零息债券的基础知识
At first blush, the idea of a bond that doesn’t pay interest seems oxymoronic. 毕竟, isn’t a bond a debt instrument that pays periodic interest and repays the principal at maturity?1
Zero coupon bonds are indeed debt instruments, but are issued at a discount to their face value, 不支付利息, 并在到期时按面值支付.
它是如何工作的?
假设, a hypothetical zero coupon bond is issued today at a discount price of $743 with a face value of $1,000, 分15年支付. 如果你买这个债券, hold it for the entire term and receive the face-value payment, the difference of $257 represents the interest you earned. In this hypothetical example, the bond’s interest rate would amount to approximately 2 percent.
Zero coupon bonds are predominantly issued by the federal government, ,通常, they are issued with maturities of 10 to 15 years.
Zero coupon bonds are traded on recognized financial markets and exchanges, which may offer investors liquidity in the event they choose not to hold them to maturity.
价格波动
One of the biggest risks of zero coupon bonds is their sensitivity to swings in interest rates. In a rising interest rate environment, their value is likely to fall more than other bonds.
Zero coupon bonds are subject to an unusual taxation in which the receipt of interest is imputed each year, requiring holders to pay income taxes on what is called “phantom income.”
目标日期
For individuals, zero coupon bonds may serve several investment purposes. Zeros may be bought to fund specific future financial obligations, e.g.大学储蓄. 通过把它们放在美国.S. 财政部零, a parent can be assured that the funds are expected to be fully intact to meet this liability.2
和任何投资一样, a zero coupon bond’s appropriateness hinges on your individual needs and circumstances. Understanding some of the basic concepts may help you better assess whether they might have a place in your portfolio.
1. The market value of a bond will fluctuate with changes in interest rates. As rates rise, the value of existing bonds typically falls. 如果投资者在到期前出售债券, it may be worth more or less than the initial purchase price. By holding a bond to maturity an investor will receive the interest payments due plus your original principal, 禁止发行人违约. 投资s seeking to achieve higher yields also involve a higher degree of risk.
2. U.S. 财政部零 coupon bonds are guaranteed by the federal government as to the payment of principal and interest. 然而, if you sell a 财政部零 coupon bond prior to maturity, it could be worth more or less than the original price paid.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. 请咨询法律或税务专业人士 for specific information regarding your individual situation. This material was developed and produced by love爱博体育app下载 to provide information on a topic that may be of interest. FMG套房不隶属于命名 broker-dealer, state- or SEC-registered investment advisory firm. 所表达的意见和 material provided are for general information, and should not be considered a solicitation for the purchase or 出售任何证券. 版权 love爱博体育app下载.
