n******h
发帖数: 2544 | 1 刚刚在fidelity里面看了一把muni bond，二级市场。
发现aa以上的回报基本都在0.4%，举个例子：
CA LOS ANGELES CALIF UNI SCH DIST GO
Coupon 03.75000%
到期日 07/01/2014
收益 0.45%
这个怎么会这么低呢？还有谁会去买？ | y****i
发帖数: 778 | 2 Yes, municipal bond funds buy these bonds because fed rate will be 0-0.25%
before mid 2014. For small investors, you need to screening and wait for the
opportunity to buy. You can also try zero coupon or taxable muni bonds like
BAB if their yield are attractive. I bought 204712FF5 8/1/2018 with 6%
yield yesterday, not bad with AGM insured. Though it is a fed taxable and
zero coupon bond, the yield is much higher than CD and default risk is lower
than corporate bond.
【在 n******h 的大作中提到】
: 刚刚在fidelity里面看了一把muni bond，二级市场。
: 发现aa以上的回报基本都在0.4%，举个例子：
: CA LOS ANGELES CALIF UNI SCH DIST GO
: Coupon 03.75000%
: 到期日 07/01/2014
: 收益 0.45%
: 这个怎么会这么低呢？还有谁会去买？
| a***n
发帖数: 328 | 3 Coupon也要算进去吧？
一直没明白最终收益怎么算，假设hold到期的话。
【在 n******h 的大作中提到】
: 刚刚在fidelity里面看了一把muni bond，二级市场。
: 发现aa以上的回报基本都在0.4%，举个例子：
: CA LOS ANGELES CALIF UNI SCH DIST GO
: Coupon 03.75000%
: 到期日 07/01/2014
: 收益 0.45%
: 这个怎么会这么低呢？还有谁会去买？
| y****i
发帖数: 778 | 4 http://en.wikipedia.org/wiki/Bond_valuation
If you do not consider compound interest, make it simple, yield = (face
value 100$ + coupon interest) / bond market price. The yield is lower than
coupon rate if the bond price is more than 100$.
Fidelity showes yield to maturity or yield to call based on compound
interest. You don't need to know how to calculate, just remember yield is
the true return if you hold it until maturity, not the coupon rate.
【在 a***n 的大作中提到】
: Coupon也要算进去吧？
: 一直没明白最终收益怎么算，假设hold到期的话。
| J*y
发帖数: 271 | 5 The bond is sold out.
How do you know when it is available?
sit in front of the computer moring till night?
Or is there a way to set up a criteria. Purchase aumatically when available?
【在 y****i 的大作中提到】
: http://en.wikipedia.org/wiki/Bond_valuation
: If you do not consider compound interest, make it simple, yield = (face
: value 100$ + coupon interest) / bond market price. The yield is lower than
: coupon rate if the bond price is more than 100$.
: Fidelity showes yield to maturity or yield to call based on compound
: interest. You don't need to know how to calculate, just remember yield is
: the true return if you hold it until maturity, not the coupon rate.
| y****i
发帖数: 778 | 6 I only have 20-30 min in the morning 7-8AM PST to check. My criteria is >3.5
% for tax free semianually interest muni if maturity less than 5 years, >4%
for 10 years or less, > 4.5% for 11-15 years. For zero coupon tax free muni,
each add 0.5% yield. For taxable muni or corporate bond, each add 1%. For
taxable zero coupon, each add 1.5%. You can save each condition and check it
quickly, but still need to check details before buying such as yield to
worst(call), yield to maturity, recent trade activities and events, rating
and underlying rating, insurance company if there is any, has sinking fund
protection or extraordinary call or not. If you compare the ask price with
3rd party price, you can find the deal quickly, but make sure the lower ask
price is not due to downgrade or bad news.
available?
【在 J*y 的大作中提到】
: The bond is sold out.
: How do you know when it is available?
: sit in front of the computer moring till night?
: Or is there a way to set up a criteria. Purchase aumatically when available?
|
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