How many of you buy bonds? More and more people show great interest in bonds investment.
A major appeal of investing in bonds is that they provide investors with a steady stream of income and guarantee the
гepayment of the loan in full at maturity.
Bonds also appeal to investors because of their scope for capital appreciation. Take for instance a fall in interest rates, in
this case bonds which were issued when interest rates were high will become increasingly valuable and as the bond price rises, this provides profit for bond sellers.
你們中間有多少人購(gòu)買債券?越來越多的人對(duì)投資債券感興趣。
債券吸引人的一大特點(diǎn)是讓投資者有一筆固定的收人,到期時(shí)能收回借出的資金。
債券也有增值的機(jī)會(huì)。例如在利率下跌時(shí),那些在利率高時(shí)發(fā)行的債券價(jià)格將會(huì)升高，讓債券持有人有機(jī)會(huì)賺取利潤(rùn)。
In addition, if interest rates had fallen significantly over a period of time, economic growth would be stimulated as lower
borrowing costs and savings rates would encourage businesses to invest and households to consume. In such a low interest-rate environment, it may still be good for investors to consider investing some money in bonds because they will be able to achieve a higher return than cash deposits.
In a nutshell, an investor should consider investing in bonds as an alternative for the purpose of diversification in investment.
此外,如果利率在過去一段時(shí)間里明顯下跌,會(huì)刺激經(jīng)濟(jì)增長(zhǎng),因?yàn)檩^低的貸款成本和儲(chǔ)蓄利率將鼓勵(lì)商家投資,帶動(dòng)家庭消費(fèi)。在這樣的低利率環(huán)境下,投資人可以考慮把一些資金投資在債券上,因?yàn)橥顿Y者將取得高于現(xiàn)金存款的回報(bào)。
總的來說,投資者應(yīng)該考慮把債券投資當(dāng)作一個(gè)投資選擇，以達(dá)到多元投資的目的。
As a bond pays regular interest, it may be suitable for investors, such as retirees, who require a regular income over a
specific time.
Equities and government bonds are well suited to some investors. Younger investors will benefit from equity capital
growth because they are generally investing for the longer term and not unduly concerned with the lack of immediate yield. Investors concerned with avoiding risk will be prepared to аccept the relatively low yields now available on governmentbonds.
債券會(huì)定期支付利息,這樣的債券可能比較適合那些在某一時(shí)期內(nèi)需要有定期收入的投資者,如退休人士。
股票和政府債券非常適合某些投資者的胃口。年輕的投資者一般從股票的資本增值中獲益,因?yàn)樗麄兺ǔＷ鏖L(zhǎng)線投資，不太在意眼前的
收益。想規(guī)避風(fēng)險(xiǎn)的投資者則愿意購(gòu)買目前收益相對(duì)較低的政府債券。
But many investors fall somewhere between these two extremes. In recent years, financial markets have become
increasingly polarized between growth and security. Investors looking for medium and low risk are increasingly turning to the cогporate bond market as an alternative to equities and government bonds. Corporate bonds offer an ideal alternative to equities and government bonds, providing some of the benefits of each. With corporate bonds, an investor can opt for a lower risk exposure than with equities but a higher income yield than with government bonds.
The main disadvantage of corporate bonds is that an investor only indirectly participates in the company's success, through its credit-worthiness, but will not benefit from corporate expansion in the way that equity holders will. On the other hand, absolute risk is lower than for equities because coupon payments cannot be waived and, in the event of a default, bondholders are ranked highly among creditors.
但是很多人選擇在股票和政府債券這兩端之間進(jìn)行金融投資。近年來金融市場(chǎng)的投資增值與投資安全日趨分化。那些只愿承受中低風(fēng)
險(xiǎn)的投資人都轉(zhuǎn)向公司債券。公司債券是股票和政府債券的理想替代品,兩頭好處都沾點(diǎn)邊。投資公司債券的風(fēng)險(xiǎn)小于投資股票,而收益又高于政府債券
公司債券的主要缺點(diǎn)是投資者只能通過信用等級(jí)間接分享公司的收益,而不能像股東那樣從公司的擴(kuò)張中獲益。另一方面,這些債券投資者所承擔(dān)的絕對(duì)風(fēng)險(xiǎn)卻又低于股東,因?yàn)橄⑵敝Ц妒遣荒芄翠N的,而當(dāng)公司無法償付時(shí),債券持有人在債權(quán)人中享有很高的優(yōu)先權(quán)。
However, corporate credit-worthiness is a key factor in assessing the value and risk of corporate bonds. Credit rating
agencies play an important role in this process. The two main agencies are Moody's and Standard & Poors. They assign ratings both to entities issuing bonds and to specific corporate bond issues. This gives investors a guide as to their credit quality, which indicates possible risk.
Liquidity is 'also an important factor. Investors should be generally aware that corporate bonds, even in mature markets
such as the United States and Britain, have fairly limited secondary markets. That is to say, unlike equities or government
bonds, they cannot always be sold easily to other investors.
不過，某個(gè)公司的信譽(yù)等級(jí)是評(píng)估該公司債券價(jià)值和風(fēng)險(xiǎn)的關(guān)鍵因素。信譽(yù)評(píng)級(jí)機(jī)構(gòu)在評(píng)估公司債券價(jià)值和風(fēng)險(xiǎn)的過程中起著重要作
用。穆迪和標(biāo)準(zhǔn)普爾是兩家主要評(píng)估機(jī)構(gòu)。它們給債券發(fā)售單位以及具體簽發(fā)的公司債券評(píng)級(jí)。這些信息為投資者了解有關(guān)公司及其債券的信譽(yù)質(zhì)量提供了風(fēng)險(xiǎn)指南。
資金的變現(xiàn)靈活性也是一個(gè)重要因素。投資者必須明白,即使是美國(guó)和英國(guó)這些成熟的資本市場(chǎng)，公司債券的二級(jí)市場(chǎng)也是相當(dāng)有限的。換言之，公司債券不同于股票和政府債券，不太容易轉(zhuǎn)售給其他投資者。
Although corporate bonds carry more risk than government bonds, that risk can be controlled to a large extent by credit
analysis and other checks on the issuer and the terms of the bond. In return, investors have the opportunity to achieve a good cash income.
Buy stocks or bonds? Make your own decision.
公司債券的風(fēng)險(xiǎn)雖然大于政府債券,但這種風(fēng)險(xiǎn)在很大程度上可借助信用分析以及對(duì)債券發(fā)售者和債券條款采取一些制約手段來加以控制。而作為回報(bào),投資者則有機(jī)會(huì)獲取不錯(cuò)的現(xiàn)金收益。
買股票還是買債券,請(qǐng)各位自己定奪吧。
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