Lecture 4 The Bond Market New Words

1. Lecture 4 The Bond MarketNew Words formula n. 公式 semiannual a. 半年一次的，一年两次的 pre-computer a. 计算机出现以前的 literally ad. 照字义，逐字地 coupon n.（公债、债券等的）息票

2. Lecture 4 The Bond MarketNew Words callable a. 可赎回的 call n. provision n. 规定；条款 liquidity n. 流动性 sponsor v. 发起；倡议 spread n. 差额

3. Lecture 4 The Bond MarketNew Words enterprise n.（艰巨、复杂或冒险性的） 事业，计划 expense n. [常用复] 开支；经费 proceeds n. [复] 收入，收益 per capita 每人，按人口（计算）

4. Lecture 4 The Bond MarketNew Words explicitly ad. 清楚地；明确地 equivalent a. 相等的，相当的 literature n. 资料 demonstrate v. 证实；说明；表明

5. Lecture 4 The Bond MarketNew Words stipulate v. 规定 contract n. 契约，合同 conventional a. 传统的 pool n. 集中；联营

6. Lecture 4 The Bond MarketTerms Treasury note （中期）国债 federal agency debt 联邦机构债务 municipal bond 市政债券 corporate bond 公司债券 mortgage securities 抵押贷款证券

7. Lecture 4 The Bond MarketTerms callable bond 可赎回债券 pass-through securities (pass-throughs) 转手证券 general obligation bond 一般责任债券 revenue bond 收益债券 after-tax return 税后收益

8. Lecture 4 The Bond MarketTerms after-tax rate of return 税后收益率 marginal tax bracket 边际税率等级 before-tax rate of return 税前收益率 option 期权 after-tax yield 税后收益

9. Lecture 4 The Bond MarketTerms marginal tax rate 边际税率 convertible bond 可转换债券 mortgage-backed securities 抵押贷款担保证券 fixed-rate mortgage 固定利率抵押贷款 thrift institution 储蓄机构

10. Lecture 4 The Bond MarketTerms adjustable-rate mortgage 可调整利率抵押贷款 Eurobond 欧洲债券 Eurodollar bond 欧洲美元债券 Euroyen bond 欧洲日元债券

11. Lecture 4 The Bond Market Difficult Sentences in the text The major mortgage-related agencies are the Federal Home Loan Bank (FHLB), the Federal National Mortgage Association (FNMA, or Fannie Mae), the Government National Mortgage Association (GNMA, or Ginnie Mae), and the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac). 主要的抵押机构有联邦住宅贷款银行（FHLB）、联邦国民抵押协会（FNMA或Fannie Mae）、政府国民抵押协会（GNMA或Ginnie Mae）和联邦住宅贷款抵押公司（FHLMC或Freddie Mac）。

12. Lecture 4 The Bond MarketDifficult Sentences in the text Until the pass-through securities sponsored by these agencies were established, the lack of a secondary market in mortgages hampered the flow of investment funds into mortgages and made mortgage markets dependent on local, rather than national, credit availability. 由于缺乏二级市场，投资资金难以流入抵押贷款市场，该市场信贷来自地方而不是国家。这种状况一直持续到抵押贷款相关机构发起的转手证券开始发行。

13. Lecture 4 The Bond MarketDifficult Sentences in the text In practice, there is a simpler rule of thumb. A rule of thumb的意思是“根据经验的做法”。

14. Lecture 4 The Bond MarketDifficult Sentences in the text These mortgages require the borrower to pay an interest rate that varies with some measure of the current market interest rate. 这类抵押贷款要求借款人所支付的利率随当前市场利率的变化而有一定程度的变化。

15. Lecture 4 The Bond Market Questions about the text What is the bond market composed of? Why is the bond market sometimes called the fixed income capital market?

16. Lecture 4 The Bond MarketQuestions about the text What are the differences between Treasury notes and Treasury bonds? Why do some government agencies issue debt?

17. Lecture 4 The Bond MarketQuestions about the text What characteristic distinguishes municipal bonds from Treasury and corporate bonds? How should an investor choose between taxable and tax- exempt bonds?

18. Lecture 4 The Bond MarketQuestions about the text In what way do private firms raise funds directly from the public? Why has the adjustable-rate mortgage been developed?

19. Lecture 4 The Bond MarketQuestions about the text What are mortgage-backed securities? Why are they called pass-throughs? Where is the international capital market largely centered?