A. 债券等价利率(BEY)是什么意思
这个出处是Bond Equivalent Yield。以下文字摘自法博齐的Bond Markets, Analysis and Strategies.
For a semiannual pay bond, doubling the periodic interest rate or discount rate gives the yield to maturity. However, recall from our discussion of annualizing yields that doubling the periodic interest rate understates the effective annual yield. Despite this, the market convention is to compute the yield to maturity by doubling the periodic interest rate. the yield to maturity computed on the basis of this market convention is called the bond-equivalent yield.
这里我解释一下:
1、美国国债有很多是半年付息一次的,一年之内要付两次利息,这和中国不一样,中国是年付息;
2、计算美国国债的到期收益率,如果10年期,需要做20个现金流贴现,令贴现和等于债券交易价格。这是因为一年付息两次,这个如果不能理解,建议回去恶补;
3、通过插值、试错、或者excel的单变量求解,我不管你什么办法,你会算出一个贴现率恰好使贴现和等于价格对不。这个贴现率是半年利率,现在需要把这个半年的利率予以年化转换为年收益率。
OK,现在问题来了,怎么年化。严格的数学方法是计算复利,因为你的利息是可以再投资的,所以年化收益率是(1+r)的平方后减一,这是复利年收益率。这个在英文里叫做有效收益率effective annual yield.
根据法博齐的教材,美国市场传统上是把这个半年收益率简单乘以2得到年化收益率。这是所谓的传统,原文是convention。想想看美国收银员收六毛你给他一块一,他会先还给你一毛然后从柜台里再找4毛钱的美国人吧,有这个传统不奇怪。这个传统的用贰去乘的半年收益率之后的结果就是bond equivalent yield!
EAY和BEY是很重要的概念区别,一定要认清。我不知道我这么解释,够不够清楚?
B. 国债、企业债 英语怎么说
国债:national debt, public debt;国库券:T-bills(在美国,中期国债:Treasury notes;长期国债:Treasury bonds)
企业债
无担保债券:debentures
次级无担保债券:subordinated debentures
C. 国债用英语怎么说
国债 [简明汉英词典]
national debt
public debt
D. 债券相关的英语词汇,关于股票的英语单词有哪些
bond, debenture, debts债券
negotiable share可流通股份
convertible bond可转换债券
treasury/government bond国库券/政府债券
corporate bond企业债券
closed-end securities investment fund 封闭式证券投资基金
open-end securities investment fund 开放式证券投资基金
fund manager基金经理/管理公司
fund custodian bank 基金托管银行
market capitalization 市值
p/e ratio 市盈率(price/earning)
mark-to-market逐日盯市
payment versus delivery 银券交付
clearing and settlement 清算/结算
commodity/financial derivatives 商品/金融衍生产品
put / call option 看跌/看涨期权
margins, collateral 保证金
rights issue/offering 配股
bonus share 红股
dividend红利/股息
ADR美国存托凭证/存股证(American Depository Receipt)
GDR全球存托凭证/存股证(Global Depository Receipt)
retail/private investor 个人投资者/散户
institutional investor机构投资者
broker/dealer 券商
proprietary trading 自营
insider trading/dealing 内幕交易
market manipulation 市场操纵
prospectus招股说明书
IPO 新股/初始公开发行(Initial Public Offering)
merger and acquisition收购兼并
All Ordinaries Index (澳大利亚)股市指数
Amex(American Stock Exchange) 美国股票交易所
amortize 摊提,分期偿还债务
annuity 年金享受权
asking price 卖主的开叫价
assess 对(财产等)进行估价,确定(款项)的金额
back 拖欠的
bad loan 呆账,坏账
lout 帮助……摆脱困境
balloon (分期付款中)最后数目特大的一笔
barometer 晴雨表,[喻]标记,指标
basis point 基点(一个百分点的百分之一)
bear markets 熊市
blue-chip (股票等)热门的,(在同行中)最赚钱的
forex foreign exchange
bond 债券,公债
bourse 交易所,证券交易所
bull markets 牛市
bullish 牛市的
bunji-change 快速的大幅度变化
CAC-40 Index (法国)股市指数
CD(certificate-of-deposit) 大额存款单
Chicago Mercantile Exchange 芝加哥商业交易所
Consumer Price Index 消费者价格指数
contagion 蔓延
correction 调整
coupon rate 券根利率
CTA(Commodities Trading Advisor) 农矿产品交易顾问
Currency board 货币委员会
DAX index (法兰克福)德国股市指数
dead loan 死帐
delist 从上市证券表中除名
derivatives 衍生金融商品(由利率或债券、外汇或汇率以及股票或股价指数等现货市场衍生出来,主要有期货futures、期权option trading与掉期swap三种类型,品种多达100余种,股票与证券行业英语词汇。)
discount 贴现
discount rate 贴现率
DJIA Dow-Jones Instrial Average 道•琼斯公用事业股价平均数,英语词汇《股票与证券行业英语词汇》(http://m.unjs.com)。通常简称Dow(道),是30个主要工业公司股票价格的组合。
Dow-Jones Composite Average of 65 representative stocks 65种有代表性的股票的道•琼斯公用事业股价平均数
Dow-Jones Transpositions Average 道•琼斯运输业股价平均数
Dow-Jones Utilities Average 道•琼斯公用事业股价平均数
down 付现款
equity (押款金额以外的)财产价值,证券,股票
escrow 由第三者保存、等条件完成后即交受让人的契据(或证书等)
face value 面值
Federal Agency Issues 联邦机构债券
fluctuation 起伏
fluctuate 起伏
fraud 欺骗,欺诈
fraulence 欺骗(欺诈)行为
fraulent 欺诈的
FTSI Financial Times 100 Share Index (英国)金融时报100种股票指数
good 有效的
Hang Seng Index (香港)恒生指数
holdings 占有的财产,股票
Ibbotson Small Company Index Ibbotson Company Index中包括近2700家公司:即在纽约股市上交易的最后的20%股票
imburse 赔偿
initial share 原始股
IRA Indivial Retirement Account 个人退休账号
junk bond 假债券
junk bonds 垃圾债券
lien 扣押权,留置权
liquidate 清算,破产
list (交易所)上市证券;把(证券)列人上市证券表
long position 多头
margin 差额,保险金
mutual fund 公共基金
NASD=National Association of Securities Dealers 全美证券交易者协会
NASDAQ (National Association of Securities Dealers Automated Quotations) 纳斯达克(全美证券交易者协会自动化摘要)
NAV (Net Asset Value) 净资产值
new issue ( IPOInitial Public Offering)新上市股票
Nikkei Stock Aver age 日经股票平均指数
nosedive (价格等)暴跌
NYSE’Volume 纽约股票交易量
NYSE’s composite index 纽约股票交易综合指数
NYSE(New York Stock Exchange) 纽约股票交易所(也称或Big Board)
obligation 契约,债券
outstanding 拖欠的
par value 票面价值
plummet 骤然跌落
policy 保险单
pool 集合基金
portfolio 有价证券
preferred stock 优先股票
premium 奖金,佣金,担保费
premium 溢价
proceeds 收入,收益
rally (股票价格等)止跌,上扬
rebound 反弹
recoup 偿还,补偿
recovery 恢复
red-chip share 红筹股
refund 偿还
rescue package 一揽子救援计划
resilience 回弹,复原力
resilient 有回弹力的,恢复活力的
risk 保险项目
run 挤提存款,挤兑,争购
Russell 2000 Russell 2000种小资本股票
S&P 500(Standard & Poor’s 500 Composite Stock Price Index) 标准普尔股价指数
SEC(Federal Securities and Exchange Commission) 联邦证券与交易委员会
securities 证券,债券
shares (英)股票=(美)stock
shore up 支撑
slash (大幅度)削减(工资等)
slump 暴跌,不景气
SMI index (苏黎士市)瑞士股票指数
solvent 有偿还能力的
speculate 投机
speculation 投机
speculator 投机者
T-Bill (Treasury Bill) 美国短期国债(每星期发行一次)
T-bond (Treasury Bond) 美国长期国债(期限为20年或30年)
T-note (Treasury Note) 美国中期国债(期限为2年到10年)
Technology-heavy Nasdaq 以技术为主的Nasdaq
Technology-laden Nasdaq 以技术为主的Nasdaq
term 年限
tech-heavy NASDAQ 以技术股票为主的NASDAQ
technology-rich stocks 技术股票
technology-weighted index (NASDAQ) 反映技术股票的指数(NASDAQ)
希望能帮助到你,望采纳!!!
E. 央行贷款基准利率 英文
贷款本质上相当于贴现行为,只不过贴现行为所有权发生了转移,而商票抵押是质权行为。
给你推件《小众照》这个博客看下,供参考你可以选择看看的!
借款申请人提供资料(以下资料均为能够提供则提供);
(1)本人有效身份证、户口簿、军官证。
(2)所在单位出具的资信调查函、包括职业性质、职工稳定性。
(3)个人综合月收入证明。
(4)个人工作证和代表工资记录或工资清单。
(5)学历证书,职称证书。
(6)房产证或房屋租赁合同等住房情况证明。
(7)婚姻状况及子女情况。
(8)近期水、电、煤气、电话费等任一项缴费单或居委会证明。
(9)与建行有关的个人贷款情况及其他业务往来证明。
(10)个人龙卡信用卡及近半年对帐单。
(11)其他金融资产证明(如股票交割单、储蓄、个人保险、基金、国债等)
(12)根据客户实际情况,需要提供的其他资料。
以上所有借款人及担保人提交的申请资料必须是原件,确认材料真实性后,复印件留存。
F. 关于利率和债券的问题,需英文解答,谢谢
The inter-bank market - where banks bor-row from or lend
to each other- is flushed with money at the moment, e to a
flood of for-eign funds and the continued fall in interest
rates.
This means that banks here have more mo-ney than they need
and are motivated to lend out such "idle money". Hence, the
low housing loan rates, for example. This contrasts with the
situation at the height of the Asian economic crisis when
there was a liquidity crunch, and interbank rates, which are
the rates at which banks borrow from or lend to each other,
hit as high as 12%.
Also, interest rates have fallen significantly over the
last few months, a phenomenon that would stimulate economic
growth as lower borrowing costs and savings rates will
en-courage businesses to invest and households to consume.
In such a low interest-rate environment, it may still be
good for investors to consider in-vesting some money in
bonds because they will be able to achieve a higher return
than cash deposits.
For example, in Singapore, current short-term fixed
deposit rates are now about 1%, compared with 3% for a
5-year Singapore government bond and 3.6% for a 5-year HDB
bond.
In other words, relative to short-term de-posit rates, one
can pick up 2% more by hold-ing the bond for 5 years.
Interest rates aside, the retail investor should pay heed
to a more fundamental principle a-bout investing in bonds:
it does not matter whether interest rates are high or
low-bonds play an essential part in a person's investment
portfolio.
Investors may find this statement hard to swallow, given
the current stock market rally.
No doubt, the Singapore stockmarket has risen by about 55%
over the last six months and is the best performing asset
class now; yet, it is important to note that the stockmarket
had also fallen substantially by about 37% in the first 9
months of 1998 alone.
Therefore, investors should be mindful of the volatility
of the stockmarket.
Bonds, measured by the UOB Government Bond Index, are less
volatile although the probability of earning higher returns
than equities is lower.
Cash deposits, measured by the three-month Singapore
Inter-Bank Offer Rate, are the least volatile but this is
offset by the fact that returns are the lowest.
In a nutshell, an investor should consider investing in
bonds as an alternative asset class for the purpose of
diversification and in consi-deration of his overall
investment objectives.
These objectives include whether there is a greater need
for capital gains or regular in-come. Other considerations
such as liquidity needs and time horizon also determine an
in-vestor's appetite to assume risks and, accord-ingly, his
choice of asset class to invest in.
As a bond pays a regular coupon, or interest rate, it may
be suitable for investors, for exam-ple, retirees, who
require a regular income over a specific time horizon.
The higher need for certainty of income would mean a lower
tolerance for volatility. Although cash deposits may earn
interest, however, e to their shorter tenors, or
time-frames, an investor may face the risk of roll-ing
over, or reinvesting his money, at lower interest rates when
the deposit matures.
For example, in early 1998, when inter-bank rates were as
high as 12%, investors who locked in their funds at high
deposit rates of about 6% for a year would have had to roll
o-ver at much lower interest rates 12 months la-ter when
their deposits matured and rates had fallen to about 1%.
Secondly, if an investor has excess cash which he intends
to use at a later date, it may be advisable to invest his
excess cash in less volatile instruments to preserve his
savings as well as enhance his returns.
Therefore, bonds, like stocks or any other asset class,
can fulfil certain investment ob-jectives.
How does one invest in the bond market?
Currently, retail investors can buy Singapore government
bonds over the banking counter. The minimum investment for
government bonds is S$1,000 and treasury bills is S$10,0000.
Investors can buy and sell on a daily basis. The cost of
transaction is usually the differ-ence between the purchase
price and sale price of the bond, and may vary from bank to
bank.
They can also buy bonds as and when new issues are
launched. For example, HDB and JTC bonds were offered to the
retail market ring their primary launches.
Alternatively, investors can consider invest-ing in fixed
income unit trusts. The benefits of unit trusts are that
investors are able to invest in smaller denominations with
typical invest-ments of S$1,000.
在外国资金流入和利率持续下跌的带动下,目前银行间彼此借贷
的银行同业市场资金充斥。
这意味着,这里的银行拥有的资金比它们所需要的多,所以乐意
把这些“闲钱”借出去。例如说,把房屋贷款利率调低。比起亚洲危
机最紧张的时期,情况刚好相反,当时的资金紧缩、银行间彼此借贷
的同业拆息率高达12%。
此外,利率在去几个月里明显下跌,这是一个可刺激经济增长的
征兆,因为较低的贷款成本和储蓄利率将鼓励商家投资和家庭消费。
在这样的低利率环境下,投资者可以考虑把一些资金投资在债券
,因为他将能取得比现金存款高的回报。
例如,在新加坡,目前的短期定期存款利率大约是1%,而5年期
政府债券是3%,5年期建屋发展局债券是3.6%。
换句话说,与短期存款利率比较,持有5年期债券可得到的回报
相对多了2%。
除了利率之外,散户投资者也应该注意投资债券的基本原则:不
论利率是高还是低,债券在一个人的投资组合中扮演重要的角色。
目前的股票市场牛劲十足,投资者可能觉得这种说法难以消化。
毫无疑问的,新加坡股票市场已经在过去六个月里涨了大约55%
,是表现最优异的资产等级;但是,值得留意的是,单单在1998年的
首9个月,股票市场也曾经显著下跌了大约37%。
因此,投资者应小心股票市场波动。
以大华银行政府债券指数衡量的债券,虽然赚取比股票高的回报
的可能性低,但是波动比较没有那么大。
以3个月银行同业拆息率衡量的现金存款,它的波动最低,但是
它的回报也是最低的。
总的来说,投资者应该考虑把债券投资当作另一个资产等级的选
择,以达到多元化投资和整体投资目的。
这些目的包括是否要取得资本回报或是定期的收入。其他的考虑
还有变现的需要,而投资期也决定投资者承担风险的胃口,因此影响
他选择投资的资产等级。
债券定期支付利息,可能比较适合那些在固定时期内需要有定期
收入的投资者,如退休人士。
越需要有稳定的收入的人,对波动的容忍能力越低。虽然现金存
款能带来利息,但是它的投资期限较短,投资者面对的风险是,如果
存款到期时的利率比较低,得把资金再作投资。
例如说在1998年初,当银行同业拆息率高达12%时,以大约6%的
存款利率把资金锁定一年,存款期于12个月后到期时,利率已经跌到
约1%,投资者得以显著较低的利率更新存款。
第二,如投资者有多余的现金并希望在日后使用,可能比较适合
把这些多余的现金投资在波动没有那么厉害的工具,以保住他的储蓄
,以及加强他的投资回报。
散户投资者现可通过银行柜台购买新加坡政府债券。政府债券的
最低投资额是1000元,而国库券的最低投资额是1万元。
投资者可每天买卖。交易成本通常是债券的买价和卖价之间的差
距,每家银行不一样。
他们也可以在有新债券发行时购买。例如,建屋发展局和裕廊镇
管理局的债券初次发行时,都在散户市场出售。
又或者,投资者可以考虑投资固定收入单位信托。单位信托的好
处是,投资者可作较小数额的投资,典型投资额是1000元。
G. 国债的英语翻译 国债用英语怎么说
一般来讲,债务是debt,比如说国债就是Government debt 或 national debt。但是国债也有别的说法。
以下是网上的
道琼斯通讯社引用美国财政部的报道中称,中国于八月抛售美国国债,减少了净持有量,但仍是最大的美债海外持有国。
请看相关英文报道:
China sold US Treasuries in August, recing its net holdings but remaining the largest foreign holder, Dow Jones Newswires reported citing the US Treasury Department.
【解析】
在上述报导中,“美国国债”的英语表述为"US Treasuries",而“treasury”即“国债、国库券”的意思。此外,“国债”还可以表述为“national debt”或“state debt”。
H. 股票(corporate bonds)的收益比长期国债(gilts)高 英文翻译
In terms of earnings, stocks is better than long-term government bonds
I. 国债的英文是什么(QE)
national debt
J. 国债 英文翻译
国债 [guó zhài]
1. national debt
2. public debt
例句用法:
那个国家的国债在不断地增加。
The national debts of that country are rolling up.
国债没有还清,这些股票就不能出售。所以这笔交易要拖延相当一段时间。
The transaction would involve a considerable lapse of time because the shares could not be sold until the state debt was paid.