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个人理财学习 | 常见的固定收益

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2020/01/26 Share

固定收益一般和信贷有关系,作为投资人把钱借出去,每个月或者每个季度发放利息,收入比较固定。债市比股市相对稳健。需要指出的是债市和股市不能对冲。此外,它也存在特有的风险:

  1. 市场风险,大的经济环境
  2. 发行人违约风险,信用评级风险
  3. 货币风险,美联储升息降息影响债市价格。
  4. 通货风险

一. 国债(Goverment Bond)

  1. Treasury bills (T-bill):

    Treasury bills (T-bill) Treasury bills (T-bill) are short-term fixed-income securities that mature within one year that do not pay coupon return. Investors buy the bill at a price less than its face value and investors earn that difference at the maturity.

    补充:一般美联储降息,说的 risk free rate 就是 T-bill。

  2. Treasury notes (T-note):

    Treasury notes (T-note) come in maturities between two and 10 years, pay a fixed interest rate, and usually have a \$1,000 face value. At the end of the maturity, investors are repaid the principal but earn semiannual payments of interest each year they hold the note.

  3. Treasury bond (T-bond):

    The Treasury bond (T-bond) is very similar to the T-note except that it matures in 30 years. Treasury bonds can have face values of \$10,000 each.

  4. Treasury Inflation-Protected Securities (TIPS)

    TIPS protects investors from inflation. The principal amount of a TIPS bond adjusts with inflation and deflation.

二. 企业债(Corporate bonds)

Corporate bonds come in various types, and the price and interest rate offered largely depends on the company’s financial stability and its creditworthiness. Bonds with higher credit ratings typically pay lower coupon rates.

补充:

  1. 企业融资有两种途径,从股市融资 equity(股权),从债市融资 liablity(负债),两个加起来就是企业总资产(–>资产负债表)。债权凌驾于股权之上,企业倒闭,债权优先得到偿还。

  2. 根据违约风险,标普打分:

  • AAA,AA,A,-> BBB,成为 investment grade bond
  • B 以下: Junk bond

    Junk bonds—also called high-yield bonds—are corporate issues that pay a greater coupon due to the higher risk of default. Default is when a company fails to pay back the principal and interest on a bond or debt security.

三. 地方债权(municipal bond)

A municipal bond is similar to Treasurys but is issued and backed by a state, municipality, or county, and finances capital expenditures. Muni bonds can have tax-free benefits to investors as well(不一定,仔细看清楚).

补充:

  1. 存在不返还风险 2.分类:
  • 一种专款专项,用于修建基础设施,修路收到利润返还(推荐)
  • 一种没有专项, 税收收入返回

四.大额存款(certificate of deposit)

A certificate of deposit (CD) is a fixed income vehicle offered by financial institutions with maturities of less than five years. The rate is higher than a typical saving account, and CDs carry FDIC or National Credit Union Administration (NCUA) protection.

补充: 一定要有 FDIC Insured,经济危机可以拿回来。每个人每个账户只能有 25 万美元,结婚可以分三个账户可放 100 万。

五.基金

主要有 EFT 和 Mutual fund 两类:

Fixed income mutual funds—such as those offered by Vanguard—invest in various bonds and debt instruments. These funds allow the investor to have an income stream with the professional management of the portfolio. However, they will pay a fee for the convenience.

Asset-allocation or fixed income ETFs work much like the mutual fund. These funds target specific credit ratings, durations, or other factors. ETFs also carry a professional management expense.

参考:

CATALOG
  1. 1. 一. 国债(Goverment Bond)
  2. 2. 二. 企业债(Corporate bonds)
  3. 3. 三. 地方债权(municipal bond)
  4. 4. 四.大额存款(certificate of deposit)
  5. 5. 五.基金
  6. 6. 参考: