Introduction to U.S. Corporate Bonds 美國公司債導論
Overview概論
Default Risk違約風險
Fundamental Analysis基礎分析
Example - Marriot Bonds
Interest Rate Risk and Central Bank Support利率風險與央行支援
Credit Ratings
債券兩個目標：保本Capital preservation 利得Income generation; 注意的是return of principal and timely interest payments
Credit rating organization: Moody, S&P Global, Fitch Ratings
Primary Market - Constructing an initial sale
Rating org, NRSRO: Moody, S&P Global, Fitch ratings
Investment: AAA - BBB
Non Investment: BB - C
Primary Market - Constructing an initial sale
Secondary Market - IB Bond Scanner
Secondary Market - Prices and Yields
1000*2.7%=27/2=13.5
Bid Yield / Ask Yield 市場上的競標利率比目前十年的國庫券約多了138bps
Individual investors tend to buy bonds when they're sold on the secondary market, also known as the over-the-counter (OTC) market. You can buy and sell corporate bonds on the secondary market much like you would a stock — through an online broker like Charles Schwab, Fidelity Investments or Vanguard.
Quiz:
The owner of a senior convertible note has the option of converting the debt into equity in the company. If the company goes bankrupt, senior noteholders take priority in repayment over the holders of other kinds of debt.
by year
曾有過, FEC用bidding買新國債
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