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25 Cards in this Set
- Front
- Back
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Bond Indenture
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A bond's indenture contains the obligations, rights, and any options available to the issuer or buyer of a bond.
债券合约 |
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Affirmative Covenants
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specify actions that the borrower/issuer must perform.
肯定性条款 |
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Negative Covenants
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prohibit certain actions by the borrower/issuer.
否定性条款 |
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Maturity
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the term of the loan agreement.
有效期 |
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Par Value
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the principal amount of the fixed income security that the bond issuer promises to pay the bondholders over the life of the bond.
面值 |
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Coupon Rate
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the the rate used to determine the periodic interest to be paid on the principal amount. may be fixed or variable.
息票利率 |
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Option-free Bonds
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pay periodic interest and repay the par value at maturity
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Zero-coupon Bonds
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pay no explicit periodic interest and are sold at a discount to par value.
零息债券 |
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Step-up Notes
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have a coupon rate that increase over time according to a specified schedule.
累计利息债券 |
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Deferred-coupon bonds
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initially make no coupon payments (that are deferred for a period of time). At the end of the deferral period, the accrued (compound) interest is paid, and the bonds then make regular coupon payments until maturity.
递增债券 |
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Floating rate bond
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has a coupon formula that is based on reference rate (usually LIBOR) and a quoted margin. A cap is a maximum coupon rate the issuer must pay, and a floor is a minimum coupon rate the bond holder will receive on any coupon date.
New coupon rate = reference +/- quoted margin 浮动利率债券 |
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Accrued Interest
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Interest earned since the last coupon payment date and is paid by a bond buyer to a bond seller.
累计利息是从上期利息支付日起到债券被卖之日起的利息. |
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Clean Price
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Quoted price of the bond without accrued interest. 净价
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Full Price
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refers to the quoted price plus any accrued interest.
全价 |
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Bond retirement provisions
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债券支付规则
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Amortizing Securities
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make periodic payments that include both interest and principal payments so that the entire principal is paid off with the last payment unless prepayment occurs.
分期付款 |
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Prepayment Option
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Prepayment Option is contained in some amortizing debt and allows the borrower to pay off principal at any time prior to maturity, in whole or in part.
提前支付 |
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Sinking Fund Provisions
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require that a part of a bond issue be retired at specified dates, typically annually.
偿债基金条款 |
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Call Provision
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enable the borrower (issuer) to buy back the bonds from the investors (redeem them) at a call price specified in the bond indenture.
赎回条款 |
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Put Provisions
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give bondholders the right to sell (put) the bond to the issuer at a specified price prior to maturity. The put price is generally par if the bonds were originally issued at or close to par. If interest rates have risen and/or the creditworthiness of the issuer has deteriorated so that the market price of such bonds has fallen below par, the bondholder may choose to exercise the option and require the issuer to redeem the bonds at the put price.
看跌期权 |
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Callable but nonrefundable Bonds
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can be called prior to maturity, but their redemption cannot be funded by the issuance of bonds with a lower coupon rate.
可赎回但不能再融资 |
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Embedded options that benefit bondholders
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1. call provisions
2. accelerated sinking fund provisions (加速偿付基金条款) 3. caps (maximum interest rate) on floating-rate bonds |
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Embedded options that benefit investors
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1. conversion options (stock)
2. put options 3. floors on floating-rate bonds |
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Margin Buying (one methods used by institutional investors to finance the purchase of a security)
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involves borrowing funds from a broker or a bank to purchase securities where the securities themselves are the collateral for the margin loan.
保证金购买 |
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Repurchase agreements (one methods used by institutional investors to finance the purchase of a security)
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an arrangement in which an institution sells a security with a promise to buy it back at an agreed-upon higher price at a specified date in the future.
回购协议 |
