l****5
发帖数: 2968 | 1 小女子刚刚进入这个投资游戏，左看看右看看，觉得bond比较稳妥。问题有以下几个：
本人要17年年中拿回本金，有些bond的coupon是5%，但是是municipal bonds, 看了一
下，说风险还是有但是不算大。请问如果我买到17年年中mature的bond，有什么风险吗
？要注意什么问题？我看到有些bond要买很多才行，也有买几钱就可以的了。
如果大牛们觉得bond不可靠，不知道还有什么其他的好途径呢？
股票是有买的了，不知道还有什么类型的投资呢？17年年中要等钱用
谢谢先 | m**m
发帖数: 5500 | 2 你确定是一年5%么。。不可能吧。
一年投资期限建议直接存cd或者high yield savings。
【在 l****5 的大作中提到】
: 小女子刚刚进入这个投资游戏，左看看右看看，觉得bond比较稳妥。问题有以下几个：
: 本人要17年年中拿回本金，有些bond的coupon是5%，但是是municipal bonds, 看了一
: 下，说风险还是有但是不算大。请问如果我买到17年年中mature的bond，有什么风险吗
: ？要注意什么问题？我看到有些bond要买很多才行，也有买几钱就可以的了。
: 如果大牛们觉得bond不可靠，不知道还有什么其他的好途径呢？
: 股票是有买的了，不知道还有什么类型的投资呢？17年年中要等钱用
: 谢谢先
| l****5
发帖数: 2968 | 3 coupon 是有5%左右的选择，semi-annual的，不知道我理解错没错, 但是有成熟期，成
熟期前不能取出来。
【在 m**m 的大作中提到】
: 你确定是一年5%么。。不可能吧。
: 一年投资期限建议直接存cd或者high yield savings。
| m**m
发帖数: 5500 | 4 不mature就兑现就是市场价减fee，很可能低于成本，特别是fed再升息的情况下。
即使等到mature，平均利率达5%的，期限不会很短吧。啥rating啊。。
【在 l****5 的大作中提到】
: coupon 是有5%左右的选择，semi-annual的，不知道我理解错没错, 但是有成熟期，成
: 熟期前不能取出来。
| m********3
发帖数: 2125 | 5 买bnd,跟股票一样。不过不能保证5%。
【在 l****5 的大作中提到】
: 小女子刚刚进入这个投资游戏，左看看右看看，觉得bond比较稳妥。问题有以下几个：
: 本人要17年年中拿回本金，有些bond的coupon是5%，但是是municipal bonds, 看了一
: 下，说风险还是有但是不算大。请问如果我买到17年年中mature的bond，有什么风险吗
: ？要注意什么问题？我看到有些bond要买很多才行，也有买几钱就可以的了。
: 如果大牛们觉得bond不可靠，不知道还有什么其他的好途径呢？
: 股票是有买的了，不知道还有什么类型的投资呢？17年年中要等钱用
: 谢谢先
| c**t
发帖数: 9197 | | t***3
发帖数: 936 | 7 when something is too good to be true...
【在 l****5 的大作中提到】
: 小女子刚刚进入这个投资游戏，左看看右看看，觉得bond比较稳妥。问题有以下几个：
: 本人要17年年中拿回本金，有些bond的coupon是5%，但是是municipal bonds, 看了一
: 下，说风险还是有但是不算大。请问如果我买到17年年中mature的bond，有什么风险吗
: ？要注意什么问题？我看到有些bond要买很多才行，也有买几钱就可以的了。
: 如果大牛们觉得bond不可靠，不知道还有什么其他的好途径呢？
: 股票是有买的了，不知道还有什么类型的投资呢？17年年中要等钱用
: 谢谢先
| s********i
发帖数: 17328 | 8 bond的价格是浮动的，5%coupon的100元面值的bond，在利率是1%的时候，你要花～104
元才买的到。现在risk-free利率是1%，有人给你5%的利息，你自己估计risk。
【在 l****5 的大作中提到】
: 小女子刚刚进入这个投资游戏，左看看右看看，觉得bond比较稳妥。问题有以下几个：
: 本人要17年年中拿回本金，有些bond的coupon是5%，但是是municipal bonds, 看了一
: 下，说风险还是有但是不算大。请问如果我买到17年年中mature的bond，有什么风险吗
: ？要注意什么问题？我看到有些bond要买很多才行，也有买几钱就可以的了。
: 如果大牛们觉得bond不可靠，不知道还有什么其他的好途径呢？
: 股票是有买的了，不知道还有什么类型的投资呢？17年年中要等钱用
: 谢谢先
| s******7
发帖数: 446 | 9 http://www.investopedia.com/ask/answers/020215/what-difference-
What is the difference between yield to maturity and the coupon rate? By
Sean Ross
SHARE TWEET
A:
A bond's coupon rate is the actual amount of interest income earned on the
bond each year based on its face value. A bond's yield to maturity is the
estimated rate of return based on the assumption it is held until maturity
date and not called. Yield to maturity includes the coupon rate within its
calculation. Investors are more likely to make investing decisions based on
an instrument's yield to maturity than its coupon rate.
Suppose you purchase a bond with a $1,000 face value, and it is issued with
semi-annual interest payments of $20. To calculate the bond's coupon rate,
divide the total annual interest payments, $40 in this case, by the $1,000
face value. Your bond has a 4% coupon rate. The coupons are fixed; no matter
what price the bond trades for, the interest payments always equal $40 per
year.
The coupon rate is often different from the yield. A bond's yield is more
accurately thought of as the effective rate of return based on the actual
market value of the bond. At face value, the coupon rate and yield equal
each other. If you sell your $1,000 bond at a $100 premium, the bond's yield
is now equal to $40 / $1,100, or 3.63%. Thus, yield and price are inversely
related.
Yield to maturity approximates the average return of the bond over its
remaining term. A single discount rate is applied to all future interest
payments to create a present value roughly equivalent to the price of the
bond. The entire calculation takes into account the coupon rate; current
price of the bond; difference between price and face value; and time until
maturity. Along with the spot rate, yield to maturity is one of the most
important figures in bond valuation. | s******7
发帖数: 446 | 10 http://bonds.about.com/od/bonds101/a/What-S-The-Difference-Betw
By Thomas Kenny
Updated December 16, 2014.
Beginning bond investors have a lot to learn, but one of the most important
things to understand is the difference between coupon and yield. Coupon
tells you what the bond paid when it was issued, but the yield – or “yield
to maturity” – tells you how much you will be paid in the future. Here’s
how it works:
When a bond is first issued, it has a variety of specific features, such as
the size of the issue, the maturity date, and the initial coupon.
For example, in 2012 the Treasury may issue a 30-year bond due in 2042 with
a “coupon” of 2%. This means that an investors who buys the bond and holds
it until face value can expect to receive 2% a year for the life of the
bond – or $20 for every $1000 invested.
Once the bond is issued, however, it trades in the open market – meaning
that its price will fluctuate throughout each business day for the 30-year
life of the bond. Now, fast-forward ten years down the road. In 2022,
interest rates have gone up and new Treasury bonds are being issued with
yields of 4%. If an investor could choose between a bond yielding 4% and the
2% bond from our example above, they would take the 4% bond every time.
As a result, the basic laws of supply and demand cause the price on the bond
with the 2% coupon to rise a level where it will attract buyers.
Here’s where math comes into play. Since prices and yields move in opposite
directions, a move in the bond’s yield from 2% to 4% means that its price
must fall. Keep in mind that the coupon is always 2% - that doesn’t change.
As a result, the bond will always pay out that same $20 per year.
But for it to yield 4%, its price needs to decline to $500 – or in other
words, $20 / $500 = 4%.
So, even in this situation, how does someone earn a 5% yield on a bond with
a 2% coupon? Simple: in addition to paying out the $20 each year, the
investor will also benefit from the move in the bond price from $500 back to
its original $1000 at maturity. Add the annual payment with the $500
principal increase – spread out over 20 years – and the combined effect is
a yield of 5%. This yield is known as the yield to maturity.
It works the other way, too. Say prevailing rates fell to 1.5% from 2% over
the first ten years of the bond’s life.
The bond’s price would need to rise to a level where that $20 annual
payment brought the investor a yield of 1.5% - in this case, $1,333.33 (
since $20 / $1,333.33 = 1.5%). Again, the 2% coupon falls to a 1.5% yield to
maturity due to the decline in the bond’s price from $1333.33 to $1,000
over the final 20 years of the bond’s life.
To gain a better understanding of the relationship between coupon and yield
to maturity, take a moment to study this page on the Wall Street Journal’s
website, which shows all of the Treasury issues currently trading. As you
will see, the high-coupon bonds have yields to maturity in line with the
other bonds on the table, but their prices are exceptionally high. A look
through this table will help elucidate the relationship between coupon,
price, and yield to maturity.
The Bottom Line
When looking at an individual bond, it’s the yield to maturity, and not the
coupon, that counts – because it shows what you will actually get paid. | s******7
发帖数: 446 | 11 Bond Yield
Yield is a general term that relates to the return on the capital you invest
in a bond. You hear the word "yield" often with respect to bond investing.
There are, in fact, a number of types of yield. The terms are important to
understand because they are used to compare one bond with another to find
out which is the better investment.
Coupon yield is the annual interest rate established when the bond is issued
. It's the same as the coupon rate and is the amount of income you collect
on a bond, expressed as a percentage of your original investment. If you buy
a bond for $1,000 and receive $45 in annual interest payments, your coupon
yield is 4.5 percent. This amount is figured as a percentage of the bond's
par value and will not change during the lifespan of the bond.
Current yield is the bond's coupon yield divided by its market price. To
calculate the current yield for a bond with a coupon yield of 4.5 percent
trading at 103 ($1,030), divide 4.5 by 103 and multiply the total by 100.
You get a current yield of 4.37 percent.
Say you check the bond's price later and it's trading at 101 ($1,010). The
current yield has changed. Divide 4.5 by the new price, 101. Then multiply
the total by 100. You get a new current yield of 4.46 percent.
Note: Price and yield are inversely related. As the price of a bond goes up,
its yield goes down, and vice versa.
If you buy a new bond at par and hold it to maturity, your current yield
when the bond matures will be the same as the coupon yield.
Yield-to-Maturity (YTM) is the rate of return you receive if you hold a bond
to maturity and reinvest all the interest payments at the YTM rate. It is
calculated by taking into account the total amount of interest you will
receive over time, your purchase price (the amount of capital you invested),
the face amount (or amount you will be paid when the issuer redeems the
bond), the time between interest payments and the time remaining until the
bond matures.
Yield-to-Call (YTC) is figured the same way as YTM, except instead of
plugging in the number of months until a bond matures, you use a call date
and the bond's call price. This calculation takes into account the impact on
a bond's yield if it is called prior to maturity and should be performed
using the first date on which the issuer could call the bond.
Yield-to-Worst (YTW) is the lower of a bond's YTM and YTC. If you want to
know the most conservative potential return a bond can give you - and you
should know it for every callable security - then perform this comparison.
For more detailed information about investing in bonds and bond funds, visit
NASD's Smart Bond Investing Learning Center at www.nasd.com. In addition to
educational information, this resource provides real-time bond quotations
and tools such as an accrued interest rate calculator. |
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