B1 中級 其他腔 32 分類 收藏
開始影片後,點擊或框選字幕可以立即查詢單字
字庫載入中…
回報字幕錯誤
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.
提示:點選文章或是影片下面的字幕單字,可以直接快速翻譯喔!

載入中…

特別股 (Preferred Securities Explained)

32 分類 收藏
洪子雯 發佈於 2020 年 3 月 20 日
看更多推薦影片
  1. 1. 單字查詢

    在字幕上選取單字即可即時查詢單字喔!

  2. 2. 單句重複播放

    可重複聽取一句單句,加強聽力!

  3. 3. 使用快速鍵

    使用影片快速鍵,讓學習更有效率!

  4. 4. 關閉語言字幕

    進階版練習可關閉字幕純聽英文哦!

  5. 5. 內嵌播放器

    可以將英文字幕學習播放器內嵌到部落格等地方喔

  6. 6. 展開播放器

    可隱藏右方全文及字典欄位,觀看影片更舒適!

  1. 英文聽力測驗

    挑戰字幕英文聽力測驗!

  1. 點擊展開筆記本讓你看的更舒服

  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