了解债券市场

As markets become volatile, many investors turn to bonds as an alternative to stocks. While bonds can play an integral role in a well-diversified portfolio, investors should fully understand 的ir characteristics before investing. 债券通常被认为是“安全”的投资. 然而, 投资者需要意识到，债券, 像所有的投资一样, 一定要承担一些风险, 这些风险需要仔细考虑.

债券的基本原理

如果你正在考虑购买, 或者已经购买了, 投资组合中的债券, 你应该明白不是所有的债券都是平等的. 虽然它们都被认为是债务工具, bonds are created by different entities for very different purposes and carry varying risks and tax-related liabilities. 简单地说, bonds are issued by companies and government bodies to fund 的ir day-to-day operations or to finance specific projects. 当投资者购买债券时, 他或她是, 事实上, loaning money for a certain period of time to 的 issuer of 的 bond. 作为贷款资金的回报, 投资者可以收回本金, 有兴趣地, 当债券到期或“到期”时."

债券的面值, 或者是价格问题, 即它的“票面价值”,而支付的利息被称为“息票”." The price of bonds will fluctuate, similar to stocks, throughout 的 trading day. 然而, 大多数化学键, 的 coupon payment will stay 的 same (some floating-rate securities do exist). If an investor 购买s a bond in 的 secondary market at 的 face value, 债券被认为是按“票面价值”出售的." If a bond's price is above its face value, it is sold at a premium. 如果债券的价格低于面值，就折价出售.

理解收益率

As previously mentioned, 的 coupon rate is 的 interest rate paid on a bond. 这一数额以票面价值的百分比表示 (通常1000美元). 例如, a 4% coupon would indicate that 的 annual interest paid on 的 bond is $40. The current yield rate indicates 的 current rate of return an investor will receive on each dollar invested, 没有任何 adjustments for differences between 的 购买 price and 的 maturity value. 当前的收益率在比较时是有用的 各种收益投资的当期收益率. The yield to maturity rate indicates 的 overall rate an investor will earn, 包括调整之间的任何差异 购买 price and 的 $1,000 maturity value.

The yield to call rate indicates 的 overall rate an investor will earn, 包括调整之间的任何差异 购买 price and 的 call price, in 的 event 的 bonds are called by 的 issuer. 投资者注意到这一点很重要 of 的 yield to maturity and yield to call on any bonds 的y are considering purchasing.

成名

投资者 can never be completely certain as to where yields on bonds are headed. 这是一种很受投资者欢迎的平衡方式 risk and return in a bond portfolio is to utilize a technique called laddering. 要建立阶梯式投资组合，投资者 购买 a collection of bonds with different 期限 spread out over 的ir investment time frame. 的惊人的 期限, investors may be able to reduce 的 impact that changes in interest rates can have on 的ir portfolio.

例如, an individual who wishes to create a laddered portfolio could 购买 bonds that mature each year during a span of 十年. 通过使用翻转策略, 当第一笔债券到期时, 投资者可以将这些资金再投资于 十年到期的债券. 随着债券到期，投资者将继续这一过程. 十年后， investor would own all ten-year bonds, with one maturing every year. 通过阶梯债券组合，投资者可以 少担心利率的波动. If interest rates rise, he or she will soon have money available, from 到期债券，以利用新债券. If interest rates should fall, 的n 的 investor has at least managed 为投资组合的一部分获得更高的利率. This strategy can also be used with certificates of deposit (CDs).

税收的影响

Many investors find municipal bonds attractive because of 的ir tax advantages. 然而，对投资者来说比较是很重要的 的 tax-advantaged bonds to taxable investments in order to determine 的 best investment for 的ir situation.

为了比较投资回报率, it is helpful to adjust 的 tax-free rates to 的ir "taxable equivalent" rates. This is 的 taxable rate that would have to be earned in order to net 的 same tax-free rate, 支付联邦收入后 税. 计算应税当量税率, simply divide 的 tax-free rate by one minus your federal tax bracket rate. 例如: Assuming an investor's federal marginal tax bracket is 28% and an investment offers a tax-free rate of 4%, 的 应税等价率为5%.56% (4% /1-.28 = 5.56%).

根据这个计算，投资者必须赚5美元.56% on an investment that was subject to federal income 税 to net 与免税投资提供的4%相同.

了解风险

While 的 income generated by bonds is generally "fixed," 的 same is not true for a bond's return. 有许多风险可能 影响债券的回报.