noncallable bonds

简明释义

不可赎债券

英英释义

例句

1.Many pension funds allocate a portion of their portfolio to noncallable bonds to ensure steady income.

许多养老基金将其投资组合的一部分分配给不可赎回债券以确保稳定的收入。

2.When interest rates fall, issuers may call their callable bonds, but noncallable bonds remain unaffected.

当利率下降时，发行人可能会赎回他们的可赎回债券，但不可赎回债券不受影响。

3.The safety of noncallable bonds makes them an attractive option for conservative investors.

由于不可赎回债券的安全性，它们对保守型投资者来说是一个有吸引力的选择。

4.Investors often prefer noncallable bonds because they provide more stable returns over time.

投资者通常更喜欢不可赎回债券，因为它们在时间上提供更稳定的回报。

5.The yield on noncallable bonds is typically higher than that of callable bonds due to the lower risk.

由于风险较低，不可赎回债券的收益率通常高于可赎回债券。

作文

In the world of finance and investment, understanding different types of securities is crucial for making informed decisions. One such type of security is a bond, which is essentially a loan made by an investor to a borrower, typically a corporation or government. Among the various categories of bonds, noncallable bonds play a significant role in the fixed-income market. This essay aims to explore the characteristics, advantages, and disadvantages of noncallable bonds, as well as their implications for investors.Firstly, it is important to define what noncallable bonds are. As the name suggests, these bonds cannot be redeemed or 'called' back by the issuer before their maturity date. This feature provides a level of certainty for investors, as they can expect to receive interest payments and the principal amount at the end of the bond's term without the risk of early redemption. In contrast, callable bonds allow issuers to repurchase the bonds at specified times prior to maturity, often when interest rates decline, which can negatively impact investors who may lose out on future interest payments.One of the primary advantages of investing in noncallable bonds is the stability they offer. With these bonds, investors can plan their cash flows more accurately since they know exactly when they will receive their interest payments and the return of principal. This predictability is particularly appealing for conservative investors or those who rely on fixed income for their living expenses, such as retirees. Furthermore, because noncallable bonds are less likely to be affected by interest rate fluctuations, they can provide a safer investment option during volatile market conditions.However, there are also some drawbacks to consider when it comes to noncallable bonds. One significant disadvantage is that they typically offer lower yields compared to callable bonds. This is because investors are willing to accept a lower return in exchange for the added security and predictability that noncallable bonds provide. Additionally, if interest rates rise significantly after the purchase of a noncallable bond, investors may find themselves locked into a lower-yielding investment, missing out on potentially higher returns available from new issues.Moreover, liquidity can be an issue with noncallable bonds. Since they are often considered a more stable investment, they may not be as actively traded in secondary markets as other types of bonds. This can make it more challenging for investors to sell their holdings quickly if they need access to cash or wish to reallocate their investments.In conclusion, noncallable bonds are a valuable option for investors seeking stability and predictability in their portfolios. They offer several advantages, including consistent interest payments and protection against early redemption risks. However, potential investors should weigh these benefits against the lower yields and possible liquidity issues associated with noncallable bonds. Ultimately, understanding the characteristics of different types of bonds, including noncallable bonds, is essential for making informed investment choices that align with individual financial goals and risk tolerance.

在金融和投资的世界中，理解不同类型的证券对于做出明智的决策至关重要。其中一种证券是债券，本质上是投资者向借款人（通常是公司或政府）发放的贷款。在各种债券类别中，不可赎回债券在固定收益市场中发挥着重要作用。本文旨在探讨不可赎回债券的特征、优缺点以及它们对投资者的影响。首先，重要的是要定义什么是不可赎回债券。顾名思义，这些债券在到期日之前不能被发行人赎回或“召回”。这一特性为投资者提供了一定程度的确定性，因为他们可以预期在债券期限结束时收到利息支付和本金，而不必担心提前赎回的风险。相比之下，可赎回债券允许发行人在到期前的特定时间以规定价格回购债券，这可能会对投资者产生负面影响，因为他们可能会失去未来的利息支付。投资不可赎回债券的主要优势之一是它们提供的稳定性。通过这些债券，投资者可以更准确地规划现金流，因为他们确切知道何时会收到利息支付和本金的回报。这种可预测性对保守型投资者或依赖固定收入维持生活开支（如退休人员）尤其具有吸引力。此外，由于不可赎回债券不太可能受到利率波动的影响，因此在市场波动期间，它们可以提供更安全的投资选择。然而，在考虑不可赎回债券时也有一些缺点。一个显著的缺点是，与可赎回债券相比，它们通常提供较低的收益率。这是因为投资者愿意接受较低的回报，以换取不可赎回债券所提供的额外安全性和可预测性。此外，如果在购买不可赎回债券后利率显著上升，投资者可能会发现自己被锁定在一个收益较低的投资中，错失了新发行的潜在更高回报。此外，流动性也是不可赎回债券的一个问题。由于它们通常被视为更稳定的投资，因此它们在二级市场上的交易可能没有其他类型的债券活跃。这可能使投资者在需要现金或希望重新分配投资时更难快速出售其持有的债券。总之，不可赎回债券是寻求投资组合稳定性和可预测性的投资者的宝贵选择。它们提供了几个优势，包括一致的利息支付和保护免受提前赎回风险。然而，潜在投资者应该权衡这些好处与不可赎回债券相关的较低收益率和可能的流动性问题。最终，理解不同类型债券的特征，包括不可赎回债券，对于做出符合个人财务目标和风险承受能力的明智投资选择至关重要。