Financial Management - Types of bonds

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 Subordinated debenture次级债券

It was usually issuing by the bank, which has a lower priority of right of claim than other common bonds. Could only have fixed interest.

它通常是由银行发行的，其索偿权的优先级低于其他普通债券。 只能有固定的利息。

 

Mortgage bonds抵押债券

Opposite to debentured bonds, it was secure by some guaranty. Bond’s buyer could claim the bonds issuers asset or property as mortgage through the legal method if the issuer could not repay debt.

与信用债券相反，它有一些担保以保证安全的。 如果发行人无法偿还债务，债券购买者可以通过法律手段要求债券发行人的资产或财产作为抵押。

 

coupon bonds附息债券

Could be divide into zero-coupon bonds, or low coupon bonds and etc. If common coupon bonds, a buyer could claim the interest from the issuer by using a coupon on the bonds, and the issuer will pay back all principle of bondholders when the bonds were due. If it was zero-coupon bonds, there will be no interest been pay before the period, but a one-time full payment at the end of the period. It was also no coupon on the bonds.

可以分为零息票债券，低息票债券等。如果是普通票息债券，买方可以通过使用债券上的息票向发行人索要利息，发行人将在债券到期时偿还债券持有人的所有本金。 如果是零息债券，则期末将没有利息支付，期末将一次性支付全额利息。 债券也没有息票。

 

Eurobonds欧洲债券

Even with the word of Euro, but it not related to Europe. It was referring to the currency that has a different par value with the local currency of that issuing country, which also means use the external currency.

即使有欧元一词，但它与欧洲无关。 它指的是与该发行国的当地货币具有不同面值的货币，这也意味着使用外部货币。

 

Debentures信用债券

A type of bond did not secured by any guaranty (such as assets/collateral) and it was only depending on the personal credit and reputation, But usually with higher return because of higher risk of this type of bond.

一种债券没有任何担保（例如资产/抵押品），仅取决于个人信用和声誉，但由于此类债券的风险较高，因此通常具有较高的回报。

 

Junk Bonds垃圾债卷

Refer to the Bonds which has very high risk. Even it also usually has a higher interest, but these types of bonds are most issuing by some low credit rating company who may probably not pay back the bonds, and it was less protection for investor capital.

指的是具有非常高风险的债券。 即使它通常也有更高的利息，但是这类债券大多数是由一些信用等级较低的公司发行的，这些公司可能无法偿还这些债券，而且对投资者资本的保护也较少。

 

Convertible bonds可转换债券

It was a type of mixing bonds. Those investors who maintain a wait-and-see attitude to the company could buy this type of bond, and after having confidence in the company, investors could convert the bonds to common bonds. It has fixed interest but lowers risk and good protection because an investor could hold back any time if feel does not like it.

这是一种混合债卷。 对于那些对公司持观望态度的投资者可以购买这种类型的债券，并且在对公司充满信心之后，投资者可以将债券转换为普通债券。 它具有固定的利率，但风险较低，并且具有良好的保护，因为投资者可以在不满意的情况下随时退缩。

Floating rate bonds浮动利率债卷

This type of bond having a bigger fluctuation interest based on the market interest changing. Within the payback period, the floating rate bonds could always change and adapt. Usually, it will be long-term bonds.

这种债券具有随市场利益变化而产生较大的波动利益。 在投资回收期内，浮动利率债券可能总是会发生变化和适应。 通常将是长期债券。

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