The yield calculation of a bond that is systematically retired throughout its life. This yield replaces the stated final maturity with the average life maturity. The yield-to-average life calculation is often used in the case of a sinking fund where the issuer purchases its own bonds on the open market to fulfill its sinking fund obligations when the bonds are trading below par. |||The yield-to-average life allows investors to determine the expected return when a bond is not held to maturity either because of sinking fund obligations or, in the case of mortgage-backed securities (MBS), because of the prepayment of the underlying mortgage debt. The yield-to-average life metric is used in regard to the pricing of mortgage-backed securities, such as collateralized mortgage obligations (CMOs) issued by the Federal Home Loan Mortgage Corporation and private issuers. Because an MBS generally repays principal throughout the life of the investment, the prepayment of the underlying mortgage debt can affect the investor’s return (depending on whether the MBS was purchased at a discount or at a premium).
A type of debt-instrument-based option that derives its value from the difference between the exercise price and the value of the yield of the underlying debt instrument. Yield-based options are settled in cash. A yield-based call buyer expects interest rates to go up, while a yield-based put buyer expects interest rates to go down. |||If the interest rate of the underlying debt security rises above the strike price of a yield-based call option plus the premium paid, the call holder is 'in the money'. Should the opposite occur, and the interest rate falls below the strike price less the premium paid for a yield-based put option, the put holder is in the money.
A form of commercial financing in which regular interest and principal payments are deferred until maturity, rather than paid over the course of the loan. While the coupon rate on such a mortgage is technically zero because there are no regular coupon or interest payments, interest accrues and is rolled into the principal amount at maturity. |||Zero-coupon mortgages are especially useful for commercial projects where cash flows to service debt may not be available until the project nears completion. As total interest plus principal repayment is only received by the lender when the loan matures, the credit risk is significantly higher than with a conventional loan. As such, lenders may only offer this form of financing to established commercial borrowers with pristine credit records.
The constant spread that will make the price of a security equal to the present value of its cash flows when added to the yield at each point on the spot rate Treasury curve where a cash flow is received . In other words, each cash flow is discounted at the appropriate Treasury spot rate plus the Z-spread. The Z-spread is also known as a "static spread". |||A Z-spread calculation is different than a nominal spread calculation. A nominal spread calculation uses one point on the Treasury yield curve (not the spot rate Treasury yield curve) to determine the spread at a single point that will equal the present value of the security's cash flows to its price.
通胀保护债券 TIPS（Treasury Inflation Protected Securities）债券又称通胀膨胀保护债券，是一类与通货膨胀指数相关联的债券。其发展历史比较短，于1997年1月15日由美国财政部首次发行，规模为70亿美元。正如起名，TIPS南于在规避通胀风险的独特条款设计，自发行起就倍受投资者重视，截止2004年底。TIPS发行规模已达2230亿美元。通货膨胀历来是经济理论和实践上高度关注的经济指标，特别是自2004年以来，油价上涨、就业高企、物价指数上涨，市场普遍产生通胀预期，规避通胀风险的动机越发明显，TIPS债券市场的交易日益活跃。 A treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation. TIPS are considered an extremely low-risk investment since they are backed by the U.S. government and since their par value rises with inflation, as measured by the Consumer Price Index, while their interest rate remains fixed. Interest on TIPS is paid semiannually. TIPS can be purchased directly from the government through the TreasuryDirect system in $100 increments with a minimum investment of $100 and are available with 5-, 10-, and 20-year maturities. Because a TIPS bond's semiannual inflation adjustments are considered taxable income by the IRS even though investors don’t see that money until they sell the bond or it reaches maturity, some investors prefer to get TIPS through a TIPS mutual fund or only hold them in tax-deferred retirement accounts to avoid tax complications.Purchasing TIPS directly, however, allows investors to avoid the management fees associated with mutual funds. TIPS are also valuable because they are exempt from state and local income taxes.
优惠利率（Prime Rate） The interest rate that commercial banks charge their most credit-worthy customers. Generally a bank's best customers consist of large corporations. The prime interest rate, or prime lending rate, is largely determined by the federal funds rate, which is the overnight rate which banks lend to one another. The prime rate is also important for retail customers, as the prime rate directly affects the lending rates which are available for mortgage, small business and personal loans. Default risk is the main determiner of the interest rate a bank will charge a borrower. Because a bank's best customers have little chance of defaulting, the bank can charge them a rate that is lower than the rate that would be charged to a customer who has a higher likelihood of defaulting on a loan.
不可抗力 A French term literally translated as "greater force", this clause is included in contracts to remove liability for natural and unavoidable catastrophes that interrupt the expected course of events and restrict participants from fulfilling obligations. This clause is meant to benefit both parties in a contract. Force majeure would come into play, for example, when you buy a house. If the house is destroyed in a fire caused by a lightning strike, neither party remains obligated. force majeure [,fɔ:smɑ:'dʒɔiə] 同近义词 [保险] 不可抗力 [保险]不可抗力Act of Providence Force Majeure(压倒的力量), 此释义来源于网络辞典。 [保险] 不可抗力 报关英语——商检仲裁 ... 罚金条款penalty 不可抗力force Majeure 产地证明书certificate of origin ... [保险] 人力不可抗力 ... transhipment 转载 Force Majeure 人力不可抗力 European Main Ports --EMPs 欧洲主要口岸 ... [保险] 不成抗力 股市英语词汇(汉英) 1 w7cfa offer code ... 不公平允竞争 uneven playing field(cf level playing field) 不成抗力 force majeure 不稳定额供款 variable contribution ... 短语 force-majeure circumstances 特殊情况 force f majeure 不可抗力 force of majeure 不可抗力 Excepting Force Majeure Factors 除外不可抗拒因素 Events Representing Force Majeure 任何不可抗力 Force Majeure Risks 不可抗力风险 FME Force Majeure Excepted 不可抗力除外 FMC Force Majeure Clause 不可抗力条款 Consequences of Force Majeure 不可抗力的后果 更多收起网络短语force majeure [,fɔ:smɑ:'dʒɔiə] 0.【法律】(使无法履行契约的)不可抗拒的力量，不可抗力(如天灾、战争等) 0.优势，压倒的力量；不可抗拒的压力 0.(外交上)不可抗拒的胁迫 Force Majeure [ ,fɔ:smɑ:'dʒɔiə ] n. a natural and unavoidable catastrophe that interrupts the expected course of events 同义词： act of God vis major inevitable accident unavoidable casualty 1.Force majeure means any unforeseeable events beyond the parties ' control which prevent the performance of any obligation under this contract . 不可抗力是指双方无法控制的、不可预见的、阻碍双方履行本合同项下任何义务的任何事件。 2.If a party is prevented from performing all or part of its obligations owing force majeure , it shall be relieved of all or part of its obligations . 当事人因不可抗力事件不能履行合同的全部或者部分义务的，免除其全部或者部分责任。 3.I cannot define my future life , though I consider that if one is fully rational , without force majeure factors , one can predict his future by probability theory . 我无法定义未来的生活，虽然如果一个人是充分理性的，在不可抗力因素之外，我们可以用概率论来预测自己的生活。
英文名称：Arbitrage Bond中文名称：套汇债券指市政府在现有较高利息证券买回日之前，发行的较低利息的债券。 A lower-rate debt security issued by a municipality prior to the call date of the municipality's existing higher-rate security. Proceeds from the issuance of lower-rate bonds are invested in treasuries until the call date of the higher-interest bonds. This strategy is used by municipalities when they wish to gain an interest-rate advantage. As long as the proceeds from net sales and investments are to be used in future projects, the bonds will qualify for a temporary tax exemption. If, however, the project experiences a significant delay or cancellation, the municipality may be taxed. Some conflicts in federal regulations can be avoided by using a ZEBRA agreement.
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