债券市场分析与策略 (2).ppt

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1、Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6-1Chapter6TreasuryandAgencySecuritiesCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6-2LearningObjectivesAfterreadingthischapter,youwillunderstandthedifferenttypesofsecuritiesissuedbytheTreasurytheoper

2、ationoftheprimarymarketforTreasurysecuritiestheroleofgovernmentdealersandgovernmentbrokersthesecondarymarketforTreasurysecuritieshowTreasurysecuritiesarequotedinthesecondarymarketthezero-couponTreasurysecuritiesmarketthemajorissuersinthefederalagencysecuritiesmarketthefunc

3、tionsofgovernment-sponsoredenterprisesthatissuesecuritiesCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6-3TreasurySecuritiesTwofactorsaccountfortheprominentroleofU.S.Treasurysecurities:volume(intermsofdollarsoutstanding)交易量Liquidity流动性TheDepartmentoftheTreasur

4、yisthelargestsingleissuerofdebtintheworld.ThelargevolumeoftotaldebtandthelargesizeofanysingleissuehavecontributedtomakingtheTreasurymarketthemostactiveandhencethemostliquidmarketintheworld.Thedealerspreadbetweenbidandaskpriceisconsiderablynarrowerthaninothersectorsofthebon

5、dmarket.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6-4TreasurySecurities(continued)TypesofTreasurySecuritiesTheTreasuryissuesbothmarketableandnon-marketablesecurities.Ourfocushereisonmarketablesecurities.(可流通证券）MarketableTreasurysecuritiesarecategorizedasfi

6、xed-principalsecurities（固定本金证券）orinflation-indexedsecurities.（与通货膨胀指数挂钩的证券）Fixed-incomeprincipalsecuritiesinclude:Treasurybills国库券Treasurynotes中期国债Treasurybonds长期国债Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6-5TreasurySecurities(continued)TypesofTreasurySec

7、uritiesTreasurybillsareissuedatadiscounttoparvalue,havenocouponrate,andmatureatparvalue.ThecurrentpracticeoftheTreasuryistoissueallsecuritieswithamaturityofoneyearorlessasdiscountsecurities.Asdiscountsecurities,Treasurybillsdonotpaycouponinterest.Instead,Treasurybillsareis

8、suedatadiscountfromtheirmaturityvalue;thereturntotheinvestoristhedifferencebetweenthematu