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I mean, hypothetically a bond trading at $.60 on the dollar with an 8% coupon, five-year bond that's yielding about 18%.
我的意思是，假设一种债券以0。60美元进行交易,同时有8%的票息，五年期债券收益率在18%左右。
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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。
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The ones that are beautiful for framing are the ones that failed, so you can see all the coupons.
那些用来陈列的债券,其实都是违约的,因此你们才能看到息票
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The yield-to-maturity on an indexed bond is already in real terms because the coupons are indexed to inflation.
这种债券的到期收益率,就是实际收益率,因为票息已经被通胀指数化了
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You know what that means when they're framed there on the wall with their coupons still attached?
你知道吗,当债券陈列在墙上,而息票还贴在上面的时候
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So, we still call them coupons, but now we don't do it-- we do things electronically.
所以,我们仍然称当期债券利息为"票息",只不过现在我们不这样做了,现在电子化了
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If it was a twenty-year bond, there would be forty coupons, one for each six-month period, and each one would have a date on it.
假如是20年债券,会有40张息票,每六个月一张,并且上面会有日期
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There are successful coupon clippers and there are successful securities resellers and they tend to make their money off of the unsuccessful people in the other class.
既有成功的票息剪券投资者,也有成功的债券经销商,他们希望从其他阶层,不太成功的投资者身上赚钱。
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Finally, I just want to say that we have also a kind of bond called an indexed bond, which is a bond whose coupons are indexed to inflation.
最后一点是,一种叫物价指数债券的债券,这种债券的票息被通胀指数化了
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he says, all investing is about coupon clipping and the difference between equities and bonds are that bonds come with a coupon that's known and equities have earnings in the future that you don't know.
他说，所有的投资都是关于票息剪券的,股票和债券的区别是,债券有确定的票息,而股票的收益发生在未来,你是无法确定的。
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If you want to see bonds as they used to look, with their coupons, there are a number of them at the International Center for Finance down the street here with their coupons still attached.
如果你想看传统带有息票的债券,还有很多在,沿着路走就到的,国际金融中心,那还有许多贴有息票的债券
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We still call them coupons.
我们仍把当期债券利息叫做"票息"
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What you used to do is, every six months you'd pull out your bonds and you'd clip the coupons with a pair of scissors; you take them to a bank and they would give you cash for your coupons.
过去,你每六个月从你的债券上,用剪刀剪下息票,把它拿到银行,用息票兑换现金
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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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The reason they call them coupons is that, in the old days, you used to actually--when you bought a bond, there would be a piece of paper and the piece of paper would have attached to it a lot of little coupons that you would clip.
这里被称作"票息"的原因是,在过去,当你买了债券的时候,会有一张纸,那张纸上附带了许多,你能剪下来的小纸票
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Now, another Wall Street tradition is that bonds pay a coupon; they pay C/2 every six months.
另一个华尔街的传统是,长期债券要支付票息,每六个月支付C/2
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It's not forever because it terminates after 2T periods of six-month interval each.
债券不是永续的,券息每六个月为一期,共支付2T期
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You want to subtract off the value of a perpetuity that starts after 2T, six-month intervals, so this is the present value of the perpetuity that starts after 2T, six-month intervals.
所以就要从永续债券价格里减去,2T期以后,每六月一期券息的贴现值,这部分是永久债券从第2T期后,每半年一期券息的现值
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