英文名称：Convertible Bond 中文名称：可转换债券债券持有人在特定的时间内可以根据债券发行时约定的条件以一定的转化比率将债券转化为公司股票的债券。可转换债券兼具债券和股票的特征，在一定的存续期内，以债券形式投资，在行使转换权后，又以普通股形式投资。其实质就是在发行公司债券的基础上，附加了允许债券持有人以特定条件将其购买的债券转换为公司股票的期权。由于附有投资者选择权，可转换债券的票面利率通常较低。eb1619e81e59668d2db8098284f6daa5e.g. She urged investors to be on the alert to investment in newly issued convertible bonds.A bond that can be converted into a predetermined amount of the company's equity at certain times during its life, usually at the discretion of the bondholder. Convertibles are sometimes called "CVs". Issuing convertible bonds is one way for a company to minimize negative investor interpretation of its corporate actions. For example, if an already public company chooses to issue stock, the market usually interprets this as a sign that the company's share price is somewhat overvalued. To avoid this negative impression, the company may choose to issue convertible bonds, which bondholders will likely convert to equity anyway should the company continue to do well.From the investor's perspective, a convertible bond has a value-added component built into it; it is essentially a bond with a stock option hidden inside. Thus, it tends to offer a lower rate of return in exchange for the value of the option to trade the bond into stock.
英文名称：Convertibles 中文名称：可转换证券可转换成为普通股的证券，包括公司债券和优先股等。e.g. The convertibles entitle the holder to require some or all of the convertibles to be repaid in the event of an issue by the Company of new ordinary shares for cash on the basis that the entire proceeds are immediately applied by the holder in subscribing for its entitlement to such new ordinary shares. Securities, usually bonds or preferred shares, that can be converted into common stock. Convertibles are ideal for investors demanding greater potential for appreciation than bonds provide and higher income than common stocks offer.
英文名称：Discount 中文名称：贴水／贴现／折扣一般是指某物的价格水平低于其价值。在外汇市场里，贴水是指远期汇率低于即期汇率；在货币市场里，金融票据到期前不付息，因此其价格低于面值；在期货市场，贴水指期货的价格低于现货。参见溢价／升水（Premium）。eb1619e81e59668d2db8098284f6daa5e.g. McCann said that the fact that Origin's shares were trading at a deep discount compared with a recent independent experts' valuation means that the company is less susceptible to fresh takeover bids.The condition of the price of a bond that is lower than par. The discount equals the difference between the price paid for a security and the security's par value. For example, if a bond with a par value of $1,000 is currently selling for $990 dollars, it is selling at a discount.
英文名称：Discount Note 中文名称：贴现票据／折扣票据发行价格低于面值，到期时价格等于面值的无抵押企业债务。 A short-term debt obligation issued at a discount to par. Discount notes are similar to zero-coupon bonds and Treasury bills and are typically issued by government-sponsored agencies or highly rated corporate borrowers. Discount notes do not make interest payments; instead the bond is matured at a par value above the purchase price, and the price appreciation is used to calculate the investment's yield. Discount notes will have maturity dates of up to one year in length. The biggest issuers of discount notes are Freddie Mac and the Federal Home Loan Banks. Most institutional fixed-income buyers will compare the yield-to-maturity (YTM) of various zero-coupon debt offerings with standard coupon bonds, looking for yield pickup in discount bonds.
英文名称：Discount Yield 中文名称：贴现收益率／折扣收益率以贴现方式出售的证券的年收益率。 Discount yield is a measure of a bond's percentage return. Discount yield is most frequently used to calculate the yield on short-term bonds and treasury bills sold at a discount. This yield calculation uses a 30-day month and 360-day year to simplify calculations. Discount yield is calculated by the following formula:Discount Yield = [(par value - purchase price)/par value] * [360/days to maturity]The 30/360 simplification used in discount yield means that the discount yield figure is a slightly inaccurate measure of an investor's true return on investment. Although more accurate measures of yield are available, discount yield is still used as a matter of convention within the short-term bond and treasury bill world. This may be partially due to the fact that the yield on U.S. Treasury Bills is most commonly quoted as a discount yield.
英文名称：Discount House 中文名称：贴现行／贴现公司为各种货币市场工具如承兑商承兑的长期汇票、国债和商业票据等提供贴现服务的金融机构。Primarily operating in the United Kingdom, a firm that buys, sells, discounts and/or negotiates bills of exchange or promissory notes. This is generally performed on a large scale with transactions that also include government bonds and treasury bills. Also called a bill broker. In the United States, a discount house can refer to a large retail store that is able to offer consumer durables at discounted prices because of its ability to purchase in bulk and employ expense-controlling practices.A discount house is a money dealer that participates in the buying and discounting of bills of exchange and other financial products such as money markets, certain government bonds and banker’s acceptances.
英文名称：Discount Bond 中文名称：贴现债券／折扣债券指以低于面值发行，到期按面值偿付的债券。其发行价与面值之差便是预先支付的利息。贴现债券一般为短期债券。e.g. The benchmark pesoA bond that is issued for less than its par (or face) value, or a bond currently trading for less than its par value in the secondary market. The "discount" in a discount bond doesn't necessarily mean that investors get a better yield than the market is offering, just a price below par. Depending on the length of time until maturity, zero-coupon bonds can be issued at very large discounts to par, sometimes 50% or more. Because a bond will always pay its full face value at maturity (assuming no credit events occur), discount bonds issued below par - such as zero-coupon bonds - will steadily rise in price as the maturity date approaches. These bonds will only make one payment to the holder (par value at maturity) as opposed to periodic interest payments. A distressed bond (one that has a high likelihood of default) can also trade for huge discounts to par, effectively raising its yield to very attractive levels. The consensus, however, is that these bonds will not receive full or timely interest payments at all; because of this, investors who buy into these issues become very speculative, possibly even making a play for the company's assets or equity.
英文名称：Default 中文名称：违约／未能履行合约指未履行按合约所承诺的义务，多指债务人不履行还本付息的义务或者未能履行期货合约。e.g. Following a payment default by the issuer or repudiation by the FDIC as conservator or receiver, the specified investment should pay the interest and principal payments on the covered bonds. 1. The failure to promptly pay interest or principal when due. Default occurs when a debtor is unable to meet the legal obligation of debt repayment. Borrowers may default when they are unable to make the required payment or are unwilling to honor the debt.2. The failure to perform on a futures contract as required by an exchange. 1. Defaulting on a debt obligation can place a company or individual in financial trouble. The lender will see a default as a sign that the borrower is not likely to make future payments. For example, if Company XYZ is unable to make a coupon payment on its bonds, the bondholders would place XYZ in bankruptcy. This would give the company an opportunity to claim XYZ's assets as a form of repayment for the debt. 2. Defaulting on a futures contract occurs when one party does not fulfill the obligations set forth by the agreement. The default usually involves not settling the contract by the required date. A person in the short position will default if he or she fails to deliver the goods at the end of the contract. The long position defaults when payment is not provided by the settlement date.
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