英语翻译Above ParMEANINGA term used to describe the price of a s
英语翻译
Above Par
MEANING
A term used to describe the price of a security when it is trading above its face value.A security usually trades at above par when its income distributions are higher than those of other instruments currently available in the market.
If an investor purchases a security above face value,he or she will incur a capital loss at maturity when it is redeemed for face value.
EXPLANATION
For example,a 5-year bond with $1,000 face value that pays a coupon of 10% annually may trade closer to $1,168 if similar bond rates decline to 6%.This is because investors are willing to pay more for a higher coupon; thus,it is said to be trading above par.
In order to make its yield equal current market rates,the bond should trade at its present value.
In the above example,the following calculation was used to determine the theoretical price the bond would trade at
N = 5 years
I/Y = 6 (market rate,6%)
FV = $1,000 (face value)
PMT = $100 (10% coupon)
Payments/Year = 1 (annual coupon payment)
Above Par
MEANING
A term used to describe the price of a security when it is trading above its face value.A security usually trades at above par when its income distributions are higher than those of other instruments currently available in the market.
If an investor purchases a security above face value,he or she will incur a capital loss at maturity when it is redeemed for face value.
EXPLANATION
For example,a 5-year bond with $1,000 face value that pays a coupon of 10% annually may trade closer to $1,168 if similar bond rates decline to 6%.This is because investors are willing to pay more for a higher coupon; thus,it is said to be trading above par.
In order to make its yield equal current market rates,the bond should trade at its present value.
In the above example,the following calculation was used to determine the theoretical price the bond would trade at
N = 5 years
I/Y = 6 (market rate,6%)
FV = $1,000 (face value)
PMT = $100 (10% coupon)
Payments/Year = 1 (annual coupon payment)
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水准之上
意思
用来描述证券价格时,它是交易以上票面价值.通常在一个安全的收入分配水准之上时,都要高于其他仪器市场上现有的.
如果投资者购买证券票面价值之上,他或她会招致了资本损失,当它被救赎的到期日为票面价值.
例如,一个5年债券和1000美元支付票面面值的10%,每年可交易的1,168美元债券利率下降,如果类似6%.这是因为投资者愿意支付更多的为更高的赠券;因此,据说是交易.
为了使其产量相等的当前市场价格,应在其现值贸易.
在上面的例子中,下面是用来确定计算理论的价格会交易的债券
5年
我/ Y = 6(市场利率,6%).
FV = 1000美元(面值).
并联= 100美元(10%联).
付款/年= 1(年度券支付).
意思
用来描述证券价格时,它是交易以上票面价值.通常在一个安全的收入分配水准之上时,都要高于其他仪器市场上现有的.
如果投资者购买证券票面价值之上,他或她会招致了资本损失,当它被救赎的到期日为票面价值.
例如,一个5年债券和1000美元支付票面面值的10%,每年可交易的1,168美元债券利率下降,如果类似6%.这是因为投资者愿意支付更多的为更高的赠券;因此,据说是交易.
为了使其产量相等的当前市场价格,应在其现值贸易.
在上面的例子中,下面是用来确定计算理论的价格会交易的债券
5年
我/ Y = 6(市场利率,6%).
FV = 1000美元(面值).
并联= 100美元(10%联).
付款/年= 1(年度券支付).
1年前
10
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