债券市场_分析与策略PPTCh06.ppt

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

2、arymarketforTreasurysecuritiestheroleofgovernmentdealersandgovernmentbrokersthesecondarymarketforTreasurysecuritieshowTreasurysecuritiesarequotedinthesecondarymarketthezero-couponTreasurysecuritiesmarketthemajorissuersinthefederalagencysecuritiesmarketthefunctionsofgovernment-sponsorede

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

4、ThelargevolumeoftotaldebtandthelargesizeofanysingleissuehavecontributedtomakingtheTreasurymarketthemostactiveandhencethemostliquidmarketintheworld.Thedealerspreadbetweenbidandaskpriceisconsiderablynarrowerthaninothersectorsofthebondmarket.Copyright©2010PearsonEducation,Inc.PublishingasP

5、renticeHall6-4TreasurySecurities(continued)TypesofTreasurySecuritiesTheTreasuryissuesbothmarketableandnon-marketablesecurities.Ourfocushereisonmarketablesecurities.(可流通证券）MarketableTreasurysecuritiesarecategorizedasfixed-principalsecurities（固定本金证券）orinflation-indexedsecurities.（与通货膨胀指数挂

6、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)TypesofTreasurySecuritiesTreasurybillsareissuedatadiscounttoparvalue,havenocouponrate,andmatureatparva

7、lue.ThecurrentpracticeoftheTreasuryistoissueallsecuritieswithamaturityofoneyearorlessasdiscountsecurities.Asdiscountsecurities,Treasurybillsdonotpaycouponinterest.Instead,Treasurybillsareissuedatadiscountfromtheirmaturityvalue;thereturntotheinvestoristhedifferencebetweenthematu