回到正题,你现在理解贴现债券了吗
Anyway, I want to talk you understand now about discount bonds?
要记住贴现债券不支付利息
The critical thing about a discount bond is it pays no interest.
债券的票面价值和贴现债券选择权估价的前景是一样的。
The Par and Discount bond options are equivalent from a valuation perspective.
随着到期日的临近，而不是利息的降低，造成的贴现债券市价的上涨。
An increase in the market price of a discounted bond resulting from an approaching maturity date, rather than from declining interest rates.
我们先讲贴现债券，然后是附息债券，再讲讲利率的期限结构，以及为什么要有利率？
We're talking about discount bonds, and then coupon-carrying bonds, and then talk about the term structure of interest rates and why we have interest rates.
它能追溯到远古时代，不过今天要讲的是现代商业机构的利率，首先要讲的是贴现债券。
They go back to ancient times, but I'm going to talk about some of our modern institutions and I'm going to talk first about discount bonds.
它是最简单的，经常被称为国库券，它是一种贴现债券，且不付息，并以折扣价发行。
It's the most simple — or often called a bill — a discount bond does not pay interest; it's sold at a discount.
其二，美联储已经在交易低风险，低回报的国债和购买高收益的私人债券-例如银行贴现贷款，商业票据，和抵押担保证券。
Second, it has been trading in low-risk, low-return Treasury debt and buying higher-yielding private debt—discount loans to banks, commercial paper, and mortgage-backed securities, for example.
通常的理由是基于一个折现现金流量模型；较低的债券收益率意味着降低贴现率，从而提高股票的现值。
The reasoning is usually based on a discounted-cashflow model; a lower bond yield means a lower discount rate and thus a higher present value for shares.
债券市场：周四晚些时候，10年期的美国国库债券价格下跌，从3.4%的贴现率下降到3.39%。
Bonds: the price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.40% from 3.39% late Thursday.
贴现票据：指按面值折扣发行的票据(即短期或中期的债券)。
Discount note: note (i. e. short - or medium-term bond) issued at a discount from its face value.
到期收益率是一种按复利计算的收益率，未来现金流入的现值等于债券买入时的贴现率。
It is the yield calculated by compounding. The present of future cash flow equals to the discount rate buying the bonds.
债券市场：周四晚些时候，10年期的美国国库债券价格下跌，从3.4%的贴现率下降到3.39%。
Bonds: the price on the benchmark 10-year U. S. Treasury fell, pushing the yield up to 3.40% from 3.39% late Thursday.
也可理解为贴现发行，投资人的利润来源为债券面值与发行价的差额。
The profit of the investors is the difference between the issue and redemption prices.
也可理解为贴现发行，投资人的利润来源为债券面值与发行价的差额。
The profit of the investors is the difference between the issue and redemption prices.
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