yield to worst

简明释义

最差收益率

英英释义

例句

1.Investors often calculate the potential return of a bond by considering its yield to worst, which refers to the lowest yield an investor can receive if the bond is called before maturity.

投资者通常通过考虑债券的到期收益率来计算债券的潜在回报，这指的是如果债券在到期前被提前赎回，投资者可以获得的最低收益率。

2.Financial analysts recommend using yield to worst as a conservative measure when evaluating the risk of bond investments.

金融分析师建议在评估债券投资风险时使用到期收益率作为保守的衡量标准。

3.During periods of market volatility, focusing on the yield to worst can provide a clearer picture of investment safety.

在市场波动时期，关注到期收益率可以提供投资安全性的更清晰图景。

4.A bond's yield to worst can help investors gauge the potential impact of interest rate changes on their investment.

债券的到期收益率可以帮助投资者评估利率变化对其投资的潜在影响。

5.When analyzing fixed-income securities, it's crucial to look at the yield to worst to understand the worst-case scenario for returns.

在分析固定收益证券时，查看到期收益率以了解回报的最坏情况是至关重要的。

作文

In the world of finance, investors often seek to understand various terms that can influence their decisions. One such phrase is yield to worst, which is crucial for assessing the potential return on investment in bonds. Understanding this term can provide insights into the risks and rewards associated with fixed-income securities. In simple terms, yield to worst refers to the lowest yield an investor can receive if a bond is called before its maturity date. This concept is particularly important for callable bonds, which give issuers the right to redeem the bond before it matures, usually when interest rates fall. When investors purchase bonds, they typically expect to hold them until maturity to receive the promised interest payments. However, if the issuer decides to call the bond early, the investor may end up with a lower yield than anticipated. Therefore, the yield to worst calculation helps investors gauge the worst-case scenario regarding their returns. It provides a conservative estimate of what the investor might earn if the bond is called at the earliest possible date. For example, consider a callable bond with a coupon rate of 5% and a maturity of 10 years. If interest rates drop significantly, the issuer may choose to call the bond after five years to refinance at a lower rate. If the bond is called, the investor will only receive the interest payments for those five years, leading to a yield that could be significantly lower than the initial 5%. The yield to worst would help the investor understand this risk by calculating the yield assuming the bond is called at the earliest opportunity. Investors must carefully consider the yield to worst when evaluating bonds, especially in a fluctuating interest rate environment. A bond that appears attractive based on its coupon rate may not be as appealing once the yield to worst is factored in. This is why understanding the nuances of bond investing is essential for making informed decisions. Moreover, the yield to worst metric is not only relevant for individual investors but also for portfolio managers who need to assess the overall risk profile of their fixed-income holdings. By analyzing the yield to worst across different bonds, portfolio managers can better manage interest rate risk and make strategic adjustments to their portfolios. In conclusion, the term yield to worst plays a vital role in the bond market, providing investors with a clearer picture of potential returns under adverse conditions. It serves as a reminder that while bonds are generally considered safer investments compared to stocks, they still carry risks that must be understood and managed. By incorporating the yield to worst in their analysis, investors can make more informed choices, ultimately leading to more successful investment outcomes.

在金融世界中，投资者通常寻求理解各种可能影响其决策的术语。其中一个短语是yield to worst，它对于评估债券投资的潜在回报至关重要。理解这个术语可以提供有关固定收益证券相关风险和回报的见解。简单来说，yield to worst是指如果债券在到期日前被提前赎回，投资者可能获得的最低收益。这一概念对于可赎回债券尤为重要，因为可赎回债券赋予发行人在利率下降时提前赎回债券的权利。当投资者购买债券时，他们通常期望持有债券直到到期，以获得承诺的利息支付。然而，如果发行人决定提前赎回债券，投资者可能最终获得的收益低于预期。因此，yield to worst计算帮助投资者评估其回报的最坏情况。它提供了一个保守的估计，说明如果债券在最早的机会被赎回，投资者可能会赚取多少。例如，考虑一只票面利率为5%、期限为10年的可赎回债券。如果利率大幅下降，发行人可能选择在五年后赎回债券，以便以更低的利率再融资。如果债券被赎回，投资者将只能获得这五年的利息支付，从而导致的收益可能远低于最初的5%。yield to worst将通过计算假设债券在最早的机会被赎回的收益，帮助投资者理解这种风险。投资者在评估债券时必须仔细考虑yield to worst，特别是在波动的利率环境中。看似吸引人的债券在考虑到yield to worst后，可能就不那么有吸引力了。这就是为什么理解债券投资的细微差别对于做出明智的决策至关重要。此外，yield to worst指标不仅与个人投资者相关，对于需要评估其固定收益持有物整体风险特征的投资组合经理也同样重要。通过分析不同债券的yield to worst，投资组合经理可以更好地管理利率风险，并对其投资组合进行战略调整。总之，术语yield to worst在债券市场中扮演着至关重要的角色，为投资者提供了在不利条件下潜在回报的更清晰图景。它提醒人们，尽管债券通常被认为是比股票更安全的投资，但它们仍然存在必须理解和管理的风险。通过在分析中纳入yield to worst，投资者可以做出更明智的选择，从而最终实现更成功的投资结果。