长期债券

This problem arises from the decline in bond prices and the insurance accounting convention that allows companies to carry bonds at amortized cost, regardless of market value.

事情的起因在于债券价格下跌，而会计原则又允许保险业以摊销成本而非市价列示其帐面价值，结果导致许多业者以摊销成本记录的长期债券投资金额达到其净值的二、三倍之多，换言之，只要债券价格下跌超过三分之一，便很有可能把公司的净值全部吃光，这其中甚至包括好几家知名的大公司在内，当然债券价格也有可能会回升，使得其部份，甚至全部的净值得以回复，但也没有人敢保证债券价

In most businesses, of course, insolvent companies run out of cash. Insurance is different: you can be broke but flush. Since cash comes in at the inception of an insurance policy and losses are paid much later, insolvent insurers donnot run out of cash until long after they have run out of net worth. In fact, these 搘 alking dead often redouble their efforts to write business, accepting almost any price or risk, simply to keep the cash flowing in. With an attitude like that of an embezzler who has gambled away his purloined funds, these companies hope that somehow they can get lucky on the next batch of business and thereby cover up earlier shortfalls. Even if they donnot get lucky, the penalty to managers is usually no greater for a $100 million shortfall than one of $10 million; in the meantime, while the losses mount, the managers keep their jobs and perquisites.

我们对于长期债券没有兴趣的原因在于对于未来十几年通货膨胀可能再度肆虐的潜在恐惧，长期而言，汇率的演变将取决于立法诸公的态度，这会威胁到汇率的稳定，进而影响到长期债券投资人的利益，我们持续将资金运用在套利之上，然而不像其它套利客，每年从事几十个案子，我们只锁定在少数几个个案，我们限制自己只专注在几个已经公布消息的大案子，避开尚未明朗化的，虽然这样会让我们的获利空间减小，但相对的只要运气不要太差，我们预期落空的机率也会减少许多。

Governments could buy back network backbones using long-term debt funded by revenues flowing from the operating lease.

政府可以用长期债券购买主干网，再通过运营租金的收入为其融资。

In other words, long-dated bonds offer a lot more income than short ones.

换句话说，长期债券的收益要高于短期债券。

Interest to be paid regularly on the face value of a bond or other long-term debt instrument.

指对一种债券或其他长期债券按面值定期支付的利息。

Coupon rate Interest to be paid regularly on the face value of a bond or other long-term debt instrument.

债券的息票利率指对一种债券或其他长期债券按面值定期支付的利息。

Printing more money to buy government debt, for instance, might send long-term bond yields higher rather than lower.

例如，印刷钞票以购买政府债券可能导致长期债券收益上升，而不是下降。

If your company has bonds outstanding, estimate the yield to maturity on a long term bond?

如果您的公司有优秀的债券，估计到期收益率对长期债券？

For the last few years our insurance companies have not been a net purchaser of any straight long-term bonds (those without conversion rights or other attributes offering profit possibilities). There have been some purchases in the straight bond area, of course, but they have been offset by sales or maturities. Even prior to this period, we never would buy thirty or forty-year bonds; instead we tried to concentrate in the straight bondarea on shorter issues with sinking funds and on issues that seemed relatively undervalued because of bond market inefficiencies.

最近这几年来，我们的保险公司几乎未增加一般长期债券方面的部位(Straight long-term Bond)(即不含转换权或可提供额外获利可能性的债券)，即使有买进也是为了弥补先前到期或出售的部位，而在此之前，我们也从未投资那些长达三、四十年的债券，顶多是那些较短期且备有偿债基金或是因市场缺乏效率而使得价格被低估的债券。

Although their reliance on the U.S. prevents them from aggressively selling dollars outright, their switch from long to short-dated securities is a precautionary measure in case they need to move money around,' Ms. Lien said.

莱恩女士认为，尽管对于美国的依赖会阻止中国一次性的大量抛售美元，但这种由长期债券到短期债券的转换确是一种缓冲的方式，以备根据形式撤走资金。

I am accused of being overreligious," she said in her quiet, frank manner,"but that does not prevent me thinking the children very cruel who obstinately commit such suicide.""

客人们在卡罗利娜·埃凯家里，举止就文雅一些，因为卡罗利娜的母亲治家很严厉。

Designed by French fashion house Herm è s, this elegant uniform was manufactured in our home, Hong Kong, and was the first without a hat.

由著名品牌 Herm è s 设计，这件高贵的制服是香港本土制造，是我们第一套不配帽子的制服。