If no catastrophe occurred, the insurance company would pay a coupon to the investors, who made a healthy return. Coupons and promotions give an economic incentive for the customer to use when purchasing a brand. No mechanism existed to tally the sale of milk and the coupons received. For frequent vehicle commuters, a discounted rate of $2.50 is available through the use of pre-purchased coupons. Donations were not only in the form of money, but also as items such as coupons, hampers and branded goods. A few years back, he added to his collection of coupons. Products sometimes have coupons attached to them in the supermarket. The very first coupons were given away at the gas bars only, and could only be used in the stores. In other words, they, in theory, would let you use three different percent-off coupons on a single order. I only spend about 30 minutes every day looking for vouchers and coupons, but it pays dividends. A much smaller number of railways allow one coupon ticket per year on a reciprocal basis to each other's retired former staff, and sometimes to their spouses. For example, a future on a zero coupon bond will have a futures price lower than the forward price. In summary, a sukuk has coupons paid at prefixed times in the future -- and in this sense is similar to a conventional coupon bond. This creates a supply of new zero coupon bonds. His informed people about his business via a notice printed on a small coupon bond. Does not exist, as it is like a zero coupon bond and entire proceeds are paid on maturity. Therefore, increases in r must decrease the duration (or, in the case of zero-coupon bonds, leave the unmodified duration constant). Deep discount bonds, also known as zero-coupon bonds, are bonds wherein there is no interest or coupon payment and the interest amount is factored in the maturity value. If they want long term capital growth they will re-invest interest payments, speculate using zero-coupon bonds, or look at other investment opportunities. These can be switched in zero-coupon bonds in perpetuity. The discount rates used should be the rates of multiple zero-coupon bonds with maturity dates same as each cash flow and similar risk as the instrument being valued. 最後更新：2022-11-03  買債券前要懂的4個財經知識，就是要搞懂債券的4個利率：票面利率、當期殖利率、到期殖利率、贖回殖利率，這些利率常常把投資人搞得頭昏眼花，不同的名詞聽起來很相似，但意義差距卻可能很遠。 更有不肖的業者用不正確的利率誘導消費者購買債券，到底買債券時哪個利率是投資人最需要關心的呢？ 如果還不熟悉債券，在開始閱讀之前，可先看前一篇：債券是什麼？ 這篇文章市場先生帶你快速了解票面利率、殖利率，分為以下幾個部分：
票面利率是什麼？
票面利率(英文：Coupon Rate)指的是債券在發行時，直接被印刷在債券票面上應付的利率。 假如一張債券 面值(Face Value)是100元，票面利率是5%，那麼每年投資人會收到的利息就是5元，到期時拿回本金100元。 要注意的是，債券面額不等於你買進債券的價格(買入價格)，價券交易價格是變動的，而面額和票面利率是不會變的。
當期殖利率是什麼？
當期殖利率(英文：Current Yield)是考慮債券的買入價格，計算出當期的收益率。當買入價格大於票面價格時，當期殖利率會低於票面利率。 假如一張債券定價是100元，票面利率是5%，投資人以102元買入，那麼他每年會收到的利息為5元，當期殖利率=5/102=4.9%。 當期殖利率只考量到了目前的收益，沒有考量到到期時拿回本金的損益，因此依然不是最好參考數字。 到期殖利率是什麼？殖利率是考慮債券買入價格、未來可領取的利息、持有到期後拿回本金，來推算出的年化報酬率。 換句話說，債券殖利率就是指買入債券一直持有至到期為止的實質投資報酬率，因此又可稱為 到期殖利率(英文：Yield to Maturity)。 在債券中談到殖利率，一般指的都是到期殖利率YTM。 舉例來說： 殖利率=用買入價格、利息、票面金額計算(需用excel公式算) 【年化報酬率計算】的Excel可以在這篇文章下載： 贖回殖利率是什麼？贖回殖利率(英文：Yield to Call,簡稱YTC)是在債券未到期前就要出售，想要計算持有期間的報酬率時用的殖利率，意思是考量買入價格、已領取的利息、賣出價格來推算出的年化報酬率。 在持有過程中，雖然到期殖利率是固定的，但因債券交易價格是變動的，這代表你任何時間點提早賣出的話，報酬率也是隨時變動的。 計算方式很簡單，一樣在excel計算即可，於最後拿回的金額處輸入目前市價，即可得到贖回殖利率。 舉例來說： 贖回殖利率=用買入價格、利息、贖回時市場價格計算(需用Excel公式算)
特別提醒大家，在債券持有的過程中，如果債券價格上漲了，當下出售雖會比持有至到期賺更多，但決定我們是否要出售，不僅僅是考慮賣出有賺更多，而且還要考慮售出得到的現金，有沒有其他更好的投資機會？ 因為售出後要再買相同的債券，市場價格也變貴了，換句話說當下你雖然賺到錢，但那些現金不見得能再找到當初高殖利率的機會。 如果缺乏更好的投資機會，現金不能創造同等或更好報酬時，其實也可以考慮繼續持有債券。 如何查詢債券的票面利率、到期殖利率？一般來說，債券下單的介面都會揭露其票面利率及到期殖利率，以Firstrade券商購買美國公債為例，票面利率可以在「Coupon」這個欄位找到(但不重要)，而到期殖利率則可在「YTM」這個欄位找到(看YTM是重點)，如下圖。 當我們以溢價購入債券時，到期殖利率一定會小於票面利率，而當我們以低於票面價格購入債券時，到期殖利率會高於票面利率。 快速重點整理：債券的票面利率、殖利率
債券其實是個很好用的投資工具，但也必須正確使用才行， 1. 什麼是債券，有哪些投資方式？ 2. 認識5檔美國公債ETF 3. 美國市政債是什麼？如何投資？ 4. 為什麼高收益債沒有避險功能？ 5. 美股常用券商開戶推薦比較 專欄作者：牟均俞 主編：市場先生 最近市場先生開了一堂的「用美股ETF創造穩定現金流」教學課程， 線上課程》美股ETF創造穩定現金流線上課程連結 加入市場先生FB社團，充實更多理財好知識50歲之前想退休一定要懂理財，
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