英文名称：Clean Price 中文名称：债券净价净价是相对于全价而言的，指不含应计利息的债券报价，也称为“干净价格”。e.g. TX clean prices sharply lowered in late year trading, ranging from .39-.59 lower. The price of a coupon bond not including any accrued interest. A clean price is the discounted future cash flows, not including any interest accruing on the next coupon payment date. Immediately following each coupon payment, the clean price will equal the dirty price.Calculated as:The country in which the coupon-paying bond is traded will influence how the bond is quoted. In America, it is the market convention to quote a bond in terms of its clean price; in other markets, bonds are more commonly quoted in terms of their dirty price.
英文名称：Conversion Premium 中文名称：转换溢价指可转换债券的市场价格超出普通股市场价格的部分。e.g. One investor who got a good deal in the transaction was Berkshire Hathaway Inc. (BRKA, BRKB), which helped finance the acquisition by buying $3 billion of Dow convertible preferred stock that carries an 8.5% dividend yield and a modest conversion premium of 20%.The amount by which the price of a convertible security exceeds the current market value of the common stock into which it may be converted. Most convertible securities trade at a price above its conversion value.
英文名称：Convexity 中文名称：凸曲度／凸性衡量债券价格对利率变动敏感度的指标。在某一到期收益率下，到期收益率发生变动而引起的价格变动幅度的变动程度；从图形上看，凸性是对债券价格曲线弯曲程度的一种度量。债券价格曲线弯曲程度越大，凸性越大。 A measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. Convexity is used as a risk-management tool, and helps to measure and manage the amount of market risk to which a portfolio of bonds is exposed.In the example above, Bond A has a higher convexity than Bond B, which means that all else being equal, Bond A will always have a higher price than Bond B as interest rates rise or fall. As convexity increases, the systemic risk to which the portfolio is exposed increases. As convexity decreases, the exposure to market interest rates decreases and the bond portfolio can be considered hedged. In general, the higher the coupon rate, the lower the convexity (or market risk) of a bond. This is because market rates would have to increase greatly to surpass the coupon on the bond, meaning there is less risk to the investor.
英文名称：Coupon中文名称：息票／票面利率指债券支付的利率，以面值的百分比表达，到付息日期时，凭息票领取利息，是证明付款人应支付利息的证明书。票面利率固定的债券通常每年或每半年付息一次。eb1619e81e59668d2db8098284f6daa5e.g. There were large declines in short positions in both bills and coupons. The interest rate stated on a bond when it's issued. The coupon is typically paid semiannually. This is also referred to as the "coupon rate" or "coupon percent rate". For example, a $1,000 bond with a coupon of 7% will pay $70 a year. It is called a "coupon" because some bonds literally have coupons attached to them. Holders receive interest by stripping off the coupons and redeeming them. This is less common today as more records are kept electronically.
英文名称：Credit Rating 中文名称：信用评级又称“资信评级”，指由独立的第三方利用其自身的专业优势对受评的经济主体（个人和企业）或金融工具（股票、债券等有价证券）的信用风险进行测定。主要根据受评对象按期履行其债务或其他相关义务的能力进行评定，目标在于揭示受评对象违约风险的大小。信用评级一般包括个人信用评级、企业信用评级、证券信用评级、国家主权信用评级等。e.g. The draft of the credit rating system in gold sector is seeking opinions and will be hammered out in July this year. An assessment of the credit worthiness of individuals and corporations. It is based upon the history of borrowing and repayment, as well as the availability of assets and extent of liabilities. Credit is important since individuals and corporations with poor credit will have difficulty finding financing, and will most likely have to pay more due to the risk of default.
英文名称：Credit Cliff 中文名称：信用悬崖投资行业俚语，指由于信用评级或财务契约等事件的影响而使公司的信用恶化，并给公司的现金流动性和运营带来巨大压力。如一家公司的业绩表现欠佳可能导致其信用评级降低，低评级使其因债务利息提高而面临更高的债务压力，从而可能导致公司状况的进一步恶化。 A slang term referring to the compounding of a company's credit deterioration caused by provisions such as financial covenants, or events that trigger a change in the company's credit rating. These can put pressure on the company's liquidity or its business to a material extent. For example, if a company is performing poorly it may get a credit rating downgrade, which gives the company a higher cost of capital. This is because a lower rating increases the company's interest payments on its debt, making its situation even worse. You can think of a highly leveraged company that is in financial trouble as teetering on the edge of a cliff. One false step and it'll be in a freefall.
英文名称：Call Date 中文名称：赎回日期债券可在到期前赎回的日期。若发行人认为进行再融资有利，可在当天以债券的面值或以相对面值较低的价格赎回债券。 The date on which a bond can be redeemed before maturity. If the issuer feels there is a benefit to refinancing the issue, the bond may be redeemed on the call date at par or at a small premium to par. The call date is important to be aware of when buying a bond. You are only guaranteed interest payments up to this date.
英文名称：Call Premium 中文名称：赎回溢价可赎回债券的发行人在债券到期日之前将债券赎回时，给出的高于面值或当时市场价格的价格，高出的部分被称为赎回溢价。e.g. Knockout, placed below expected support, slashed option's cost by 29% vs prevailing vanilla EUR/GBP call premium of 0.68% EUR at entry. Cross narrowly missed knock-out call trigger in late July as spot fell to 0.6677 low, leaving option intact for subsequent move higher. 1. The dollar amount over the par value of a callable fixed-income debt security that is given to holders when the security is called by the issuer. 2. The amount the purchaser of a call option must pay to the writer. 1. The call premium is somewhat of a penalty paid by the issuer to the bondholders for the early redemption. 2. In order to receive the rights associated with a call option, the premium must be paid to the seller.
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