- Extension risk is the risk faced that when interest rates rise, fewer prepayments will occur because homeowners will be reluctant to give up the benefits of a contractual interest rate that is now lower than the market rate. As a result, the security becomes longer in maturity than anticipated at the time of purchase.
延期風(fēng)險是指當(dāng)利率上升時渴肉，由于房主不愿放棄低于市場利率的合同利率所帶來的收益爽冕，提前還款將減少的風(fēng)險颈畸。因此，證券到期時間比購買時預(yù)期的要長。 - Balloon risk is the risk that the borrower will not be able to arrange for refinancing or sell the property to make the balloon payment typically associated with commercial loans backing CMBS. As a result, the CMBS may extend in maturity, implying that balloon risk is a type of extension risk.
氣球風(fēng)險是指借款人無法安排再融資或出售房產(chǎn)以支付氣球支付的風(fēng)險困乒，這種風(fēng)險通常與支持CMBS的商業(yè)貸款有關(guān)贰谣。因此，CMBS可能會到期吱抚，這意味著氣球風(fēng)險是一種擴(kuò)展風(fēng)險。 - In a dual-currency bond, coupon payments are denominated in one currency, and the par value is denominated in a different currency.
在雙貨幣債券中携御，息票支付以一種貨幣計價既绕，而面值以另一種貨幣計價。 - In some situations, the maturity effect may not hold for a low-coupon bond that is trading below par.
在某些情況下凄贩，低票面利率債券的到期日效應(yīng)可能對低于票面利率的債券不起作用。 - Overcollateralization is a form of internal credit enhancement in which more collateral is posted than is needed to obtain or secure financing. It provides an additional credit buffer in the event of default by providing more assets to repay the lender.
超額擔(dān)保是一種內(nèi)部信用增強(qiáng)的形式昵时，在這種形式中壹甥，比獲得或確保融資所需的抵押品要多壶熏。它通過提供更多資產(chǎn)來償還貸款人，從而在違約時提供額外的信貸緩沖管怠。
Debt subordination is a form of internal credit enhancement that refers to the ordering of claim priorities of debt in relation to asset ownership.
債務(wù)從屬是一種內(nèi)部信用增強(qiáng)形式缸榄，指的是債務(wù)相對于資產(chǎn)所有權(quán)的債權(quán)優(yōu)先順序甚带。 - Credit card receivable-backed securities are non-amortizing loans. They have a lockout period during which the only cash flows paid to investors are based on finance charges and fees. When the lockout period is over, principal payments are distributed to investors. In contrast, principal is received monthly in automobile loan-backed securities.
信用卡應(yīng)收有價證券是一種非攤銷貸款鹰贵。它們有一個停擺期，在此期間碉输，支付給投資者的唯一現(xiàn)金流是基于財務(wù)費用欺劳。當(dāng)停擺期結(jié)束時，本金將被分配給投資者键科。相比之下阻荒，汽車貸款支持證券每月收取本金挠锥。 - When a company is reorganized, the strict absolute priority has not always been upheld by the courts.
當(dāng)一個公司重組時侨赡，嚴(yán)格的絕對優(yōu)先權(quán)并不總是得到法院的支持蓖租。 - The agreed-on bond price excluding accrued interest is referred to as the flat price.
議定的不包括應(yīng)計利息的債券價格稱為平價。 - Matrix pricing is most suited to pricing inactively traded bonds and newly underwritten bonds. A credit analyst is least likely to use matrix pricing to price an actively traded bond.
矩陣定價法最適合于對交易不活躍的債券和新承銷的債券進(jìn)行定價菜秦。信用分析師最不可能使用矩陣定價來為活躍交易的債券定價。 - Effective duration is a type of curve duration that measures the sensitivity of the bond price with respect to a benchmark yield curve.
有效久期是一種曲線期限舶掖，用來衡量債券價格相對于基準(zhǔn)收益率曲線的敏感性球昨。
Modified duration is a type of yield duration (as opposed to curve duration), which measures the sensitivity of a bond’s price to a change in its own yield to maturity (not the benchmark yield curve).
修正久期是一種收益率期限(與曲線期限相反)眨攘，它衡量債券價格對其到期收益率(而不是基準(zhǔn)收益率曲線)變化的敏感性主慰。
The effective duration and modified duration of an option-free bond are identical only in the rare circumstance of an absolutely flat yield curve. Typically, the two duration measures will differ, but the difference narrows when the yield curve is flatter, the bond’s time to maturity is shorter, and the bond is priced closer to its par value.
無期權(quán)債券的有久期和修正久期僅在絕對平坦收益率曲線的罕見情況下是相同的。通常情況下鲫售，這兩種期限度量會有所不同共螺，但當(dāng)收益率曲線變平情竹、債券到期日縮短藐不、債券定價更接近票面價值時雏蛮，這種差異就會縮小。 - A callable bond is most likely to experience negative convexity when the bond’s yield to maturity is less than the bond’s coupon rate. When calculating the “convexity effect” for the relationship between bond prices and yields to maturity for a callable bond, the increase in price when the benchmark yield curve is lowered can be smaller than the decrease in price when the benchmark yield curve is raised (in absolute terms). This situation creates negative convexity.
當(dāng)?shù)狡趥氖找媛实陀趥钠泵胬蕰r犀概，可贖回債券最有可能出現(xiàn)負(fù)凸性立哑。在計算可贖回債券的債券價格與到期收益率之間的“凸性效應(yīng)”時姻灶，基準(zhǔn)收益率曲線下降時的價格漲幅可以小于基準(zhǔn)收益率曲線上升時的價格跌幅(按絕對值計算)产喉。這種情況會產(chǎn)生負(fù)凸性捂掰。 - The duration gap is a bond’s Macaulay duration minus the investment horizon. A positive duration gap indicates that the investor currently is at risk of higher interest rates.
久期差距是債券的麥考利久期減去投資期限。正的久期差距表明投資者目前面臨更高利率的風(fēng)險镊叁。 - For an option-free, fixed-rate bond, the “inflation duration,” the “real rate duration,” and the “l(fā)iquidity duration” are all the same number.
對于無選擇權(quán)的固定利率債券，“通脹期限”走触、“實際利率期限”和“流動性期限”都是相同的數(shù)字晦譬。
CFA level I 固收錯點
?著作權(quán)歸作者所有,轉(zhuǎn)載或內(nèi)容合作請聯(lián)系作者
- 文/潘曉璐 我一進(jìn)店門，熙熙樓的掌柜王于貴愁眉苦臉地迎上來媳谁，“玉大人涂滴，你說我怎么就攤上這事∏缫簦” “怎么了柔纵？”我有些...
- 文/不壞的土叔 我叫張陵，是天一觀的道長锤躁。 經(jīng)常有香客問我搁料，道長，這世上最難降的妖魔是什么？ 我笑而不...
- 正文 為了忘掉前任郭计，我火速辦了婚禮霸琴，結(jié)果婚禮上，老公的妹妹穿的比我還像新娘拣宏。我一直安慰自己沈贝，他們只是感情好，可當(dāng)我...
- 文/花漫 我一把揭開白布勋乾。 她就那樣靜靜地躺著宋下，像睡著了一般。 火紅的嫁衣襯著肌膚如雪辑莫。 梳的紋絲不亂的頭發(fā)上学歧，一...
- 文/蒼蘭香墨 我猛地睜開眼屉更，長吁一口氣：“原來是場噩夢啊……” “哼徙融！你這毒婦竟也來了？” 一聲冷哼從身側(cè)響起瑰谜，我...
- 正文 年R本政府宣布，位于F島的核電站涯竟，受9級特大地震影響赡鲜，放射性物質(zhì)發(fā)生泄漏空厌。R本人自食惡果不足惜，卻給世界環(huán)境...
- 文/蒙蒙 一银酬、第九天 我趴在偏房一處隱蔽的房頂上張望嘲更。 院中可真熱鬧，春花似錦揩瞪、人聲如沸赋朦。這莊子的主人今日做“春日...
- 文/蒼蘭香墨 我抬頭看了看天上的太陽宠哄。三九已至，卻和暖如春嗤攻，著一層夾襖步出監(jiān)牢的瞬間毛嫉，已是汗流浹背。 一陣腳步聲響...
