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Getting started in bonds 2nd edition phần 5

Vì vậy, bạn cần phải tính toán TEY phù hợp với từng để so sánh chúng một cách công bằng. Trái phiếu doanh nghiệp là hoàn toàn chịu thuế, do đó không cần phải tính toán một TEY. Đạo đức của câu chuyện: toán học, nó sẽ giúp bạn kiếm tiền. | PREFERRED STOCK original issue discount OID the bond issue was not issued at par but instead came to market at a discount. If you sell the bond in the secondary market you must check to see if the price is above or below the accrued amortization line to determine if you owe capital gains tax. the income every year even if you haven t gotten it yet. In fact due to any income deferral and the fact that some are issued as original issue discounts OIDs the tax calculations on these nuggets can be pretty nasty. Hopefully whomever you buy fixed rate capital securities through will do it for you. There are three types that differ in how they are issued 1. Preferred partnership securities. 2. Trust preferred securities or capital securities . 3. Junior subordinated debentures. And they are called by a boatload of acronyms MIDS Monthly income debt securities QUICS Quarterly income capital securities QUIDS Quarterly income debt securities QUIPS Quarterly income preferred securities SKIS Subordinated capital income securities TOPrS Trust originated preferred securities TruPS Capital trust pass-through securities Stay tuned for more witty creations. C ape I It s a Wrap Wrapper Products We re now moving from types of bonds to investment vehicles you can use to invest in bonds. Wrapper products are readymade financial portfolios packaged for individual investors. They re packaged by insurance companies banks investment firms and mutual fund companies that fashion these portfolio packages-to-go for our convenience. The problem with wrapper products is that there can get to be many layers i.e. the financial intermediaries who produce these products . Each layer extracts its fees muffling the investment s performance. See Figure 8.1. For instance I ve seen a mutual fund wrapper portfolio that invested in collateralized mortgage obligations a wrapper security mortgages are packaged as mortgage-backed securities and MBSs are then packaged as CMOs held in an investor s wrapper account