长期债券

上周美联储（federalreserve）决定购买长期债券、抵押贷款支持证券和其它资产，以降低家庭长期贷款的有效利率。

The Federal Reserve decided to buy long-term bonds , mortgage-backed securities , and other assets with the goal of lowering effective long-term interest rates for households .

日本央行（BoJ）上周宣布打算大举购入长期债券，在两年内将其货币基础扩大一倍，这与以往政策相比有所转变。

The Bank of Japan last week announced it aimed to double its monetary base over two years through the aggressive purchase of long-term bonds , in a shift from previous policy .

与此同时，长期债券收益率回归理性，而市场波动性指标也重返雷曼（lehman）破产前的水平。

Meanwhile , longer-term bonds are drifting back to sensible yields and indicators of volatility are back to pre-Lehman levels .

美联储（Fed）延长了扭转操作，以便为日益放缓的美国经济复苏提供支持，但并未出台更激进的计划来放松货币政策。扭转操作是指出售短期债券，同时买入较长期债券。

The Federal Reserve extended Operation Twist – a plan to sell short-term bonds while purchasing longer-term securities – to support a slowing US economic recovery , but refrained from a more aggressive plan to ease monetary policy .

凭借这一点加上AA的长期债券评级，以及对波动性较高的交易业务的依赖程度低于其他银行，荷兰国际集团在这场金融风暴中的表现要好于其他银行。

That and an AA long-term-debt rating , as well as less reliance on volatile trading businesses than other banks , had enabled ING to withstand the financial storm better than other banks .

自从宣布3月买入长期债券后，市场并不预期周三FOMC将会有意外政策宣布。

Wednesday 's FOMC announcement is not expected to generate the fireworks from the March meeting of buying long term Treasuries .

就在本月，美联储（Fed）主席珍妮特？耶伦（JanetYellen）曾表示股价已经相当高，市场中存在较长期债券的收益率急剧上升的风险，不过她仍辩称总体金融风险依然可控。

This month , Janet Yellen , Federal Reserve chairwoman , said that share prices were quite high and that there was a risk of a sharp jump in longer-term bond yields , while arguing that overall financial risks were contained .

dealogic的数据显示，过去三个月内，到期期限为15年或更长时间的较长期债券发行量比重，已增至20%，而去年12月份为10%。

Issuance of longer-dated bonds maturing over 15 years or more has risen to 20 per cent over the past three months compared with 10 per cent in December last year , according to Dealogic .

即便连迪拜债务恐慌也未能阻止投资者购买较长期债券：英国机场运营商baa昨日发行了今年规模最大的英镑通胀挂钩债券，到期期限为30年。

Even the Dubai debt scare has failed to put off investors from buying longer-dated bonds , with baa , the UK airports operator , yesterday issuing the largest Sterling inflation-linked bond this year with a maturity of 30 years .

关于长期债券是长期投者无风险资产的研究

The Study on that Long-Term Bonds are Risk-free Assets for Long-Term Investors

长期债券价格下跌，银行收益下降。

Dropping price of bond cause the benefit of commercial bank reduced .

但它可能会接受长期债券。

But it might accept still longer-term bonds instead .

其次，美国财政部可削减其长期债券的发行量。

Second , the US Treasury can reduce its issuance of longer-dated debt .

最终，低联邦基金利率将支持长期债券收益率。

Ultimately , low Fed funds rate will anchor the longer term bond yield .

对通胀飙升的担忧可能对长期债券收益率产生上行压力。

Fears of an inflationary surge could put upward pressure on longer-dated Treasury yields .

不过长期债券持有人没有什么可庆贺的。

Yet long-term bondholders have nothing to celebrate .

协助企业发放中长期债券和短期融资券；

Help companies distribute midterm and long term bond and short time financing bonds .

谈长期债券投资溢、折价摊销的实际利率

The real interest rate of the overflow and discount sales of the long-term bond

反过来，如此低利率也会拉低长期债券的收益率。

In turn , such low rates also drag down bond yields at longer maturities .

预计长期债券的收益率只会上升大约1%。

Yields on long-term bonds are expected to rise only by about 1 per cent .

外界无从得知中国正在买入的日本长期债券的期限究竟有多长。

It is impossible to tell precisely which maturities of longer-dated bonds the Chinese are buying .

投资者在持有较长期债券时，通常要求获得风险溢价，而在这种情况下，长期国债的风险溢价已经大大降低。

The risk premium that investors usually demand for holding bonds over a longer period has shrivelled .

长期债券定价

The Pricing of Long-term Bonds

由于人们认为较长期债券的风险大于较短期债券，因此上述转变表明投资者信心正在提升。

As longer-dated securities are considered more risky than shorter-dated bonds , the shift signals improved investor sentiment .

长期债券收益率下降，美元走弱，投资者预计市场将迎来一段比较平静的时期。

Long-term bond yields moved lower , the dollar weakened and investors predicted a period of calmer trading .

这可能推低长期债券收益率，同时压低信贷利差，并为股市提供支撑。

This could be driving down long-term bond yields while simultaneously pushing down credit spreads and supporting equities .

长期债券将对房屋抵押贷款和其他贷款的利率造成影响。公司债券利率的降低将使企业在设备和工作岗位方面进行更多投资。降低短期利率是美联储促使银行增加带宽的主要方法之一。

Lowering short-term interest rates is the Federal Reserve 's main way to get banks to increase lending .

在利率趋升的环境下，长期债券收益率持续下跌的情况不可能一直继续下去。

The persistent decline in long-term bond yields in an increasing interest rate environment cannot go on for ever .

几年前，伯南克曾表示，央行应该通过购买长期债券，进一步降低借贷成本。

Mr. Bernanke had argued years earlier that central banks could further reduce borrowing costs by purchasing long-term bonds .

系统地介绍了实际利率法下长期债券投资溢价、折价摊销的计算过程及其账务处理，阐述了实际利率的计算原理及其计算过程。

This essay discusses the real interest rate of the overflow and discount sales of the long term bond .