again, I don't recommend this one to new investor
because you need to watch it like stock everyday, not the one you can sleep
well when the market price goes down.
The total holding of junk bond (muni with insurance plus corporate) is less
than 8%, and 10-15% is zero coupon muni bond which has high yield but no
interest payment. So the rest 80% is plain vanilla semiannually interest
payment bond, most are tax free except GNW. The cash flow is average $1200
interest per month based on 285-290k asset.
you
trade
【在 h******b 的大作中提到】
: Thanks so much for the advice.
: Can you send me a couple of sample cusips if you don't mind. Just ones you
: bought in the past is ok.
: I decided to open my account at Fidelity following your steps so I can trade
: bonds if I need to.
:
: it
: ,
: reference,
: now
|
b****s
发帖数: 876 | 35 Bond fund has more risk than RMB CD deposit. Bond can easily get negative
return.
【在 h******b 的大作中提到】
: 仔细考虑以后还是决定买bond fund为主了，我觉得玩bond专业的团队优势太大了，自
: 己不太可能工作时间下单买bond。而且bond fund比较好出手。我会选最近一年
: dividend占了return 75%或更高的，找价钱不怎么变，靠dividend吃饭的。
: 因为Fidelity和Vanguard是泰山北斗，用他们平台交易他们自己的产品是没有手续费，
: 我估计是二选一。Fidelity好像如果交易别的东西好一些，所以可能还是Fidelity。不
: 过vanguard fund每年的expense真的低啊。
: FGMNX US FIDELITY GNMA FUND
: FSTGX US FIDELITY INTERMED GOVT INCOM FTBFX US FIDELITY TOTAL BOND FUND-TB
: FSTFX US FIDELITY SHORT INTERM MUNI I
: VFIUX US VANGUARD INTM TERM TREAS-ADM
|
h******b
发帖数: 6055 | 36 受教了，差不多5%了还免税，真的好厉害啊。
感谢分享经验，我会好好研究一下的。
at:
investor
sleep
less
【在 y****i 的大作中提到】
: GNW, 37247DAM8, 37247DAN6, 37247DAP1. My muni bond holding can be found at:
: http://www.mitbbs.com/clubarticle_t/Bond/31335637.html
: Not including the Stockton bond 861402DF9 because the junk muni bond even
: with insurance is not for new investor.
: Junk bond, JCP, 708160BQ8, again, I don't recommend this one to new investor
: because you need to watch it like stock everyday, not the one you can sleep
: well when the market price goes down.
: The total holding of junk bond (muni with insurance plus corporate) is less
: than 8%, and 10-15% is zero coupon muni bond which has high yield but no
: interest payment. So the rest 80% is plain vanilla semiannually interest
|
h******b
发帖数: 6055 | 37 RMB的CD有两个问题，转过去好像立刻就要手续费和汇率差价，一下子差不多损失1%吧
，我看到fatwallet讨论过中国银行在纽约发RMB的CD的帖子。
还有就是虽然人民币越来越强，但真的不太好说三五年以后会不会比今天弱。 不同外
汇始终不是特别放心。
有克服这些问题的法子吗？
【在 b****s 的大作中提到】
: Bond fund has more risk than RMB CD deposit. Bond can easily get negative
: return.
|
x****o
发帖数: 29677 | 38
就看你对中国政治了解如何了，还有中国国情
反正我准备往国内transfer去买股票
【在 h******b 的大作中提到】
: RMB的CD有两个问题，转过去好像立刻就要手续费和汇率差价，一下子差不多损失1%吧
: ，我看到fatwallet讨论过中国银行在纽约发RMB的CD的帖子。
: 还有就是虽然人民币越来越强，但真的不太好说三五年以后会不会比今天弱。 不同外
: 汇始终不是特别放心。
: 有克服这些问题的法子吗？
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t*m
发帖数: 4414 | 39 如果long-term, 不要DCA (否则楼主大量资金闲置）。
闭着眼睛，一次砸进VTSAX, 今后几年也不用看。
【在 j******3 的大作中提到】
: 保证年收益的肯定没有，有也不能信。
: 看你的time horizon，如果是long-term，可以考虑勇dollar cost averaging买大盘。
: 或者选几个蓝筹股也可以。
: 个人意见，仅供参考。
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p***e
发帖数: 472 | 40 从Fidelity买munis除了transaction fee, 还收额外的管理费么？
如果被early call了，要交transaction fee吧？
谢谢！
prices
you
★ 发自iPhone App: ChineseWeb 7.7
【在 y****i 的大作中提到】
: Yes, I use Fidelity for fixed income and IB for stock because bid/ask prices
: are more important for bond than transaction fee. $8 for each transaction
: if your face value is less than 8000$, above that $1 for $1000 bond.
: Yes, 90% of my bond is below par value because some bonds are callable, you
: have to buy below par value (plus the transaction fee) to avoid early call
: risk.
: Corporate bond liquidity is better than municipal bond. Usually, you can
: sell it online like stock if the amount is 5000$ or above. For muni bond,
: you have to call Fidelity to get the bid quote first, and the spread is high
: if your bond is not actively traded. If you need money for emergency or
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y****i
发帖数: 778 | 41 没有额外的管理费。如果被early call, 也没有transaction fee，但是你如果buy
with premium, you will have capital loss because most bonds call at par
value, $100.
【在 p***e 的大作中提到】
: 从Fidelity买munis除了transaction fee, 还收额外的管理费么？
: 如果被early call了，要交transaction fee吧？
: 谢谢！
:
: prices
: you
: ★ 发自iPhone App: ChineseWeb 7.7
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p***e
发帖数: 472 | 42 It does make sense, thank you.
【在 y****i 的大作中提到】
: 没有额外的管理费。如果被early call, 也没有transaction fee，但是你如果buy
: with premium, you will have capital loss because most bonds call at par
: value, $100.
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p***e
发帖数: 472 | 43 One more question: if a bond has no coupon, how to calculate the yield? In
other words, where is the yield from? Thanks.
【在 y****i 的大作中提到】
: 没有额外的管理费。如果被early call, 也没有transaction fee，但是你如果buy
: with premium, you will have capital loss because most bonds call at par
: value, $100.
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r***e
发帖数: 2539 | 44 买入时的折价啊，比如100刀债的花90刀买入。
In
【在 p***e 的大作中提到】
: One more question: if a bond has no coupon, how to calculate the yield? In
: other words, where is the yield from? Thanks.
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y****i
发帖数: 778 | 45 Zero coupon give your interest at maturity. e.g. Today a 20 year bond 6%
yield, $31.25 issued, return $100 face value at 1/1/2033.
In
【在 p***e 的大作中提到】
: One more question: if a bond has no coupon, how to calculate the yield? In
: other words, where is the yield from? Thanks.
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p***e
发帖数: 472 | 46 能帮我看看这个搜索结果么？谢谢。
1，underlying rating指的是insurer的rating么？好像选的时候最低就是BBB-，那
MBIA(B)岂不就没法包括进去？
2，Ask Price就是购买价吧？好像这几个bond ask price都比face value要高。好比第
一个bond，coupon 5.000(%)，ask price 101.425，yield 0.600(%)就是coupon去除
premium ($101.425-$100)之后的最终收益？ |
p***e
发帖数: 472 | 47 mature 以后，yield 是按照 face value 来算？
【在 y****i 的大作中提到】
: Zero coupon give your interest at maturity. e.g. Today a 20 year bond 6%
: yield, $31.25 issued, return $100 face value at 1/1/2033.
:
: In
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y****i
发帖数: 778 | 48 1.Underlying rating is the rating of the bond itself, not considering
insurer. Because only AGM/FSA has AA3 rating, you'll see only its insured
bonds have higher rating than underlying rating. For MBIA insured bond, the
underlying rating is the same as rating, but you can see the insurer
information in bond detail.
2.Most bonds pay interest semiannually and you have to pay the seller
interest until settlement date. For such short term bond, you have very
little interest earned if considering the transaction fee.
The bond will give you 250$ interest per $10000 face value, but you need to
pay the seller 250*2.1/6= $90 interest now, so you total earned is 102.5-0.9
=101.6. You need to pay 0.16$ per bond if you buy 5000$, or 0.1$ per bond if
more than 8000$. 101.6-0.16=101.44>101.425, so you will have capital loss
not gain for this bond.
【在 p***e 的大作中提到】
: 能帮我看看这个搜索结果么？谢谢。
: 1，underlying rating指的是insurer的rating么？好像选的时候最低就是BBB-，那
: MBIA(B)岂不就没法包括进去？
: 2，Ask Price就是购买价吧？好像这几个bond ask price都比face value要高。好比第
: 一个bond，coupon 5.000(%)，ask price 101.425，yield 0.600(%)就是coupon去除
: premium ($101.425-$100)之后的最终收益？
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y****i
发帖数: 778 | 49 The bond return $100 principal to you and no more interest/yield is counting
. All bonds go back to $100 face value when mature or called before maturity
if no call protection, that's the end of this bond.
【在 p***e 的大作中提到】
: mature 以后，yield 是按照 face value 来算？
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p***e
发帖数: 472 | 50 Thank you, it's very informative. One trivia question to confirm: with the
transaction fee, the "actual" price of the bond becomes 101.425+0.16=101.585
, which is still <101.6. So it still makes little money, is such
understanding right?
I'm still not sure about the Yield vs. Coupon. I have thought Coupon is the
actual income (% x face value x yrs), while Yield is just a measure of the
bond's performance (income / purchasing cost).
Most bonds pay interest semiannually and you have to pay the seller interest
until settlement date. For such short term bond, you have very little
interest earned if considering the transaction fee. The bond will give you
250$ interest per $10000 face value, but you need to pay the seller 250*2.1/
6= $90 interest now, so you total earned is 102.5-0.9
=101.6. You need to pay 0.16$ per bond if you buy 5000$, or 0.1$ per bond
if more than 8000$. 101.6-0.16=101.44>101.425, so you will have capital loss
not gain for this bond.
【在 y****i 的大作中提到】
: The bond return $100 principal to you and no more interest/yield is counting
: . All bonds go back to $100 face value when mature or called before maturity
: if no call protection, that's the end of this bond.
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y****i
发帖数: 778 | 51 Yes, it still makes little money but not worth it. You need to look at
either higher yield or longer term.
Coupon is the interest paid to face value, $100, yield is the "real" return
of bond if you hold it until maturity. If you sell the bond before maturity,
you will have capital gain or loss just like stock.
the
585
the
the
interest
【在 p***e 的大作中提到】
: Thank you, it's very informative. One trivia question to confirm: with the
: transaction fee, the "actual" price of the bond becomes 101.425+0.16=101.585
: , which is still <101.6. So it still makes little money, is such
: understanding right?
: I'm still not sure about the Yield vs. Coupon. I have thought Coupon is the
: actual income (% x face value x yrs), while Yield is just a measure of the
: bond's performance (income / purchasing cost).
:
: Most bonds pay interest semiannually and you have to pay the seller interest
: until settlement date. For such short term bond, you have very little
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p***e
发帖数: 472 | 52 Thank you.
It seems like fidelity IRA doesn't allow me to buy tax-free munis.
return
maturity,
【在 y****i 的大作中提到】
: Yes, it still makes little money but not worth it. You need to look at
: either higher yield or longer term.
: Coupon is the interest paid to face value, $100, yield is the "real" return
: of bond if you hold it until maturity. If you sell the bond before maturity,
: you will have capital gain or loss just like stock.
:
: the
: 585
: the
: the
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y****i
发帖数: 778 | 53 Why you buy muni in tax free or tax deferred account? You should buy
corporate bond, high dividend m-REIT or BDC in IRA because the interest is
tax deferred. You should buy muni bond in your brokerage account not IRA or
Roth IRA account.
【在 p***e 的大作中提到】
: Thank you.
: It seems like fidelity IRA doesn't allow me to buy tax-free munis.
:
: return
: maturity,
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J*y
发帖数: 271 | 54 In this calculation, where the 2.1 come from?
"pay the seller 250*2.1/6= $90 interest now ..."
1.Underlying rating is the rating of the bond itself, not considering
insurer. Because only AGM/FSA has AA3 rating, you'll see only its insured
bonds have higher rating than underlying rating. For MBIA insured bond, the
underlying rating is the same as rating, but you can see the insurer
information in bond detail.
2.Most bonds pay interest semiannually and you have to pay the seller
interest until settlement date. For such short term bond, you have very
little interest earned if considering the transaction fee.
The bond will give you 250$ interest per $10000 face value, but you need to
pay the seller 250*2.1/6= $90 interest now, so you total earned is 102.5-0.9
=101.6. You need to pay 0.16$ per bond if you buy 5000$, or 0.1$ per bond if
more than 8000$. 101.6-0.16=101.44>101.425, so you will have capital loss
not gain for this bond.
【在 y****i 的大作中提到】
: 1.Underlying rating is the rating of the bond itself, not considering
: insurer. Because only AGM/FSA has AA3 rating, you'll see only its insured
: bonds have higher rating than underlying rating. For MBIA insured bond, the
: underlying rating is the same as rating, but you can see the insurer
: information in bond detail.
: 2.Most bonds pay interest semiannually and you have to pay the seller
: interest until settlement date. For such short term bond, you have very
: little interest earned if considering the transaction fee.
: The bond will give you 250$ interest per $10000 face value, but you need to
: pay the seller 250*2.1/6= $90 interest now, so you total earned is 102.5-0.9
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y****i
发帖数: 778 | 55 2.1 month out of 6 month since last interest payment
the
【在 J*y 的大作中提到】
: In this calculation, where the 2.1 come from?
: "pay the seller 250*2.1/6= $90 interest now ..."
:
: 1.Underlying rating is the rating of the bond itself, not considering
: insurer. Because only AGM/FSA has AA3 rating, you'll see only its insured
: bonds have higher rating than underlying rating. For MBIA insured bond, the
: underlying rating is the same as rating, but you can see the insurer
: information in bond detail.
: 2.Most bonds pay interest semiannually and you have to pay the seller
: interest until settlement date. For such short term bond, you have very
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