callable bond

简明释义

通知偿还债券

英英释义

例句

1.When investing in callable bonds 可赎回债券, it's important to evaluate the issuer's creditworthiness.

在投资可赎回债券 callable bonds 时，评估发行人的信用状况非常重要。

2.Many corporate callable bonds 可赎回债券 provide investors with a higher yield than non-callable options.

许多企业的可赎回债券 callable bonds 为投资者提供的收益高于不可赎回的选择。

3.The interest rates on callable bonds 可赎回债券 are usually higher to compensate for the call risk.

由于有赎回风险，可赎回债券 callable bonds 的利率通常较高。

4.Investors should be aware that a callable bond 可赎回债券 may be redeemed by the issuer before its maturity date.

投资者应该意识到，可赎回债券 callable bond 可能会在到期日前被发行人赎回。

5.If market interest rates fall, issuers are more likely to call their callable bonds 可赎回债券 to refinance at lower rates.

如果市场利率下降，发行人更可能赎回其可赎回债券 callable bonds 以以更低的利率再融资。

作文

In the world of finance, various investment instruments are available for investors to choose from, each with its own set of characteristics and risks. One such instrument that has gained popularity among fixed-income investors is the callable bond. A callable bond is a type of bond that allows the issuer to redeem it before its maturity date. This feature provides the issuer with flexibility, especially in a declining interest rate environment. When interest rates fall, issuers often choose to call their bonds and reissue new ones at lower rates, thus reducing their overall borrowing costs.Investors should understand the implications of investing in a callable bond. While these bonds typically offer higher yields compared to non-callable bonds to compensate for the call risk, they also come with the possibility of being called away when interest rates decline. This means that investors may not receive the expected interest payments over the full term of the bond, as the issuer may opt to call the bond and pay back the principal sooner than anticipated.One of the main advantages of a callable bond for issuers is the ability to manage their debt more effectively. For example, if a company issues a bond with a 10-year maturity at a fixed interest rate of 6% and interest rates subsequently drop to 4%, the company can call the bond after a certain period and issue new bonds at the lower rate. This strategy can lead to significant savings on interest payments, allowing the company to allocate resources more efficiently.However, investors need to be aware of the potential downsides. If an investor purchases a callable bond with a high yield, they might find themselves reinvesting the proceeds at lower interest rates if the bond is called early. This reinvestment risk can erode the overall returns of their investment portfolio. Therefore, it is crucial for investors to carefully consider their investment horizon and interest rate outlook before investing in callable bonds.Moreover, the pricing of callable bonds is generally more complex than that of non-callable bonds. The presence of the call option adds an additional layer of uncertainty, which can affect the bond's price in the secondary market. Investors must take into account the likelihood of the bond being called, which is influenced by various factors, including current interest rates, the issuer's creditworthiness, and the bond's time to maturity.In conclusion, while callable bonds can offer attractive yields and flexibility for issuers, they also present unique risks for investors. Understanding the mechanics of callable bonds and their potential impact on investment returns is essential for making informed investment decisions. Investors should weigh the benefits against the risks and consider their individual financial goals and market conditions before including callable bonds in their investment portfolios.

在金融世界中，投资者可以选择多种投资工具，每种工具都有其自身的特征和风险。其中一种在固定收益投资者中越来越受欢迎的工具是可赎回债券。可赎回债券是一种允许发行人在到期日前赎回的债券。这一特性为发行人提供了灵活性，特别是在利率下降的环境中。当利率下降时，发行人通常会选择赎回其债券，并以更低的利率重新发行新债券，从而降低整体借款成本。投资者应理解投资于可赎回债券的含义。虽然这些债券通常提供比不可赎回债券更高的收益率，以补偿赎回风险，但它们也可能在利率下降时被提前赎回。这意味着投资者可能无法获得预期的利息支付，因为发行人可能选择提早赎回债券并偿还本金。对于发行人来说，可赎回债券的主要优势之一是能够更有效地管理其债务。例如，如果一家公司以固定利率6%发行了一只10年期债券，而随后利率降至4%，那么公司可以在一定时期后赎回该债券，并以较低的利率发行新债券。这一策略可以大幅节省利息支出，使公司能够更有效地分配资源。然而，投资者需要意识到潜在的缺点。如果投资者购买了高收益的可赎回债券，他们可能会发现如果债券被提前赎回，他们将以较低的利率再投资收益。这种再投资风险可能会侵蚀他们投资组合的整体回报。因此，投资者在投资于可赎回债券之前，仔细考虑自己的投资期限和利率前景是至关重要的。此外，可赎回债券的定价通常比不可赎回债券更复杂。赎回选项的存在增加了额外的不确定性，这可能影响债券在二级市场的价格。投资者必须考虑债券被赎回的可能性，这受到多种因素的影响，包括当前的利率、发行人的信用状况以及债券的到期时间。总之，虽然可赎回债券可以为发行人提供有吸引力的收益和灵活性，但它们也给投资者带来了独特的风险。理解可赎回债券的机制及其对投资回报的潜在影响，对于做出明智的投资决策至关重要。投资者应权衡利益与风险，并根据个人财务目标和市场条件，在投资组合中考虑是否包含可赎回债券。