If the price of the associated mortgage bond drops, the homeowner can buy the equivalent face value of bonds at a discount, and use it to redeem the existing home mortgage loan.

如果和贷款关联的债券掉价，业主就能以低价购进等量面值的债券并用之冲抵现有的贷款。

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When bond prices fall, yield rises, because the interest rate of a bond is a fixed percentage of the bond's face value.

当债券价格下跌，收益将增加，因为债券的利率与债券票面价值的比例固定。

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Take a bond with a 2% real yield maturing in ten years’ time; the bond will pay an initial $20 on a face value of $1, 000.

购买一份真实收益率为2%的10年期债券，当面值为1000美元时，债券最初付息是20美元。

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The whole situation boils down to this: because a nonperforming bond is worth less than 100% of its face value, the Brady bond replaces the defunct debt as a new asset.

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The US government then attempted to pay this last bond at a fraction of the face value and not in gold but paper.

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Its benchmark government bond trades at 57% of its face value, suggesting that private investors fear losses if and when a new deal is brokered.

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