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Bonds
債券
Bonds are debt owed by a government or a company.
債券是一種由政府或公司發(fā)行的債務(wù)憑證。
The holder of a bond is paid interest until the date when the bond matures.
債券持有者在債券到期時能收到利息，
Then the amount of the bond, its face value, is paid back.
然后是返還的債券金額，也就是面值。
Investors can buy a new bond and keep it until it matures.
投資者可以購買新債券并一直持有至到期日，
Or they can buy and sell existing bonds.
也可在債券有效期內(nèi)買賣債券，
The return on a bond is called the yield.
賺取差價。債券的回報稱為收益。
Yields and prices of existing bonds can change as investors trade them.
投資者在買賣債券時，收益與債券價格可能會有所改變。
Yields fall when investors seek the security of bonds and are willing to pay higher prices.
當(dāng)投資者為尋求債券的安全性而愿意支付更高價格的時候，
Yields increase as prices fall.
收益會降低。
Higher yields raise the cost for individuals and businesses to borrow money.
相反，價格下降時收益增加。高收益使得個人或企業(yè)籌集資金的成本增加。
Rising yields can also hurt stock prices.
高收益也影響股票價格。
When yields rise, investors often sell stocks in order to buy bonds.
當(dāng)債券的收益增加，投資者會賣出股票以購買債券。
If investors can get high yields holding low-risk bonds,or simply keeping money in the bank, they will do it.
如果買低風(fēng)險的債券或者將錢存在銀行就能獲得高收益，投資者就會這么做。
