Математика облігацій без дилерського столу
Міжнародні посібники
Ці посібники охоплюють спільну механіку: купон проти дохідності, дюрацію, конвекситет, інфляційні лінкери та як домогосподарство насправді укладає угоду. Приклади використовують UK gilt, US Treasuries, Bund, BTP, OAT і облігації Swiss Confederation, бо це криві на нашій живій дошці.
Дохідність до погашення — внутрішня норма прибутковості, не обіцянка. Дюрація — чутливість, не період утримання. Якщо число — ринкова дохідність, ми датуємо його й називаємо джерело на живій дошці.
Спочатку читайте. Компаратор і калькулятори — навчальні інструменти. Нічого тут не є персональною рекомендацією.
- 1What Are Government Bonds? Complete Beginner's GuideA government bond is a loan to a state: coupon plus repayment of principal, traded every day before maturity.
- 2How Do Government Bonds Work?Issue, coupon, yield, secondary market, maturity. The same skeleton in London, Washington, Frankfurt and Rome.
- 3How to Buy Government BondsBrokers, ISAs/IRAs, TreasuryDirect, ETFs and funds. Direct bonds versus funds is the first fork.
- 4How Bond Prices and Yields WorkPrice and yield are two languages for one fact: the discount rate on future coupons and par.
- 5Why Do Bond Prices Fall When Interest Rates Rise?New bonds then offer higher coupons, so old lower-coupon bonds must cheapen until their yield matches the market.
- 6Why Do Bond Yields Rise?Yields rise when investors demand more return: inflation, expected rate hikes, more supply, or less risk appetite for duration.
- 7What Is Bond Yield to Maturity?YTM is the annualised return if all coupons are paid, par is repaid, and coupons are reinvested at the YTM itself.
- 8What Is Bond Duration?Duration is interest-rate sensitivity. Higher duration means a bigger percentage price change for a 1% yield move.
- 9What Is Bond Convexity?Convexity is the curvature: duration’s linear guess understates gains when yields fall and overstates losses when yields rise (for vanilla bonds).
- 10Government Bonds vs Corporate BondsSovereigns price the risk-free curve (in their currency). Corporates add a credit spread that can blow out in stress.
- 11Government Bonds vs StocksContractual income versus residual equity. Different roles: ballast versus growth.
- 12Government Bonds vs Bank DepositsDeposits: par stability and deposit insurance (up to a cap). Bonds: market price, possibly higher locked yield, sovereign credit.
- 13Fixed-Rate vs Inflation-Linked BondsNominals: known cash, unknown real. Linkers: known real (index permitting), unknown nominal.
- 14Short-Term vs Long-Term Government BondsShort: less duration, more reinvestment risk. Long: more duration, more lock-in. Ladders blend both.
- 15How Inflation Affects Government BondsInflation is the silent rival of fixed coupons. Central banks fight it with rates, which then hit prices via duration.