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Duration: 2:47

市政债券有多种形式和规模,税收结构、资金来源和分析方法也是多种多样的。

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Study Notes – 学习笔记:

U.S. Municipal Bond Market
美国市政债券市场系列

第一讲 – 概览

市政债券有多种形式和规模,税收结构、资金来源和分析方法也是多种多样的。

市政债券的种类包括(如下但不限于):

  • 一般责任债券;
  • 收益债券,这类债券可能会专注于特定领域,比如房屋、医保、教育和交通设施;
  • 缴纳替代性最低税的债券(AMT);
  • 建设美国债券(BABs);
  • 组合债券以及提前退还债券,等等。

那这些债券之间有怎样的区别,以及投资者能怎样在一级市场和⼆级市场对这些产品进⾏分析呢?

举个例子:

您是否知道在分析收益债券时,不需要查看发⾏人的税基或者收税记录?

这是因为支付收益债券持有人的方式与支付⼀般义务债券的方式不同。⼀般义务债券的支付方式来源于税收,而对收益债券而⾔,建设项⽬的现⾦流通常⽤来支付投资⼈。

我们将在这⼀系列课中介绍市政债券的多个⽅⾯。

除此之外,我们还提供了一些工具来掌握这些复杂的产品。使⽤这些⼯具您可以对市政债
券的以下⽅⾯更加熟悉:

  • 可购买和交易的市政债券类型;
  • 市政债券的风险、尽职调查、应计利息计算、收益披露露和税收考量,这包括了近期
    州和地⽅税收(SALT)和扣除额的更改。

我们还将为你演示如何在IBKR 交易易者⼯作站上找到⼆级市场上的⼀些市政债券,如何查看这些债券的尽职调查以帮助您的投资决策。

在本系列列课程的下⼀讲中,我们将主要讨论一般义务债券和收益债券。随着您学习的深⼊,您不妨参考之前的课程,以帮助您加深市政债券市场多个⽅⾯的理解。

我们为每⼀课都准备了一个⼩测验,系列课程结束之后会有一个总结测验,帮助您加深理解。

请注意,在您浏览本课程时,本材料即不存在也并⾮旨在考虑您的特定需求。在根据此材料采取⾏动之前,您应该考虑它是否符合您的财务状况、投⽬标或其它要求。

其它披露

本材料展示的信息尽用于提供信息目的,不是也不应该作为税务、法律或会计建议的依
据。在进行任何交易之前,您应该咨询您自己的税务、法务和会计顾问。

Circular 230 Notice 230 号文
The information in this presentation is provided for informational purposes only and does not
constitute tax advice and cannot be used by the recipient or any other taxpayer to avoid
penalties under any federal, state, local or other tax statutes or regulations, or to resolve any
tax issue.

本演示材料中的信息仅供参考,不构成税收建议,不⽤做接收方或纳税方规避任何联邦、州、地方或者其他税收法规,不解决任何税务问题。

 


Disclosure: Interactive Brokers - 盈透证券香港有限公司

美国盈透证券是NYSE – FINRA – SIPC的成员,受美国证监会(SEC)和商品期货交易委员会(the Commodity Futures Trading Commission)监管。盈透證券香港有限公司受香港證券及期貨事務監察委員會(SFC)監管,是香港交易所(HKEX)和香港期貨交易所(HKFE)的成員。

Disclosure: Interactive Brokers

Information posted on IBKR Traders’ Academy that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Academy are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Interactive Brokers - 盈透证券香港有限公司 and is being posted with permission from Interactive Brokers - 盈透证券香港有限公司. The views expressed in this material are solely those of the author and/or Interactive Brokers - 盈透证券香港有限公司 and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

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