如果再投资率低于赎回收益率，则会出现相反情况。

If the reinvestment rate is lower than the redemption yield, the opposite is true.

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假如再投资率高于赎回收益率，假定持有至偿还期，则有息债券的实践报答远远高于赎回收益率。

If the reinvestment rate is higher than the redemption yield then the actual return on the bond, assuming it is held to maturity, will be higher than the redemption yield.

youdao

这儿就要提到利率了：受益人可以得到所有的税后增值收益，也称最低预期资本回收率，这个收益率与现行利率相挂钩。

Here's where low interest rates come in: the beneficiary gets all the appreciation minus a tax, known as the hurdle rate, which is tied to current interest rates.

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