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Duration: 3:21

⽆论是购买⼀般责任债券、收益债券还是其他类型市政债券,到期⽇是投资者最主要的考量指标。

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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

第四讲 – 短期债券

⽆论是购买⼀般责任债券、收益债券还是其他类型市政债券,到期⽇是投资者最主要的考量指标。

与企业和政府债券类似,债券的到期⽇越⻓,债券持有⼈承担的利率⻛险就会越⼤。因为在到期⽇之前的10 年、20 年甚⾄30 年的时间内,投资⼈会⾯临利率上升(债券价格就会下跌)的⻛险。

还有其它⼀些因素会影响债券表现,持有债券的时间越⻓,发⽣评级下调或者违约的可能性就⼤。

对于那些想要购买⼤约⼀年左右的短期债券的投资者来说,可以考虑以下市政债券:

  • 税款预期票据(TANs),通常⽤于投资与⼀般责任债券有关的项⽬,该项⽬的资⾦来源是对未来税收的预期,⼀般来⾃于财产。假设某个地⽅政府打算⽤600 万美元的预算建设⼀个公园,该项⽬计划于2017 年6 ⽉开始,但是该市只有400 万美元的可⽤资⾦。在备案后,地⽅官员会根据它在明年4 ⽉之前能收到的商业和个⼈的所得税税收额的预期,之后发⾏⼀个200 万美元的税款预期票据债券,到期⽇为2018 年5 ⽉。
  • 收益预期票据(RANs),与税款预期票据很像,但是项⽬资⾦通常与联邦或州政府补贴的预期收⼊挂钩。
  • 税款和收益预期票据,这是税款预期票据和收益预期票据的捆绑产品。
  • 债券预期票据(BANs):项⽬融资依赖于未来⻓期债券的销售。

举例:

弗吉尼亚的切萨⽪克湾⼤桥和隧道地区出售了普通综合收益债券预期票据,为其Parallel Thimble Shoal 隧道项⽬注资,同时在发⾏时⽀付资本利息。这时为临时融资发⾏的债券预期票据则能节省利息成本。

拍卖利率证券(ARS)

ARS 是⼀种更复杂的短期市政证券,这是⼀种⻓期投资,其利率会通过拍卖在短时间内重置。简⽽⾔之,ARS 可以是债券,到期⽇通常为20 年或30 年;也可以是有现⾦股息的优先股。⽆论是债券还是股息的利息都会随着拍卖⽽变。这些利率的设置期限通常较短,⼀般为7 天到35 天。


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。

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