当市场利率高于利率上限时，浮动利率债券以折价进行交易。
When the market yield is above its capped coupon rate, a floating-rate security will trade at a discount.
债券有多种，最常见的有固定利率债券和浮动利率债券（FRN）。
There are many types of bonds, the most common of which are fixed rate bonds and floating rate notes (FRNs).
固定利率债券支付预决息票，浮动利率债券根据银行存款利率贴水支付息票。
Fixed rate bonds pay a pre-determined coupon and FRNs pay coupons at a premium above the bank's fixed deposit rate.
浮动利率债券：这种债券的息票是定期确定的，并参照短期资金利率来计算。
Floating rate bond: bond on which the coupon is established periodically and calculated with reference to short-term interest rates.
固定利率债券支出预决息票，浮动利率债券按照银行存款利率贴水付前途票。
Fixed rate bonds pay a pre-determined coupon and FRNs pay coupons at a premium above the bank's fixed deposit rate.
基于中国债券市场研究了固定利率和浮动利率债券的利率敏感性度量：久期和凸性。
Based on the bond market of China, the interest rate sensitivity measurement for fixed and floating rate bonds are studied in this paper. The approaches used are Duration and Convexity respectively.
债券发行者往往比较愿意将他们的固定利率的债务交换成浮动利率的债务。
These bond issuers would rather swap their fixed-rate obligations for floating-rate ones.
因此，逆向浮动利率证券的存续期就大于其基础的固定利率债券的存续期。
Hence, the duration of the inverse floater exceeds the duration of the underlying fixed-rate bond.
如果参考利率上升的足够大而超过了利率上限，利率的进一步上升将降低浮动债券的价格。
If the reference rate increase enough that the cap rate is reached, further increases in market yields will decrease floater's price.
如果参考利率上升的足够大而超过了利率上限，利率的进一步上升将降低浮动债券的价格。
If the reference rate increase enough that the cap rate is reached, further increases in market yields will decrease floater's price.
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