票息（Coupons）是什么？折价债券（Discount Bond）又是什么？

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什么是Coupons？

中文版

在债券的语境中，“票息”（coupons）是指债券发行人定期支付给债券持有人的利息支付。这些支付通常是每半年或每年进行一次，虽然也有其他支付频率。票息率（coupon rate）以债券面值的百分比表示。

债券票息的解释

1. 定义和机制:

   • 票息: 这是债券持有人在债券到期之前定期收到的利息支付。
   • 票息率: 这是基于债券面值的年利率。例如，一张面值为$1,000的债券，如果票息率为5%，每年将支付$50的利息。如果是半年支付一次，每次支付$25。

2. 功能:

   • 票息支付为债券持有人提供了稳定的收入流，这使得债券成为寻求定期收入的投资者的热门选择。
   • 在债券到期时，债券持有人会收到债券的面值以及最后一次票息支付。

3. 基于票息的债券类型:

   • 固定利率债券: 这些债券的票息率在债券存续期间是固定不变的。
   • 浮动利率债券: 这些债券的票息率是可变的，并定期根据参考利率（如伦敦银行同业拆借利率，LIBOR）进行调整。
   • 零息债券: 这些债券不支付定期票息。相反，它们以低于面值的价格发行，持有人在到期时收到债券的全部面值。

示例

• 假设你购买了一张10年期的债券，面值为$1,000，年票息率为5%。
  • 每年，你将收到$50的利息支付（即$1,000的5%）。
  • 如果票息是半年支付一次，那么每次将收到$25。
  • 在10年期满时，你将收到$1,000的面值以及最后一次$25的票息支付。

票息的重要性

• 收入: 票息提供了可预测和稳定的收入来源，对退休人员和保守型投资者特别有吸引力。
• 投资策略: 票息率帮助投资者比较不同债券的收益潜力，并根据他们的收入需求和风险承受能力调整投资。
• 市场价值: 票息率相对于当前市场利率的水平影响债券的价格。当市场利率高于票息率时，债券价格通常会下降，反之亦然。

理解票息的概念对于做出明智的债券投资决策和管理固定收益投资组合至关重要。

英文版

In the context of bonds, “coupons” refer to the periodic interest payments made to the bondholder by the issuer. These payments are typically made semi-annually or annually, although other payment frequencies can occur. The coupon rate is expressed as a percentage of the bond’s face value (also known as the par value).

Explanation of Coupons in Bonds

1. Definition and Mechanism:

   • Coupons: These are the interest payments that bondholders receive periodically until the bond matures.
   • Coupon Rate: This is the annual interest rate paid on a bond’s face value. For example, a bond with a face value of $1,000 and a coupon rate of 5% will pay $50 annually, usually in two installments of $25 each if the payments are semi-annual.

2. Function:

   • The coupon payments provide a steady income stream for the bondholder, making bonds a popular investment for those seeking regular income.
   • At maturity, the bondholder receives the bond’s face value along with the final coupon payment.

3. Types of Bonds Based on Coupons:

   • Fixed-Rate Bonds: These bonds have a set coupon rate that does not change over the life of the bond.
   • Floating-Rate Bonds: The coupon rate for these bonds is variable and adjusts periodically based on a reference interest rate, such as the LIBOR.
   • Zero-Coupon Bonds: These bonds do not pay periodic coupons. Instead, they are issued at a discount to their face value and the bondholder receives the full face value at maturity.

Example

• Suppose you buy a 10-year bond with a face value of $1,000 and a 5% annual coupon rate.
  • Each year, you will receive $50 in interest payments (5% of $1,000).
  • If the coupons are paid semi-annually, you will receive $25 every six months.
  • At the end of the 10 years, you will receive the $1,000 face value of the bond along with the final $25 coupon payment.

Importance of Coupons

• Income: Coupons provide a predictable and stable source of income, which is particularly appealing to retirees and conservative investors.
• Investment Strategy: The coupon rate helps investors compare the income-generating potential of different bonds and align their investments with their income needs and risk tolerance.
• Market Value: The coupon rate relative to current market interest rates influences the bond’s price. When market interest rates rise above the coupon rate, the bond’s price typically falls, and vice versa.

Understanding the concept of coupons is essential for making informed decisions in bond investing and managing fixed-income portfolios.

折价债券是什么？

中文版

折价债券（Discount Bond） 是指以低于面值价格发行或交易的债券。投资者在购买折价债券时，支付的价格低于债券到期时可以获得的面值金额。折价债券的主要特点是它们不支付定期利息（即没有票息），而是通过折价和到期时的面值差额来实现投资收益。

折价债券的基本特点

1. 低于面值发行：

   • 折价债券在发行时的价格低于其面值。例如，面值为1000美元的债券可能以900美元的价格发行。

2. 无定期利息支付：

   • 这种债券通常不支付定期利息。投资者的收益来自于购买价格和到期时获得的面值之间的差额。

3. 到期收益：

   • 在债券到期时，发行人会支付债券的面值金额给持有人。例如，如果以900美元的价格购买一张面值为1000美元的债券，在到期时持有人将收到1000美元，赚取100美元的收益。

折价债券的例子

假设你购买了一张5年期的折价债券，面值为1000美元，购买价格为900美元。

• 你支付了900美元购买这张债券。
• 每年没有定期利息支付。
• 5年后，这张债券到期时，你将收到1000美元。
• 你的收益是1000美元减去900美元，即100美元。

折价债券的优点

1. 锁定收益：

   • 投资者可以在购买时明确知道到期时的收益。

2. 风险较低：

   • 相对于股票等高风险投资，折价债券通常提供较为稳定的收益和较低的风险。

3. 税务优势：

   • 在某些税收环境下，折价债券的收益可能享有较低的税率，因为这部分收益可能被视为资本利得而非利息收入。

折价债券的风险

1. 利率风险：

   • 如果市场利率上升，折价债券的市场价值可能下降。

2. 信用风险：

   • 如果发行人的信用状况恶化，债券到期时可能无法按面值支付。

3. 流动性风险：

   • 某些折价债券在二级市场上可能缺乏流动性，使得投资者难以在到期前出售。

折价债券是一种重要的固定收益投资工具，适合那些寻求较低风险和稳定收益的投资者。理解折价债券的工作机制和相关风险，有助于投资者在多样化投资组合中做出更明智的决策。

英文版

A discount bond is a type of bond that is issued or traded at a price lower than its face value. When an investor buys a discount bond, they pay a price that is less than the amount they will receive when the bond matures. The primary characteristic of discount bonds is that they do not pay periodic interest (coupons), but instead, the investor earns a return through the difference between the purchase price and the face value at maturity.

Key Features of Discount Bonds

1. Issued Below Face Value:

   • Discount bonds are sold for less than their face value. For example, a bond with a face value of $1,000 might be issued for $900.

2. No Periodic Interest Payments:

   • These bonds typically do not pay periodic interest. Instead, the return on investment comes from the difference between the purchase price and the face value at maturity.

3. Yield at Maturity:

   • When the bond matures, the issuer pays the bondholder the full face value of the bond. For instance, if you buy a bond with a face value of $1,000 for $900, you will receive $1,000 when the bond matures, earning $100.

Example of a Discount Bond

Suppose you purchase a 5-year discount bond with a face value of $1,000 for $900:

• You pay $900 at the time of purchase.
• There are no annual interest payments.
• After 5 years, when the bond matures, you will receive $1,000.
• Your profit is $1,000 minus $900, which equals $100.

Advantages of Discount Bonds

1. Locked-in Yield:

   • Investors know the exact yield they will receive at maturity when they purchase the bond.

2. Lower Risk:

   • Compared to stocks or other high-risk investments, discount bonds generally offer more stable returns with lower risk.

3. Tax Benefits:

   • In some tax jurisdictions, the income earned from discount bonds may be taxed at a lower rate as capital gains instead of regular interest income.

Risks of Discount Bonds

1. Interest Rate Risk:

   • If market interest rates rise, the value of the discount bond may decline.

2. Credit Risk:

   • If the issuer’s creditworthiness deteriorates, the bond might not be repaid in full at maturity.

3. Liquidity Risk:

   • Some discount bonds might be difficult to sell before maturity due to low trading volume in the secondary market.

Discount bonds are a valuable tool in the fixed-income investment space, suitable for investors seeking lower-risk, predictable returns. Understanding the mechanics and associated risks of discount bonds helps investors make informed decisions to diversify their investment portfolios effectively.

后记

2024年6月19日于上海，基于GPT4o大模型。

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