The history of mortgages is that they have generally over time gotten more easy on loan-to-value ratio and also on maturity.

从抵押贷款的历史来看,随着时间推移,抵押贷款,对于贷款价值比和期限越来越宽松

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As you know, the maturity is 60-days and, as you know, there are about 360 days in a year.

这里的期限是60天,另外一年大概是360天

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The loan-to-value ratio--well it's not so much the loan--the maturity was short and the balloon payment at the end that they changed.

贷款价值比率,不,就是期限太短了,期末大额偿还也是罪魁祸首

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So, that's a funny property of conventional mortgages -that the mortgage balance declines very slowly at first and then it falls rapidly when it comes to maturity.

这是普通贷款很有意思的特性,即贷款余额在起初减少的非常缓慢,但随着到期日的临近,便会加速递减

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There have also been one hundred-year bonds and there have also been perpetuities that-- in the UK, for example, the British Consoles-- have no expiration date and they have infinite maturity.

还有更长期的一百年债券,还有一种永续年金,比如说英国的大英统一公债,没有过期日,永不到期

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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

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What Hicks said is that in these term structures, actually, I've just showed the one-period, he had one-period forward rate-- but you could do it over any combination and you can get forward rates of any maturity at any future date.

希克斯指出利率期限结构中,我刚才给你们演示了,希克斯是如何推导一年期远期利率的,但是你们通过其他组合重新推导,还算出未来任意时刻,期限的远期利率

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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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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

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