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2006-05-16 08:37

▲Treasury Bills: T-bills represent the simplest form of borrowing: The government raises money by selling bills to public.
●Investors buy the bills at a discount from the stated maturity value.
●At the bills maturity, the holder receives from the government a payment equal to the face value of the bill.
●T-bills with initial maturities of 91 days or 182 days are issued weekly.
▲certificates of deposit: CD is a time deposit with a bank.
●The banks pay interest and principal to the depositor only at the end of the fixed term of the CD.
●CDs issued in denominations greater than $100,000 are usually negotiable.
●CDs are treated as bank deposits by the Federal Deposit Insurance Corporation.
▲Commercial Paper: Large, well-known companies often issue their own short-term unsecured debt notes rather than borrow directly from banks.
●Commercial paper is backed by a bank line of credit.
●Commercial paper maturities range up to 270 days.
▲Bankers’ Acceptances: A banker’s acceptance starts as an order to a bank by a bank’s customer to pay a sum of money at a future date, typically within six months.
▲Eurodollars: Eurodollars are dollar-denominated deposits at foreign banks or foreign branches of American Banks.
▲Repos and reserves: Dealers in government securities use repurchase agreements, also called “repos” or “RPs”, as a form of short term, usually overnight, borrowing.
▲Federal Funds: Funds in the bank’s reserve account are called federal funds.
▲Broker’s Calls: Individuals who buy stocks on margin borrow part of the funds to pay for the stocks from their broker. The broker in turn may borrow the funds from a bank, agreeing to repay the bank immediately (on call) if the bank requests it.
●The rate paid on such loans is usually about 1% higher than the rate on short-term T-bills.

▲Treasure Notes and Bonds: The U.S. government borrows funds in large part by selling Treasury notes and Treasury bonds. T-note maturities range up to 10 years, whereas bonds on issued with maturities ranging from 10 to 30 years.
●Both make semiannual invest payments called coupon payments.
●T-bonds may be callable during a given period, usually the last five years of the bond’s life. The call provision gives the Treasury the right to repurchase the bond at par value.
▲Federal Agency Debt: Some government agencies issue their own securities to finance their activities.
●The majority of the debt is issued in support of farm credit and home mortgages.
▲Eurobond: A Eurobond is a bond denominated in a currency other than that of the country in which it is issued.
▲Municipal Bonds: Municipal bonds are issued by state and local governments.
—General Obligation bonds are backed by the “full faith and credit” of the issuer.
—Revenue bonds are issued to finance particular projects and are backed either by the revenues from that project or by the particular municipal agency operating the project.
●Their interest income is except from federal income taxation. The interest income also is exempt from state and local taxation in the issuing state. Capital gains taxes, however, must be paid on “munis” when the bonds mature or if they are sold for more than the investor’s purchase price.
▲Corporate Bonds: Corporate bonds are the means by which private firms borrow money directly from the public.
—Secured bonds have specific collateral backing them in the event of firm bankruptcy.
—Unsecured bonds, called debentures, have no collateral.
—Subordinated debentures have a lower priority claim to the firm’s assets in the event of bankruptcy.
—Callable bonds give the firm the option to repurchase the bond from the holder at a stipulated call price.
—Convertible bonds give the holders the option to convert each bond into a stipulated number of shares of stock.
▲Mortgages and Mortgage-Backed Securities:
—Fixed-rate mortgages have posed difficulties to lenders in years of increasing interesting rates.
—The adjustable-rate mortgage was a response to this interest rate risk.
—A mortgage-backed security is either an ownership claim in a pool of mortgages or an obligation that is secured by such a pool.

▲Common stocks: Common stocks, also known as equity securities or equities, represent ownership shares in a corporation.
●Residual claim means that stockholders are the last in line of all those who have a claim on the assets and income of the corporation.
●Limited liability means that the most shareholders can lose in the event of failure of the corporation is their original investment.
▲Preferred Stocks: Preferred stock is like a perpetual bond. A given dollar amount is to be paid each year by the issuer to the investor.
—The cumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends must be paid before any dividends may be paid on the common stock.
—The uncumulative preferred stocks are the preferred stocks that all previously unpaid preferred stock dividends needn’t be paid.
—The adjustable rate preferred stock is preferred stock that the dividend is reset periodically in terms of an applicable rate. The auuualized “percent of par” for the dividend might be reset every three months to be equal to the largest of the rates on: (1) three-months Treasure bills;(2)ten-year Treasury bonds;(3)20-year Treasure bonds.
—The callable preferred stocks are callable at a stated redemption price.
—Participating preferred stock entitles the holder to receive extra dividends when earnings permit.
—Convertible preferred stock may, at the option of the holder, be converted into another security (usually the firm’s common stock) on the stated terms.
▲Forward and future contract: Forward and futures contracts are not securities but rather trade agreements that enable both buyers and sellers of an underlying commodity or security to lock in eventual price of their traction. Forward contracts are agreements negotiated directly between two parties in the OTC markets.
—Commodity future contracts are the contracts that trade commodities.
—Interest rate forward: (Forward Rate Agreement FRA): The forward rate agreement is the most basic of the OTC interest rate contract. The FRA is an agreement that two parties agree today to a future exchange of cash flows based on two different interest rates.
●The settlement flow will be adjusted to the actual number of days in the holding period and calculated by the following formula:
(Libor-Fixedrate)xNatioal PrincipalxNumberOfDays/360
—Long-term interest rate futures
●For the T-bond contract, any Treasure bond that has at least 15 years to the nearest call date or to maturity (if non-callable) can be used for delivery.
●Bonds with maturities ranging from 6.5 to 10 years and 4.25 to 5.25 years can be used to satisfy the 10 year and 5 year T-note contracts, respectively.
●Delivery can take place on any day during the month of maturity, with the last trading day of the contract falling 7 business days prior to the end of the month.
●The CBT uses conversion factors to correct for the differences in the deliverable bonds.
—Short-term interest rate futures: Eurodollar and treasury bill contract.
●Eurodollar futures use this settlement price index because it conveniently preserves the inverse relation between price and yield.
●The minimum price change, or ”tick”, for this contract is one basis point and equals a $25 change in the value of the contract.(25=$1,000,000‰0.0001‰90/360)
●Similar to the Eurodollar derivative, the T-bill contract is standardized to an amount of $1,000,000 so that each basis point change in the price (or rate) is worth $25 per contract.
—Stock-index futures.
—Currency forwards and futures.
▲Option Contracts:
—Equity options;
—Stock index options;
—Foreign currency options;
—Options on futures contracts;
—Option-based interest rate contracts:
●Caps and floors;
●Collars: special combinations of caps and floors;
●Swaption: Options that allow the holder to enter into a swap contract at a later date.
—Interest rate swap;
—Currency swaps;
—Equity index-linked swaps;
—Commodity swaps.
▲Dual Currency Bonds: A dual currency bond is a debt instrument that has coupons denominated in a different currency than its principal amount.
▲Equity Index-Linked Notes;
▲Commodity-Linked Bull and Bear Bonds;
▲Swap-Linked Notes.
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