B1 中級 29 タグ追加 保存
動画の字幕をクリックしてすぐ単語の意味を調べられます!
単語帳読み込み中…
字幕の修正報告
Bond investors are often looking for the highest yields they can find.
While we usually caution that higher relative yields do come with greater risks, an allocation
to riskier fixed income investments to earn higher yields can make sense as long as it’s
part of a well-diversified portfolio.
Preferred securities are one way to earn those higher yields.
I’m Collin Martin, and this is Bond Market Today.
Preferred securities are type of hybrid investment that share characteristics of both stocks
and bonds.
Like bonds, they have fixed par values, they make scheduled coupon payments, and they generally
have ratings from rating agencies like Moody’s or Standard and Poor’s.
But preferred securities have very long maturity dates--usually thirty years or more--or no
maturity dates at all.
Preferred securities are often "callable", meaning an issuer can retire them after a
certain amount of time has passed at their par value.
Like stocks, preferred securities rank relatively low in an issuer’s priority of payment plan,
usually below an issuer’s bonds; and the coupon payments the preferreds make are often
discretionary--meaning that they can usually suspend the coupon payments without necessarily
triggering a default.
Now, even though preferred securities rank below an issuer’s bonds, they rank above
an issuer’s stock.
So, before a firm can make a common stock dividend payment, it needs to pay its preferred
shareholders first, hence the name preferreds.
Now, because of those hybrid qualities, preferred securities come with two key risks: interest
rate risk and credit risk.
Interest rate risk is the risk that an investment’s value will fall if interest rates rise, and
because preferred securities have very long maturity dates or no maturity dates at all,
they’re highly sensitive to long-term treasury yields.
Credit Risk is the risk that an issuer can’t make timely interest or principal payments.
So, because preferred securities rank below an issuer’s bonds, and because their coupon
payments may be discretionary, they have relatively high credit risk also.
Now, because of those risks, preferred securities do offer higher relative yields.
Now, rather than be tempted by those higher yields, we always think it’s best to invest
in preferreds in moderation, and as long as you have a long-term investing horizon, because
preferred securities prices can be highly volatile.
Preferred securities should never be considered short-term investments.
And finally, preferred securities are very unique and they come with a lot of nuances,
so it can be difficult to find an appropriate investment.
A Schwab fixed income specialist can help you navigate the market.
To watch future episodes of Bond Market Today, you can subscribe to the Charles Schwab YouTube
channel.
コツ:単語をクリックしてすぐ意味を調べられます!

読み込み中…

Preferred Securities Explained

29 タグ追加 保存
洪子雯 2020 年 3 月 20 日 に公開
お勧め動画
  1. 1. クリック一つで単語を検索

    右側のスプリクトの単語をクリックするだけで即座に意味が検索できます。

  2. 2. リピート機能

    クリックするだけで同じフレーズを何回もリピート可能!

  3. 3. ショートカット

    キーボードショートカットを使うことによって勉強の効率を上げることが出来ます。

  4. 4. 字幕の表示/非表示

    日・英のボタンをクリックすることで自由に字幕のオンオフを切り替えられます。

  5. 5. 動画をブログ等でシェア

    コードを貼り付けてVoiceTubeの動画再生プレーヤーをブログ等でシェアすることが出来ます!

  6. 6. 全画面再生

    左側の矢印をクリックすることで全画面で再生できるようになります。

  1. クイズ付き動画

    リスニングクイズに挑戦!

  1. クリックしてメモを表示

  1. UrbanDictionary 俚語字典整合查詢。一般字典查詢不到你滿意的解譯,不妨使用「俚語字典」,或許會讓你有滿意的答案喔