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1、对债券的基本认识Overviewofwhatisabondandwhytheyareseen&n●张美霓FlaviaCheong Abondisalongtermdebtsecurity.Itrepresentsdebtbecausetheinvestorsac-tuallylendthefaceamounttothebondis-suer.However,unlikeloans,bondscanbetradedintheopenmarket,ie.theinvestorneednotholdittomaturityorsuffera
2、pe-naltyshouldhechoosetosellthebond. Atypicalbond(plainvanilla)specifies: －theamountoftheloan.Thefacea-mountorparvalueistheamountthatthebondissuerhasagreedtorepay.AtypicalfaceamountisS$1,000forbondsissuedbytheSingaporegovernment; －afixeddatewhentheprincipalisdue.Theda
3、teonwhichtheprincipalisrequiredtoberepaidiscalledthematuritydate; －ifthebondissecuredbyacollateral.InvestorsoftheOrchard300bondissuedbyHallgadenInvestmentPteLtd(ajointventurebetweenSingaporePressHoldingsandLumChang)havethefirstlegalmort-gagerightstoThePromenade,acommer-
4、cialpropertyattheheartofOrchardRoad. -Thecontractualamountofinterestwhichispaidouteithereverysixmonthsorannually.Thecouponrateisdeter-minedlargelybymarketconditionsatthetimeofthebond'ssale.Oncedetermined,itissetcontractuallyforthelifeofthebonds.However,somebondshaveinte
5、restratesthatfluctuateduringthelifeofthebond,usuallyataspreadoverareferencerate.Thesearecalledvariableratebondsorfloatingratenotes(FRN). OneexampleofafixedratebondistheSingaporeGovernmentBond4.5%03/00,theissueristheGovernmentofSingapore,theinterestpayableis4.5%.TheSGB's
6、couponispayableonasemi-annualbasis,i.e.theSingaporeGovernmentwillpaytheinvestor2.25%ofS$1,000or$22.40everysixmonths.ThegovernmentpromisestorepaytheprincipalinMarch2000totheinvestor.Ontheotherhand,theDBSLand4/00FRNpaysacouponof35basispointsoverthe6monthsSingaporedollarswa
7、prate,wherethereferencerateisfixedeverysixmonthsandtheprincipalisdueonApril2000. Priortotheearly1980s,thebondmarketwascomprisedmainlyof'plainvanilla'bondswithsimplecashflowstructures,wherecouponpaymentsandmaturitywerefixedattheoutset.Butsincethen,themarkethasprogressed,
8、andmanysecuritiesinthebondmarkethaveoptionsembeddedinthem.Examplesincludesecuritiessuchas"callablebonds
