chapter 7 bonds

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1、Chapter7BondsI.OpenQuestions1.Whatisabond?2.Whatisthekeydifferencebetweenstocksandbonds?3.Whydopeoplesay“whenyieldgoesup,pricegoesdownandviceversa”?4.Whydothebondmarketsconsidereconomicgrowthasabadsign?II.TeachingPlanThischapterwillcover3hours.2hoursfortheintroductionofbackgroundinformationandexplan

2、ationsoftermsandthetexts.Andtheother1hourfordiscussionandpracticeIII.TeachingMethodsTranslationofkeysentencesParaphrasingofkeywordsandexpressionsExplanationofnewtermsSummarizingofkeypassagesDiscussionofimportantissuesQuestionsandanswers:interactionbetweenteachersandstudentsThebondmarketprovideslocal

3、,stateandfederalgovernments,andprivateenterprisesthefundsneededtogetdevelopmentandlong-terminfrastructureprojectsofftheground.Beforepeoplearehired,earthmoved,concretepoured,orproductsrolledoffthefactoryfloor,capitalneededfortheworkisinplace.Chancesarebondissueshelpraisethefundstogetstartedonprojects

4、thathelpmaintainourqualityoflife,well-beingandacountry’scompetitiveness.IV.BackgroundV.SpecialTermsCurrentyield现时收益率theannualrateofreturnthataninvestorpurchasingasecurityatitsmarketpricewouldrealize.Thisistheannualincomefromasecuritydividedbythecurrentpriceofthesecurity.Itisalsoknownasthereturnoninv

5、estment.现时收益率指投资者以市场价格购买证券应获得的年收益率。证劵的年收益除以其目前价格即为现时收益率，也成为投资回报。Yieldtomaturity到期收益率theyieldofabondtomaturitytakesintoaccountthepricediscountfromorpremiumoverthefaceamount.Itisgreaterthanthecurrentyieldwhenthebondissellingatadiscountandlessthanthecurrentyieldwhenthebondissellingatapremium.到期收益率考虑低于票

6、面金额的价格折扣及高于票面金额的溢价。当债券打折销售时，到期收益率高于现时收益率；当债券溢价销售时，到期收益率低于现时收益率。Yield-to-call买回收益率theyieldonabondassumingthebondisredeemedbytheissueratthefirstcalldate.Yieldtocalldiffersfrom,yieldtomaturityinthatyieldtocallusesabond’scalldateasthefinalmaturitydate(mostoften,thefirstcalldate).Thepriceatwhichanissuerc

7、ancallabondisthecallprice.Thecallpricegenerallyincludesacallpremiumthatisgreaterthanthebond’sfacevalue.债券收益假设在第一个赎回日发行人赎回债券。买回收益率与到期收益率的不同在于，买回收益率将债券的买回日期当做最终到期日（通常是第一个赎回日）。发行人买回债券的价格成为赎回价。赎回价通常包括高于债券