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时间:2020-07-25
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1、BondPricesandBondYieldsBondsdifferintwobasicdimensions:Defaultrisk,theriskthattheissuerofthebondwillnotpaybackthefullamountpromisedbythebond.Maturity,thelengthoftimeoverwhichthebondpromisestomakepaymentstotheholderofthebond.Bondsofdifferentmaturitieseachhaveapriceandanasso
2、ciatedinterestratecalledtheyieldtomaturity,orsimplytheyield.15-12©2006PrenticeHallBusinessPublishingMacroeconomics,4/eOlivierBlanchardBondPricesandBondYieldsU.S.YieldCurves:November1,2000andJune1,2001Theyieldcurve,whichwasslightlydownwardslopinginNovember2000,wassharplyupw
3、ardslopingsevenmonthslater.Therelationbetweenmaturityandyieldiscalledtheyieldcurve,orthetermstructureofinterestrates.Figure15-13©2006PrenticeHallBusinessPublishingMacroeconomics,4/eOlivierBlanchardGovernmentbondsarebondsissuedbygovernmentagencies.Corporatebondsarebondsissue
4、dbyfirms.BondratingsareissuedbyStandardandPoor’sCorporationandMoody’sInvestorsService.Theriskpremiumisthedifferencebetweentheinterestratepaidonagivenbondandtheinterestratepaidonthebondwiththehighestrating.TheVocabularyofBondMarkets4©2006PrenticeHallBusinessPublishingMacroec
5、onomics,4/eOlivierBlanchardBondswithhighdefaultriskareoftencalledjunkbonds.Bondsthatpromiseasinglepaymentatmaturityarecalleddiscountbonds.Thesinglepaymentiscalledthefacevalueofthebond.Bondsthatpromisemultiplepaymentsbeforematurityandonepaymentatmaturityarecalledcouponbonds.
6、Thepaymentsarecalledcouponpayments.TheVocabularyofBondMarkets5©2006PrenticeHallBusinessPublishingMacroeconomics,4/eOlivierBlanchardTheratioofthecouponpaymentstothefacevalueofthebondiscalledthecouponrate.Thecurrentyieldistheratioofthecouponpaymenttothepriceofthebond.Thelifeo
7、fabondistheamountoftimeleftuntilthebondmatures.TheVocabularyofBondMarkets6©2006PrenticeHallBusinessPublishingMacroeconomics,4/eOlivierBlanchardU.S.governmentbondsclassifiedbymaturity:Treasurybills,orT-bills:Uptooneyear.Treasurynotes:Onetotenyears.Treasurybonds:Tenyearsormor
8、e.Bondstypicallypromisetopayasequenceoffixednominalpayments.However,othertypesofbo
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