Chapter 14 第十四章

1. Chapter 14第十四章 Investing in Bonds and Other Investments債券投資與其他投資

2. Why Consider Bonds?為何考慮債券? • Bonds reduce risk through diversification.債券透過分散投資來降低風險 • Bonds produce steady current income.債券有穩定當期收益 • Bonds can be a safe investment if held to maturity.如果持有債券，直到到期，則債券投資是安全的 Prentice Hall Inc.

3. Basic Bond Terminology and Features債券的基本術語和特性 • Par value – the amount returned to the holder at maturity面值─債券持有人於到期日時所回收的金額 • Coupon interest rate – indicates the percentage of the face value that will be paid annually to the holder in the form of interest票面利率─載明債券面值的百分比每年應以利息的形式支付 • Indenture – a document that outlines the terms of the loan agreement合約─提供借貸合約具體條件的文件 Prentice Hall Inc.

4. Basic Bond Terminology and Features (cont’d)債券的基本術語和特性(續) • Call provision – allows the issuer to repurchase the bonds before the maturity date提前贖回條款─債券發行人在到期前以提前贖回該債券 • Deferred calls provide more protection.延遲贖回較有保障 • Sinking fund – money set aside annually to pay off the bonds at maturity償債基金─透過定期撥付錢到帳戶中，於到期時還清債務 Prentice Hall Inc.

5. Different Types of Bonds債券的類型 • Corporate bonds公司債券 • Treasury and agency bonds國庫債券與代理機構債券 • Municipal bonds市政公債 • Special situation bonds特別情況公債 Prentice Hall Inc.

6. Corporate Bonds公司債券 • Secured corporate debts are secured by collateral or real property liens公司債券是有抵押品或房地產做擔保 • secured bond擔保債券 • mortgage bond抵押債券 Prentice Hall Inc.

7. Corporate Bonds (cont’d)公司債券 • Unsecured corporate debts are not secured by collateral, and pay a higher return 無擔保品的公司債券，無抵押品擔保，且償還價款較高 • debenture – long-term unsecured bond無擔保公司債券─長期無擔保債券 • can have a hierarchy of payment, with unsubordinated and subordinated debentures次順位的無擔保債券 Prentice Hall Inc.

8. Treasury and Agency Bonds國庫債券與代理機構債券 • Treasury bonds國庫債券 • Bills, notes, and bonds票據、票據與債券 • Treasury inflation-indexed bonds國庫通膨指數債券 • Savings bonds儲蓄債券 • U.S. Series EE bonds美國系列 EE債券 • I bonds I 債券 • Agency bonds代理機構債券 • Pass-through certificates傳遞證明書 Prentice Hall Inc.

9. Treasury Bills, Notes, and Bonds國庫券、票據和債券 • Considered risk free – no default or call risk無風險，且無贖回的風險 • Pay a lower rate of interest than other bonds較其他債券付息較低 • Most interest is exempt from state and local taxes多數由聯邦支付的利息可免除州及地方租稅 • Treasury Direct avoids brokerage fees政府直接發行無代理費用 Prentice Hall Inc.

10. Treasury Bills, Notes, Bonds (cont’d)國庫券、票據和債券(續) • Bills mature in 3, 6, or 12 months國庫負債有3.6. 或12個月的到期日稱國庫券 • Notes mature in 2, 3, 5, or 10 years如果發行時卣2.3.5.或10年的到期日，稱為國庫票據 • Bonds mature in 10 to 30 years國庫債券有10 – 30年的限制 • All are sold in denominations of $1,000最小面額都是$1,000 • Can be purchased directly from the Treasury.可直接向國庫購買 Prentice Hall Inc.

11. Agency Bonds代理機構債券 • Issued by government agencies; authorized by Congress由聯邦政府的代理機構或國會授權發行 • Federal National Mortgage Association (FNMA)聯邦國家抵押協會 • Federal Home Loan Banks (FHLB)聯邦國家貸款銀行 • Low risk, with interest rates slightly higher than Treasury issues低風險，比國庫的債券利率微高 • Minimum denomination of $25,000 with maturities from 1 to 40 years一般最小面額為$25,000，到期日由1 – 40年 Prentice Hall Inc.

12. Pass-Through Certificates傳遞證明書 • Issued by Government National Mortgage Association (GNMA)由政府國家抵押協會發行 • Minimum $25,000 certificate for pool of mortgages最小面額$25,000的抵押儲金證明 • Principal and interest repaid monthly每月償付本金與利息 Prentice Hall Inc.

13. Treasury Inflation-Indexed Bonds通膨指數債券 • Maturities of 10 years and a minimum par value of $1,000最小面值為$1,000,到期日為10年 • Inflation increases the face value of the bond, guaranteeing the investor a real return投資者保證有通貨膨脹加上債券面額的實質報酬 • Tax complication – must pay taxes annually on par value adjustments稅賦問題複雜─每年需支付面值調整的部分作為利息收入且課稅 Prentice Hall Inc.

14. U.S. Series EE Bonds美國系列EE債券 • Purchase price is one-half of the face value, ranging from $50 to $10,000買價是面值的一半，票面價值由$50 - $10,000 不等 • Rate of return varies with the market rate報酬率隨市場報酬率而變動 • Have a guaranteed minimum interest rate based on Treasury securities有個依照國庫利率為基準的保證最低利率 • High level of liquidity, but cashing in before maturity may reduce yield具有高流動性，在到期前隨時可被兌換成現金，但報酬率會降低 Prentice Hall Inc.

15. Municipal Bonds (Muni’s)市政公債 • Issued by to fund public projects由州、郡與市集其他公共代理人發行 • Interest earnings are federal tax-exempt利息是不被聯邦政府課稅 • Can be exempt from state taxes if you live in the state where bonds issued 假使你居住在某城市且購買該市所發行的市政公債，則債券收入免課城市、州和聯邦稅 • Not very liquid, due to the lack of a secondary market流動性不高，無次級市場可交易 Prentice Hall Inc.

16. Municipal Bonds (cont’d)市政公債(續) • Two basic types兩種基本型態 • general obligation一般義務公債 • Revenue收益公債 • Serial maturity – a portion of the debt comes due each year for a set number of years系列期限─每年都有一部分的債券到期，通常分許多年 • Not risk free; check the bond ratings非無風險，注意債信評等 Prentice Hall Inc.

17. Special Situation Bonds特別情況債券 • Zero-coupon bonds 零息債券 • Junk bonds垃圾債券 Prentice Hall Inc.

18. Zero-coupon Bonds零息債券 • Issued by corporations, municipalities, and the Treasury (e.g., STRIPS)由公司、地方自治體與市府發行(例如STRIPS) • Do not pay interest不付利息 • Are sold at a discount from face value以面額折價出售 • Annual appreciation is taxed although it is not realized每年債券價格的增值，雖無任何收入但仍被課稅 • Fluctuate more with interest rate changes than traditional bonds利率波動較傳統債券波動大 Prentice Hall Inc.

19. Junk Bonds垃圾債券 • Have very low ratings評等非常低 • Normally offer very high interest rates通常提供高的利率 • Have a high default rate有很高的違約風險利率 • Are almost always callable幾乎都是可贖回的 Prentice Hall Inc.

20. Bond Yield殖利率 • Is the total return on a bond investment債券投資的總報酬率 • Is not the same as the interest rate與一般利率不同 • Is affected by the bond price which may be more or less than face value受債券價格影響，可能高於或低於面值 Prentice Hall Inc.

21. Ways to Measure Bond Yield計算殖利率的方法 • Current yield當期殖利率 • Yield to maturity到期殖利率 • Equivalent taxable yield on muni’s 等稅殖利率 Prentice Hall Inc.

22. Current Yield當期殖率利 • Ratio of annual interest payments to the bond’s market price每年利息支付與債券市場價格的比率 • Current yield = 當期殖利率 = annual interest payments 債券的年付息/債券市場價格 market price of the bond Prentice Hall Inc.

23. Yield to Maturity到期殖利率 • True yield received if the bond is held to maturity持有債券到到期日時，所收得的真實利率或報酬 • Approximate yield to maturity = 近似到期殖利率 = annual interest + par value - current price payments years to maturity par value + current price 2 年付息+(面值 - 現在價值)/ 到期年數 / (面值+ 當期價格 / 2) Equivalent Taxable Yield Equation for Muni’s市政公債的等稅殖利率 • Equivalent taxable yield = 等稅殖利率= tax-free yield on the municipal bond (1 - investor’s marginal tax bracket) 市政公債的免稅殖利 / (1 – 投資人的邊際稅距 ) Prentice Hall Inc.

24. Bond Ratings – A Measure of Riskiness 債券評等─風險的衡量 • Generally ratings run from AAA or Aaa for the safest to D for the extremely risky通常債券風險的等級由最安全的AAA到極危險的 D • Ratings categorize bonds by default risk針對債券違約或不履行的風險 • Rating companies債評等級公司 • Standard & Poor’s標準普爾 • Moody’s穆迪 Prentice Hall Inc.

25. Corporate Bond Quotes in The Wall Street Journal華爾街日報的公債報價 • Bonds – the name of the issuer Bonds債券─發行公司名稱 • Cur Yld – the annual interest divided by the most current price Cur Yld當期殖利率—即年息除以當期價格 • Vol – the volume, or number, of bonds traded Vol交易量—債券的交易數量 Prentice Hall Inc.

26. Corporate Bond Quotes (cont’d)公債報價(續) • Close – the last price paid for that issue. Measured in 1/8s or $1.25. 收盤價—前一交易日的最後價格，一般以1/8s 或 $1.25衡量 • Net Chg – the change in closing price from the prior day’s closing price. Measured in 1/8s or $1.25.淨變動—當日收盤價與前一日收盤價的變動，一般以1/8s 或 $1.25衡量 Prentice Hall Inc.

27. Reading Treasury Quotes in The Wall Street Journal華爾街日報的國庫券報價 • Rate – the original interest rate on the bond 利率—表示債券原始利率 • Maturity Mo/Yr – the year and month the issue will mature 到期月/年—表示到期的年與月 • Bid – the previous day’s mid-afternoon bid price that Treasury dealers were willing to buy the issue for. Measured in 32nds of a point; a point equals one-hundredth of par.買價—買價參考前一日中午國庫券交易商願意支付的買價，以第32點來衡量，一點相當於面值的百分之一 • Asked – the previous day’s mid-afternoon ask price the Treasury dealers were willing to sell the issue for賣價—賣價參考前一日中午國庫券交易商願意賣出的價格 Prentice Hall Inc.

28. Reading Treasury Quotes (cont’d)國庫券報價(續) • Chg – change from the prior day’s bid price淨變動—與前一日賣出價格的變化 • Ask Yld – is the effective rate of return on the investment有效殖利率—對投資人的有效殖利率 • STRIPS – refers to zero-coupon bonds 零息債券—與零息債券有關 • Days to Mat – listed for T-bills due to their short maturity lengths 到期天數—由於到期日很短所以列出到期天數 Prentice Hall Inc.

29. Bond Valuation Principles債券評價原則 • Value of a bond =債券價值= present value of + present value of repayment all interest payments of par at maturity 付息的現值 + 到期償還面值的現值 Bonds fluctuate in value, and the longer the time to maturity the greater the fluctuation.債券價值會波動，到期日越長波動越大 Prentice Hall Inc.

30. Valuation Principles (cont’d)評價的原則(續) • Why would an investors required rate of return change?為何投資人要求報酬率會變動？ • Change in the risk associated with the firm issuing the bond.因為公司的債信評等變動 • Change in general interest rates in the market.因為總體的市場利率變動 Prentice Hall Inc.

31. Valuation Principles (cont’d)評價的原則(續) • As the available rate of return increases, the value of a lower rated bond decreases and an investor would pay a discount.當利率提高時，低於市場利率的債券的價值會降低，投資人可以折價買進 • As the available rate of return drops, the value of a higher rated bond increases and an investor would pay a premium.當利率降低時，高於市場利率的債券價格會提高，投資人必須溢價買進 Prentice Hall Inc.

32. Valuation Principles (cont’d)評估的原則(續) • Interest rates affect bond valuation by changing the demand, and price, for a bond.利率會借由影響債券的需求而影響債券的價值 • Interest rates and bond values are inversely related in the secondary market. But the call price limits the upward price on a bond with a call provision.在次級市場，債券的利率和價值是呈相反的關係，但是贖回的價格會限制這個價格的上升 • As a bond approaches its maturity date, its market value approaches it par value.當債券接近期到期日時，市場價值會與其面值接近 Prentice Hall Inc.

33. Bond Valuation Relationships and The Investor債券價值與投資者的關係 • If you expect interest rates to increase, buy short-term bonds.如果你希望利率上升，購買短期債券 • If you expect interest rates to decrease, buy long-term non-callable bonds.如果你希望利率下跌，購買長期不可贖回債券 Prentice Hall Inc.

34. The Pros of Investing in Bonds贊成投資債券的觀點 • If interest rates drop, bond prices will rise.假如利率下跌，債券價值會上升 • Bonds reduce risk through diversification.透過分散降低的債券的風險 • Bonds produce steady current income.債券提供穩定的當期收入 • Bonds can be a safe investment if held to maturity.如果持有債券直到到期，則債券投資是安全的 Prentice Hall Inc.

35. The Cons of Investing in Bonds反對投資債券的觀點 • If interest rates rise, bond prices will fall.假使利率上升，債券價格會下跌 • If the issuer experiences financial problems, the bondholder may lose.假如發行人有財務困難，持有人可能會有損失 • If interest rates drop, rather than experiencing price appreciation, the bond may be called.假使利率下跌，債券價格上升，債券有可能被贖回 Prentice Hall Inc.

36. The Cons of Investing in Bonds (cont’d)反對投資債券的觀點(續) • If you need to sell your bonds early, you may have a problem selling them at a reasonable price.如果你必須提早賣掉你的債券，想要賣到合理的價格是有困難的 • Finding a good investment outlet for the interest you receive may be difficult.為你所收到的利息找到一個好的投資出路可能很困難 Prentice Hall Inc.

37. Analyzing Bond Choices債券選擇分析 • Think about taxes.考慮稅賦 • Keep the inverse relationship between interest rates and bond price in mind.牢記利率與價格之間存在反向關係 • Avoid losers, and don’t worry about picking winners.避免輸家，而不需要擔憂選擇贏家 • Consider only high quality bonds.僅考慮品質較佳的債券 • Buy a bond when it is first issued, rather than in the secondary market.購買初級市場發行的債券別購買次級市場發行債券 Prentice Hall Inc.

38. Analyzing Bond Choices (cont’d)債券選擇分析(續) • Avoid bonds that might get called.避免可能被贖回的債券 • Match your bond’s maturity to your investment time horizon.債券到期日必需與你的投資期限相符 • Stick to large issues.釘住大量發行者 • When in doubt, go Treasury!當有疑慮時，去購買國庫證券 Prentice Hall Inc.

39. Preferred Stock – An Alternative to Bonds特別股─債券之外的另一種選擇 • Hybrid security with characteristics of stocks and bonds特別股是具有普通股與債券特性的混合證券 • Dividend payments can be skipped, without the company being bankrupt不支付股息也不會引起破產 • Dividends are a fixed amount – a fixed dollar amount or a percentage of the stock’s par value股息是固定的，固定的金額或是面值的固定百分比 Prentice Hall Inc.

40. Preferred Stock – An Alternative to Bonds (cont’d)特別股─債券之外的另一種選擇(續) • Dividends are paid before common stock dividends股息的支付是在普通股股息之前 • Do not share in other profits with the common stockholders無法與普通股股東分享額外的獲利 • No voting rights無投票權 • No fixed maturity date無固定的到期日 • Rated like bonds, typically medium grade利率與債券相同，一般是中等的水準 Prentice Hall Inc.

41. Features and Characteristics of Preferred Stock特別股的特色與特徵 • Multipleissues – some companies have multiple issues of preferred stock, each with a different dividend多次發行─公司能發行ㄧ種以上的特別股，每一種股息都不同 • Cumulative feature – all past unpaid dividends must be paid before common stock dividends are paid累積的特色─要求全部過去未付的特別股股息，要在發放普通股股息以前就支付 • Adjustable rate – the dividend rate changes with the market interest rate rather than letting the value of the stock drop可調整的利率─以提供投資者對抗因利率波動而影響股價價值的服務 Prentice Hall Inc.

42. Features and Characteristics of Preferred Stock (cont’d)特別股的特色與特徵(續) • Convertibility – preferred stock can be exchanged for common stock at any time可轉變性─特別股的持有者能隨時轉換成普通股 • Callability – issuer can repurchase the stock in case interest rates drop可贖回性─發行公司可於利率下跌時將股票贖回 Prentice Hall Inc.

43. The Valuation of Preferred Stock特別股的價值 • The value of preferred stock is the present value of the perpetuity of dividends特別股的價值 = 永久固定股息的現值 • Value = annual dividend required rate of return • 特別股價值 = 每年特別股股息 / 預期的報酬率 Prentice Hall Inc.

44. Risks Associated with Preferred Stock Investing特別股的風險 • If interest rates rise, the value of the preferred stock drops.假如利率攀升，特別股股價下跌 • If interest rates drop, the value rises, and the stock may be called.假如利率下跌，特別股價值上升就有可能被贖回 Prentice Hall Inc.

45. Risks Associated with Preferred Stock Investing (cont’d)特別股的風險(續) • Investors don’t participate in the capital gains that common stockholders receive.投資者不能參與普通股股東所收到的資本利得 • Preferred stock does not have the safety of a bond, because dividends can be passed without the risk of bankruptcy.投資者無債券付息的安全，因為特別股股息未被支付，而沒有破產的風險 Prentice Hall Inc.

46. Investing in Real Estate投資房地產 • Direct investments直接投資 • vacation homes度假住宅 • commercial property (e.g., apartment buildings, office buildings, etc.)商業資產(公寓大樓、辦公大樓等) • undeveloped land未開發土地 • Indirect investments間接投資 • real estate syndicates房地產聯盟組織 • real estate investment trusts (REIT)房地產投資信託 Prentice Hall Inc.

47. Real Estate: Pros and Cons房地產： • Income produced with an opportunity of capital appreciation有增值的機會 • Few tax advantages稅賦較少的優點 • Direct investment is active – time, energy, and knowledge required直接投資須相當投入—時間、精力、知識 • Illiquidity不具流動性 • Overbuilding can hurt prices過度的開發會傷害到價格 Prentice Hall Inc.

48. Investing (Speculating) in Metals, Gems, Collectibles投資(投機)金屬、珠寶及收藏品 • Just Don’t Do It!放手去做 • Speculation is not investing.投機買賣並非投資 • Collectibles are fine as entertainment, but not as savings vehicles.收藏品作為娛樂是很好，但不適合作為投資的手段 • Price depends on supply and demand.供需決定了價格 Prentice Hall Inc.

49. Summary摘要 • Determinants of a bond’s return記算債券報酬 • Reasons to invest in bonds為何要投資債券 • annual interest payments年利率支付額 • return of the par value面值的報酬 • Measures of bond returns債券報酬的計算 • current yieldd當期殖利率 • yield to maturity到期殖利率 Prentice Hall Inc.

50. Summary (cont’d)摘要(續) • Sources of bonds債券的來源 • Corporations公司 • Treasury and other agencies國庫或其他代理機構 • Municipalities市政公債 • Bond ratings – AAA to D債評等─AAA到D • Bond valuation and the relationship with interest rates債券評價及相關利率 Prentice Hall Inc.