It's the most simple-- or often called a bill-- a discount bond does not pay interest; it's sold at a discount.

它是最简单的,经常被称为国库券,它是一种贴现债券,且不付息,并以折扣价发行

耶鲁公开课 - 金融市场课程节选

The U.S. Government also issues small denomination debt to individuals to help them called savings bonds, but we aren't talking about those.

美国政府也发行小面值债券,用于面向个人,叫做长期储蓄债券,我们今天不涉及这些

耶鲁公开课 - 金融市场课程节选

So, if a bond was issued when interest rates were lower, they might have a 4% coupon when the prevailing rate is 6%.

所以，如果一只债券在利率很低的时候发行，在汇率为6%的的时候，它们可能有一个4%的票息。

耶鲁公开课 - 金融市场课程节选

It is showing since the U.S. Government issues these bonds, it's showing its data on these bonds.

这里显示了,因为这些债券是美国政府发行的,所以这里显示了这些债券发行的数据

耶鲁公开课 - 金融市场课程节选

I could have brought it to class and showed it to you, but this was issued during the Revolutionary War to help finance the war.

我本来可以把它带到课上,给你们看一下,这张债券发行于,独立战争期间,其目的是战争筹款

耶鲁公开课 - 金融市场课程节选

The U.S. Government is a big issuer of discount bonds and they're called Treasury bills.

美国政府是贴现债券的大发行商,这些被称为国库券

耶鲁公开课 - 金融市场课程节选

In my final slide is a picture of the first indexed bond; this is issued by the State of Massachusetts I actually own this bond.

最后一张幻灯片是,第一支物价指数债券的照片,这是麻省州政府发行的,其实我收藏了这张债券

耶鲁公开课 - 金融市场课程节选

Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.

现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产

耶鲁公开课 - 金融市场课程节选

We refer to the bonds that they issue as municipal bonds.

地方政府发行的债券称为市政债券

耶鲁公开课 - 金融市场课程节选

They deal with, principally, state and local governments who are issuing bonds to raise money for their activities, like New Haven, for example, or any other state or local government.

他们主要与,州和当地政府打交道,这些政府机构通过发行债券筹资,例如纽黑文市,或者其他的州,或者其他的当地政府

耶鲁公开课 - 金融市场课程节选

We call an instrument of the U.S. Treasury with a maturity less than or equal to one year--we call that a bill and they used to be the only discount bonds issued by the U.S. Government.

我们把期限小于或等于一年的,国库券品种称为短期国库券,它们曾是美国政府,唯一发行的贴现债券

耶鲁公开课 - 金融市场课程节选

Now, you have to understand that when you buy a bond, if you buy it at issue, you get the first coupon in six months, the second coupon in one year, the third coupon in eighteen months, and the last coupon you get at the maturity date.

你们需要了解,如果在发行时就购入债券,六个月后会得到第一笔票息,一年后第二笔,18个月后第三笔,到期时得到最后一笔票息

耶鲁公开课 - 金融市场课程节选