So, we have this security and a ten-year bond would have twenty coupons attached, each with a date on them.

我们持有这样的证券，是十年期的债券,并附有二十张息票，每一个都有日期在上面。

耶鲁公开课 - 金融市场课程节选

The price of the two-period bond is 1/2 and the price of the one-period bond is 1/.

所以两年期债券的价格是1/^2,一年期债券的价格则是1/

耶鲁公开课 - 金融市场课程节选

If I buy this amount of two-period bonds, how much does it cost me?

如果我买这么多两年期债券,我要花多少钱呢

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Nothing happens to the two-period bond because it just continues to mature.

两年期债券的头寸则没什么变化,因为它仍在存续期内

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Now what happens is, I now get the maturity of this bond.

现在两年期债券到期了

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I bought a number of two-period bonds such that the value of my purchase exactly equals the proceeds that I get from shorting the one period bond, so I've made a zero wealth transaction.

我买入了一定数量的两年期债券,其成本刚好等于我卖空,一单位一年期债券获得的资金,我做的是零成本交易

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The shortest term debt instrument in the United States is the Federal Funds Rate, which is an overnight rate--one day maturity-- and the longest issued by the Government is a thirty-year government bond, which will be repaid three decades in the future.

美国最短期的债券,是联邦基金利率,隔夜拆兑,一天到期,而时间最长的国债,是一种三十年期的政府债券,未来三十年才兑现

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Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.

如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%

耶鲁公开课 - 金融市场课程节选

r1 is the yield on the one-period bond and r2 is the yield on the two-period bond.

1是一年期债券的收益率,r2则是两年期债券的收益率

耶鲁公开课 - 金融市场课程节选