债券市场_分析与策略PPTCh(ppt版)

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Treasury Securities (continued)
➢ The Treasury Auction Process
➢ The Public Debt Act of 1942 grants the
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Байду номын сангаас
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Treasury Securities
➢ Two factors account for the prominent role of U.S. Treasury securities:
the term and type of security being offered,
and describes some of the auction rules and
procedures.
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the first time Treasury securities that adjust for inflation.
✓ These securities are popularly referred to as Treasury inflation protection securities, or TIPS. 通货膨胀(tōnghuò péngzhàng)保护国债
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Treasury Securities (continued)
➢ Types of Treasury Securities
➢ The Treasury issues both marketable and non-
marketable securities.
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Treasury Securities (continued)
➢ Types of Treasury Securities ✓ Treasury bills are issued at a discount to par value, have no
return to the investor is the difference between the maturity value and the purchase price.
没有利息(lìxī)，折价发行
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Treasury notes. ✓ Treasury coupon securities with original maturities greater than 10
years are called Treasury bonds. 按期(ànqī)付息，按照未来利息和本金折现定价
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✓ Coupon securities are issued at approximately par and, in the case of fixed-principal securities, mature at par value.
✓ Treasury coupon securities issued with original maturities of more than one year and no more than 10 years are called
➢the secondary market for Treasury securities
➢how Treasury securities are quoted in the secondary market ➢the zero-coupon Treasury securities market
➢the major issuers in the federal agency securities market ➢the functions of government-sponsored enterprises that issue securities
➢ Our focus here is on marketable securities. (可流通证 券〕
➢ Marketable Treasury securities are categorized as fixed-principal securities 〔固定本金证券〕 or inflation-indexed securities. 〔与通货膨胀指数挂钩 的证券〕
may be sold on a competitive or other basis,
at whatever prices the Secretary of the
Treasury may establish.
➢ However, Congress imposes a restriction on
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Treasury Securities (continued)
➢ Types of Treasury Securities
✓ All securities with initial maturities of two years or more are issued as coupon securities.
➢ The Treasury Auction Process
➢ Treasury securities are sold in the primary market 〔一级市场(shìchǎng)〕 through sealed-bid auctions. 〔拍卖程序〕
➢ Each auction is announced several days in
➢ The dealer spread between bid and ask price is considerably narrower than in other sectors of the bond market.
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Department of the Treasury considerable
discretion in deciding on the terms for a
marketable security.
➢ An issue may be sold on an interest-bearing 〔附息〕 or discount 〔议价(yìjià)〕 basis and
➢ Fixed-income principal securities include:
➢ Treasury bills 国库券
➢ Treasury notes 中期(zhōngqī)国债
➢ Treasury bonds 长期国债 Copyright © 2021 Pearson Education, Inc. Publishing as
i. volume (in terms of dollars outstanding) 交易量
ii. Liquidity 流动性
➢ The Department of the Treasury is the largest single issuer of debt in the world.
➢ The large volume of total debt and the large size of any single issue have contributed to making the Treasury market the most active and hence the most liquid market in the world.
coupon rate, and mature at par value. ✓ The current practice of the Treasury is to issue all securities with a
maturity of one year or less as discount securities. ✓ As discount securities, Treasury bills do not pay coupon interest. o Instead, Treasury bills are issued at a discount from their maturity value; the
advance by means of a Treasury Department
press release or press conference.
➢ The announcement provides details of the
offering, including the offering amount and
➢the different types of securities issued by the Treasury
➢the operation of the primary market for Treasury securities ➢the role of government dealers and government brokers
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Treasury Securities (continued)
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Treasury Securities (continued)
➢ The Treasury Auction Process ➢ The Treasury auctions securities on a regular cycle
Treasury bills with maturities of 4 weeks, 13 weeks (3 months), and 26 weeks (6 months). ➢ At irregular intervals the Treasury issues cash management bills 〔现金管理国库券〕 with maturities ranging from a few days to about six months.
Chapter 6
Treasury and Agency Securities
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Learning Objectives
After reading this chapter, you will understand
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Treasury Securities (continued)
➢ Types of Treasury Securities
✓ Callable bonds have not been issued since 1984. ✓ On January 29, 1997, the U.S. Department of the Treasury issued for
✓ The principal that the Treasury Department will base both the dollar amount of the coupon payment and the maturity value on is
adjusted semiannually. 每半年调整一次 ✓ This is called the inflation-adjusted principal.