Of course, if they are sold even if they are replaced with similar bonds offering better relative value - the loss must be booked immediately.

当然，如果债券被卖掉，即使是用有更好价值的类似债券替换，债券的损失也要立刻记入。

youdao

Whenever a company trading at a premium to book value issues new shares, whether from a secondary offering or in the course of an acquisition, the book value per share goes up.

FORBES: Faux Buffett