世纪债券很少见,但并非前所未有。5月还有另外两只百年债券发行:麻省理工学院(Massachusetts Institute of Technology)发行的7.50亿美元债券和Norfolk Southern Corp.发行的4亿美元债券。在那之前,麻省理工学院曾在1996年发行过一只世纪债券,而Norfolk Southern则在1997年和2005年分别发行过一只。
Century bonds are rare but not unprecedented. Two other hundred-year bonds were sold in May─$750 million by the Massachusetts Institute of Technology and $400 million from Norfolk Southern Corp. Before that, MIT sold a century bond in 1996, and Norfolk Southern sold one each in 1997 and 2005.
投资者买进这类百年债券是基于这样一种假设:100年后发行公司仍存在,这有相当大的风险,但被更高的收益率补偿了。不过,在利率像现在这样低的情况下,一些有着长期责任的投资者(比如保险公司和退休基金)愿意买进世纪债券广州翻译公司。
Investors buy these bonds on the assumption that the issuing company will be around in 100 years, a considerable risk that is compensated for with higher yield. But with rates as low as they are, some investors with long-term obligations─insurance companies and pension funds among them─are willing to buy.
南加州大学的债券票面利率为5.25%,它承诺在2111年10月1日向投资者(或更有可能的是这些投资者的后代)偿还本金。麻省理工学院5月发行的债券收益率为5.6%,此后,在投资者的追捧下,该债券价格上涨,所以通常与价格反向而动的收益率降至4.92%俄语翻译。
USC's bonds, offered with a 5.25% coupon, promise to return principal to investors─or, more likely, their heirs─on Oct. 1, 2111. The MIT bonds issued in May came with a yield of 5.6%; investors have since bid up the price of those bonds so that the yield, which moves inversely to price, has fallen to 4.92%.