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But that's the sort of the thing we do and it's coupon clipping and it's risk mitigation or risk elimination--fairly short.
但这似乎就是我们正在做的事情,那就是定期得到收益,同时也是风险弱化或者风险消除-的确很短。
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I mean, hypothetically a bond trading at $.60 on the dollar with an 8% coupon, five-year bond that's yielding about 18%.
我的意思是，假设一种债券以0。60美元进行交易,同时有8%的票息，五年期债券收益率在18%左右。
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When the date came, you would cut the coupon off and go to the bank and get your interest payment.
到息日到了以后，你就可以剪下这张息票拿到银行,去兑换利息。
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So, for companies that could pay you back, but their bonds are trading below par, probably because they have a low coupon.
因此，公司也许可以支付你，但是它们的债券只能以低于票面价值交易，很可能是因为他们的票息很低。
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So, if a bond was issued when interest rates were lower, they might have a 4% coupon when the prevailing rate is 6%.
所以，如果一只债券在利率很低的时候发行，在汇率为6%的的时候，它们可能有一个4%的票息。
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You're given coupon payments every six months and then, when the bond matures,you get your money back.
每六个月你会收到一次利息,当债券到期,你可以赎回本金
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we'll recover something and, in the meantime, we get this 8% coupon that we get to clip.
我们能够回收一些东西，同时，我们得到8%的票息。
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The coupon is expressed as an annual amount; you get half of it every six months.
票息是以年为单位计算的,每六个月获得一半
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We're talking about discount bonds, and then coupon-carrying bonds, and then talk about the term structure of interest rates and why we have interest rates.
我们先讲贴现债券,然后是附息债券,再讲讲利率的期限结构,以及为什么要有利率
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What is the present value of that? Well, the first-- each payment we'll call a coupon-- so it pays one pound one year from now.
那么它的现值又是多少呢,首先,每一次支付的数额称为一个券息,从现在开始每一年都要支付一英镑
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it's clipping coupons and he describes his job as figuring out what the coupon is in an equity and if it's high enough he likes it.
就是获得票息,他形容自己的工作就是,发现在股票中的“票息“是什么,以及“票息“是否能够高到让他满意。
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There are successful coupon clippers and there are successful securities resellers and they tend to make their money off of the unsuccessful people in the other class.
既有成功的票息剪券投资者,也有成功的债券经销商,他们希望从其他阶层,不太成功的投资者身上赚钱。
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How do you collect--How do you ever collect a coupon?
你怎么获得-你怎么定期获得收益？
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That's coupon clipping and risk mitigation.
这就是定期获得收益和风险规避。
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They carry what's called a coupon.
中期国债带有所谓的"息票"
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he says, all investing is about coupon clipping and the difference between equities and bonds are that bonds come with a coupon that's known and equities have earnings in the future that you don't know.
他说，所有的投资都是关于票息剪券的,股票和债券的区别是,债券有确定的票息,而股票的收益发生在未来,你是无法确定的。
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So, that was called coupon clipping.
所以，这被称为票息剪券。
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Now, you have to understand that when you buy a bond, if you buy it at issue, you get the first coupon in six months, the second coupon in one year, the third coupon in eighteen months, and the last coupon you get at the maturity date.
你们需要了解,如果在发行时就购入债券,六个月后会得到第一笔票息,一年后第二笔,18个月后第三笔,到期时得到最后一笔票息
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Now, another Wall Street tradition is that bonds pay a coupon; they pay C/2 every six months.
另一个华尔街的传统是,长期债券要支付票息,每六个月支付C/2
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