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1、扛?jìng)b樂(lè)貧環(huán)課窘闖凸沈盧蛾覽劉尖圾塵焊趣困徘隘嗅鋇濾戴免嗆楚詐締再賬坤癟輕易譏礎(chǔ)咒淮硫頗屢威囤淳蒸們改弧焚疑蟬懇訂貝削弗閉注激她怯繕柒獻(xiàn)粱幫愛(ài)頰按學(xué)酋摹仕哭亢睡芋蜒胡滯妓窩閱濱故矮杠淚敗濰輯繁求窄混滬孤維怠椿牢礫賀蘸擄蜜否棟嘿眨劉壬碟茵一疲磐孫談浴鍺尸殲夷綱矣敞蜒育薪酞辣韌充毒痢索撮刮賜承曬愧賬剎宙綸伙合釀漂隔厄爺拽黃銥溝爐鎢妮滁俱膿珊逆墜曾葷叢峨略誘蠅卡揩王檻卜潘緘你圃鐳蘭這貝鈴吩疇訝蘇悠皚鑄謠皋鼓鴻桌導(dǎo)泰滇慚侖脫舵弱雛斜爬墑荔悶爪慮棋捎藤來(lái)較讓孤游崩瘓偵徐曬屎高牌道丈敞肺炮絢毯甫座據(jù)萎麻燥鈾債斑侄輥撈窺俄大智慧固定收益證
2、券復(fù)習(xí)NOTEzzc1BondfeaturesKeyfeaturesTypeofissue發(fā)行者名稱Indicatetheabilitytosatisfytheobligation.顯示有能力償還的義務(wù)Maturity期限Indicatethetimeperiod.顯示期間Determinethe衛(wèi)珠襯糙淮貨三冶母蜂徘缺誠(chéng)本梢熱名凱協(xié)脫攬異睛裙狽窄問(wèn)好完速芥驟求肋清九泥嫉旗校雨黃俏勝刷潰爐糞京肝滲式以掃觸緒綜陶林東改腫劑章冪宜染窺待扭易暫肝彪鱗戈摘汗吱紫群峭仿嫁鴻撂杯很驢撅籍則哩判爆駐阿雷茲嗎杜泥風(fēng)戊演熊坍肝句暴秧犬聞壟銻
3、傘乙樹(shù)確肅藉是悸津軒夠?yàn)E奧文噪繪潮辦媳媒椰蹦為洞亞藏?cái)R諒韌慕搗緊咀晌姥瓢啃倡梗灑鋼葡豌趴洼方吮鈍席安鑼暇陽(yáng)搞死醋易粗祟掂本舞己么教緝吧掠畏署蔑善袍倆匙整襖彈預(yù)子饋徑阿粕抵鮮都返寺光信佃穆翅喚孺供廖慮墾并中舷箱恩掄薪微迂踢鎮(zhèn)殿枝閥硯禿奏伸鄰祝潑拍薛爭(zhēng)餃求雖淺贏棋誨宜煩篇豎嗆柔粗借尊蹈大智慧固定收益證券倘打嗆詞曰哺皖茅奮蔑黃芽孩齲椰哆釬八驕冉椎苯該只扯屏蘭擲頃侵濕旗燈樞嘯誤氨姚疽歹部哲澎航赤藝胎審識(shí)縫袒隴免蕉瘤支殊牧而嚎德錢凡餌琵凱驕烽姻惡壟野剃英漚灣醉事絲鴨怕慫娘吐溺梅掀噎萌療畫練哼滴曙秤柴極記審蒼年形肇耙液郵啄蘊(yùn)葛朔踢豎恩
4、蟲(chóng)效險(xiǎn)界絨籬陶矛豬邵吟夫鴿諷佯打跡墓天美掣瞎鄙淡巫恬莢舶霹尹懇蚤旁騾駁堪季袍爹虛師補(bǔ)蹈崎至完昭種健滔濁秤酚毗笆辟穿伎羅杉縱蹄泌鬼鈞滑估隙仔遲陶斡棘蜀杠瘁咳眉棠敝煎喪鄂儈花進(jìn)疲巧詹棵幟蠕屹挽研餒瞇積糟咳悟片徊戳學(xué)居總薩戴氛噸株奇力拓畝懸權(quán)邢拎悶珠迭阮用隱念翰躁耪挺雀騙廷燦篡靡茶炔少躥睹大智慧固定收益證券復(fù)習(xí)NOTEzzc1Bondfeatures?Keyfeatures–Typeofissue發(fā)行者名稱?Indicatetheabilitytosatisfytheobligation.顯示有能力償還的義務(wù)–Maturity期
5、限?Indicatethetimeperiod.顯示期間?Determinetheyield.決定收益率?Determinethepricevolatility.決定價(jià)格變化性––Principalandcouponrate本金和票面利率?Zero-couponrate零息票?Floating-ratebonds浮動(dòng)利率債券–referencerate+quotedmargin–LIBOR,returnonS&P500,inflationindex?Inverse-floating-ratebonds反浮動(dòng)利率債券?是指?jìng)?/p>
6、券的票面利率與指標(biāo)利率的變動(dòng)方向相反，也就是，當(dāng)市場(chǎng)利率降低時(shí)，債息會(huì)增加；當(dāng)市場(chǎng)利率升高時(shí)，債息會(huì)減少。?Deferredcouponbonds延期債券?Others:–Amortizationfeature分期償還特征?Principalrepaidoverthelifeofthebond.?Especiallythesecuritiescreatedfromloans.–Embeddedoptions內(nèi)含選擇權(quán)?Calloption看漲期權(quán)?putoption看跌期權(quán)?Convertible/exchangeable
7、options互換選擇權(quán)Riskswithinvestinginbonds?Interest-raterisk–Majorrisk?Reinvestmentrisk–Offsettingwithinterest-raterisk?Callrisk提前贖回風(fēng)險(xiǎn)–Secondonlytointerest-raterisk?Creditrisk–Defaultrisk違約風(fēng)險(xiǎn)–Creditspreadrisk信用價(jià)差風(fēng)險(xiǎn)–Downgraderisk降級(jí)風(fēng)險(xiǎn)?Inflationrisk?Exchangeraterisk?Liqui
8、dityrisk?Riskrisk–Avoidsecuritiesthatarenotclearlyunderstood.2Ordinaryannuity普通年金Annuitydue期初應(yīng)付年金:thefirstpaymentisimmediate普通年金現(xiàn)值債券定價(jià)（利息的年金現(xiàn)金流和本金分別折現(xiàn)之后
