yield maintenance

简明释义

交割债券期货时调整价格的维持收益率［美国］

英英释义

例句

1.The lender explained that yield maintenance 收益维护 helps them recover lost interest income.

贷方解释说，收益维护 yield maintenance 帮助他们弥补损失的利息收入。

2.Investors should be aware of yield maintenance 收益维护 clauses in their mortgage agreements.

投资者应注意抵押贷款协议中的收益维护 yield maintenance 条款。

3.The bank requires a yield maintenance 收益维护 fee if the loan is paid off early.

如果贷款提前还清，银行会收取一笔收益维护 yield maintenance 费用。

4.Understanding yield maintenance 收益维护 is crucial for anyone involved in commercial real estate financing.

理解收益维护 yield maintenance 对于任何参与商业房地产融资的人来说都是至关重要的。

5.The real estate developer included a yield maintenance 收益维护 provision to protect against interest rate fluctuations.

房地产开发商包含了一项收益维护 yield maintenance 条款，以防止利率波动的影响。

作文

In the world of finance and investment, understanding various terms is crucial for making informed decisions. One such term that often comes up in the context of loans and bonds is yield maintenance. This concept plays a significant role in the way lenders and borrowers interact, particularly when it comes to prepayment of loans. To grasp the full meaning of yield maintenance, we must first understand its components and implications.Yield maintenance is essentially a prepayment penalty that is designed to protect lenders from the loss of interest income that occurs when a borrower pays off a loan early. When a loan is paid off before its maturity date, the lender loses out on the expected interest payments that would have been accrued over the life of the loan. To mitigate this risk, lenders implement yield maintenance clauses in their loan agreements.The mechanism of yield maintenance is straightforward. When a borrower decides to prepay their loan, they are required to pay an additional amount that compensates the lender for the lost interest. This amount is calculated based on the difference between the interest rate of the original loan and the current market rates. If the market rates have decreased since the loan was issued, the borrower will owe more under a yield maintenance clause because the lender would have earned a higher yield had the loan remained outstanding.For borrowers, the presence of a yield maintenance clause can be both a blessing and a curse. On one hand, it provides clarity on the costs associated with prepaying a loan. On the other hand, it can deter borrowers from refinancing or selling their properties, as the potential penalties can be substantial. This is particularly relevant in a fluctuating interest rate environment, where borrowers may seek to take advantage of lower rates by refinancing their existing loans.Furthermore, yield maintenance has implications for investors in mortgage-backed securities (MBS). These investors rely on the steady stream of cash flows generated by the underlying loans. When borrowers prepay their loans, it disrupts these cash flows, potentially leading to significant losses for investors. Therefore, understanding yield maintenance is essential for assessing the risks associated with MBS investments.In conclusion, yield maintenance is a critical concept in the realm of finance that serves to protect lenders from the adverse effects of early loan repayment. It ensures that lenders receive compensation for lost interest income, while also influencing borrowers' decisions regarding prepayment and refinancing. As financial markets continue to evolve, the importance of understanding terms like yield maintenance cannot be overstated. For anyone involved in lending or borrowing, a firm grasp of this concept is essential for navigating the complexities of financial agreements and making sound investment choices.

在金融和投资的世界中，理解各种术语对于做出明智的决策至关重要。在贷款和债券的背景下，常常会出现一个术语，即收益维护。这一概念在借款人和贷款人之间的互动中发挥着重要作用，特别是在贷款提前偿还的情况下。要全面理解收益维护的含义，我们首先必须了解其组成部分及其影响。收益维护本质上是一种提前还款罚金，旨在保护贷款人免受借款人提前偿还贷款所造成的利息收入损失。当贷款在到期日前被偿还时，贷款人失去了本应在贷款期限内获得的利息支付。为了减轻这种风险，贷款人在其贷款协议中实施收益维护条款。收益维护的机制很简单。当借款人决定提前偿还贷款时，他们需要支付额外的金额，以补偿贷款人因失去利息而造成的损失。这个金额是根据原贷款利率与当前市场利率之间的差额来计算的。如果自贷款发放以来市场利率下降，借款人在收益维护条款下所欠的金额将更多，因为如果贷款保持不变，贷款人本可以获得更高的收益。对于借款人来说，收益维护条款的存在既有好处也有坏处。一方面，它为提前偿还贷款相关的成本提供了清晰的说明。另一方面，它可能会阻止借款人进行再融资或出售其财产，因为潜在的罚款可能相当可观。这在利率波动的环境中特别相关，借款人可能希望通过再融资现有贷款来利用较低的利率。此外，收益维护对抵押贷款支持证券（MBS）投资者也有影响。这些投资者依赖于由基础贷款产生的稳定现金流。当借款人提前偿还贷款时，这会干扰这些现金流，可能导致投资者遭受重大损失。因此，了解收益维护对于评估与MBS投资相关的风险至关重要。总之，收益维护是金融领域中的一个关键概念，旨在保护贷款人免受提前还款的不利影响。它确保贷款人获得因失去利息收入而得到的补偿，同时也影响借款人在提前偿还和再融资方面的决策。随着金融市场的不断发展，理解像收益维护这样的术语的重要性不容小觑。对于任何参与贷款或借款的人来说，牢牢掌握这一概念对于驾驭金融协议的复杂性和做出明智的投资选择至关重要。