什么类型的债券是可用的?
Bonds are issued by federal, 状态, and local 政府s; agencies of the U.S. 政府; and 公司. 有三种基本类型的债券.S. 财政部，市政和公司.
美国国债
美国发行的债券、票据和票据.S. 政府 are generally called “Treasuries” and are the highest-quality securities available. 它们是由美国政府发行的.S. Department of the 财政部 through the Bureau of Public Debt. All treasury securities are liquid and traded on the secondary market. They are differentiated by their maturity dates, which range from 30 days to 30 years. One major advantage of Treasuries is that the interest earned is exempt from 状态 and local taxes. Treasuries are backed by the full faith and credit of the U.S. 政府 as to the timely payment of principal and interest, so there is little risk of default.
国库券 (T-bills) are short-term securities that mature in less than one year. They are sold at a discount from their face value and thus don’t pay interest prior to maturity.
美国国债 (T-notes) earn a fixed rate of interest every six months and have maturities ranging from 1 to 10 years. The 10-year 财政部 note is one of the most quoted when discussing the performance of the U.S. 政府 bond market and is also used as a benchmark by the mortgage market.
美国国债 （国库券）期限从10年到30年不等. Like T-notes, they also have a coupon payment every six months.
通货膨胀保值债券 （TIPS）是通货膨胀指数债券. The principal value of TIPS is adjusted by changes in the Consumer Price Index. 它们有5年、10年或30年的期限.
除了 to these 财政部 securities, certain federal agencies also issue bonds. The Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), 以及联邦住房贷款抵押公司. (Freddie Mac) issue bonds for specific purposes, mostly related to funding home purchases. These bonds are also backed by the full faith and credit of the U.S. 政府.
市政债券
Municipal bonds (“munis”) are issued by 状态 and local 政府s to fund the construction of schools, 高速公路, 住房, 污水管道系统, 以及其他重要的公共项目. These bonds tend to be exempt from federal income tax and, 在某些情况下, from 状态 and local taxes for investors who live in the jurisdiction where the bond is issued. Munis tend to offer competitive rates but with additional risk because local 政府s can go bankrupt.
请注意,, 在一些州, investors will have to pay 状态 income tax if they purchase shares of a municipal bond fund that invests in bonds issued by 状态s other than the one in which they pay taxes. 除了, although some municipal bonds in the fund may not be subject to ordinary income tax, 他们可能会受到联邦法律的约束, 状态, 以及地方替代性最低税, if an investor sells a tax-exempt bond fund at a profit, 还要考虑资本利得税.
市政债券有两种基本类型. 一般债务债券 are secured by the full faith and credit of the issuer and supported by the issuer’s taxing power. 收入债券 are repaid using revenue generated by the individual project the bond was issued to fund.
公司债券
Corporations may issue bonds to fund a large capital 投资 or a business expansion. Corporate bonds tend to carry a higher level of risk than 政府 bonds, but they generally are associated with higher potential yields. The value and risk associated with corporate bonds depend in large part on the financial outlook and reputation of the company issuing the bond.
信用质量较低的公司发行的债券 高收益债券，也叫 垃圾债券. Investments in 高收益债券 offer different rewards and risks than investing in 投资-grade securities, 包括更高的波动性, 信用风险加大, 以及发行人的投机性质. 公司债券的变体包括 可转换债券, which can be converted into company stock under certain conditions.
零息债券
This type of bond (also called an “accrual bond”) doesn’t make coupon payments but is issued at a steep discount. 债券到期时全额赎回. Zero-coupon bonds tend to fluctuate in price more than coupon bonds. 它们可以由美国银行发行.S. 财政部, 公司, and 状态 and local 政府 entities and generally have long maturity dates.
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Bonds are subject to 利率, inflation, and credit risks, and they have different maturities. 随着利率上升，债券价格通常会下跌. The return and principal value of bonds fluctuate with changes in market conditions. If not held to maturity, bonds may be worth more or less than their original cost. 债券基金也受到同样的通胀影响, 利率, and credit risks associated with their underlying bonds. 随着利率上升，债券价格通常会下跌, 哪些因素会对债券基金的表现产生不利影响.
共同基金按招股说明书出售. Please consider the 投资 objectives, risks, charges, and expenses carefully before investing. 招股说明书, which contains this and other information about the 投资 company, 可以从你的澳门威尼斯人专业人士那里获得吗. Be sure to read the prospectus carefully before deciding whether to invest.
The information in this newsletter is not intended as tax, 法律, 投资, 或退休建议或建议, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or 法律 professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. ©2024 Broadridge Financial Solutions, Inc.