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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現(xiàn)時(shí)收益率theannualrateofreturnthataninvestorpurchasingasecurityatitsmarketpricewouldrealize.Thisistheannualincomefromasecuritydividedbythecurrentpriceofthesecurity.Itisalsoknownasthereturnoninv
5、estment.現(xiàn)時(shí)收益率指投資者以市場(chǎng)價(jià)格購(gòu)買證券應(yīng)獲得的年收益率。證劵的年收益除以其目前價(jià)格即為現(xiàn)時(shí)收益率，也成為投資回報(bào)。Yieldtomaturity到期收益率theyieldofabondtomaturitytakesintoaccountthepricediscountfromorpremiumoverthefaceamount.Itisgreaterthanthecurrentyieldwhenthebondissellingatadiscountandlessthanthecurrentyieldwhenthebondissellingatapremium.到期收益率考慮低于票
6、面金額的價(jià)格折扣及高于票面金額的溢價(jià)。當(dāng)債券打折銷售時(shí)，到期收益率高于現(xiàn)時(shí)收益率；當(dāng)債券溢價(jià)銷售時(shí)，到期收益率低于現(xiàn)時(shí)收益率。Yield-to-call買回收益率theyieldonabondassumingthebondisredeemedbytheissueratthefirstcalldate.Yieldtocalldiffersfrom,yieldtomaturityinthatyieldtocallusesabond’scalldateasthefinalmaturitydate(mostoften,thefirstcalldate).Thepriceatwhichanissuerc
7、ancallabondisthecallprice.Thecallpricegenerallyincludesacallpremiumthatisgreaterthanthebond’sfacevalue.債券收益假設(shè)在第一個(gè)贖回日發(fā)行人贖回債券。買回收益率與到期收益率的不同在于，買回收益率將債券的買回日期當(dāng)做最終到期日（通常是第一個(gè)贖回日）。發(fā)行人買回債券的價(jià)格成為贖回價(jià)。贖回價(jià)通常包括高于債券
