「情報を制する者は世界を制す」をモットーに様々な情報を提供することを目指すブログです。現在はプログラミング関連情報が多めですが、投資関連情報も取り扱っていきたいです。

# ディクテーションの実例238 デュレーションについて

デュレーションについて説明している下の動画でディクテーションをしてみました。

The Basics Of Bond Duration
http://www.investopedia.com/video/play/basics-bond-duration/

もし聞き間違えている部分を見付けたら、コメントで教えてくださるととてもありがたいです。

duration tells investors the length of time in years that will take a bond's cash flows to repay the investor the price he or she pay for the bond. a bond's duration tells us how much a bond's price might change when interest rates change. a higher duration number means a bond's price is more sensitive to interest rates changes, while a lower duration number means a bond's price is less sensitive to interest rates changes. this means that the price of a bond with duration of five will increase or decrease by 5% when interest rates move by 1%. a bond's duration depends on its interest rate, call features, yield, credit quality and maturity. the shorter the bond term, the lower the duration and vice versa. also, the lower the coupon, the higher the duration and vice versa. ? has a bond with a ten year maturity, a 0.15% yield to maturity, a 2.25% annual rate, a \$1,000 par value and quarterly coupon payments. its duration is 9.1. ? has a similar bond with a 30 year maturity, a 0.35% yield to maturity, a 4.25% annual rate, a \$1,000 par value and quarterly coupon payments. its duration is 15.32. suppose the federal reserve announces changes in its interest rate policy and interest rates increase. ?'s bond will decrease in value but ?'s bond will experience a bigger decrease because of its higher duration. similarly, if interest rates would decrease, ?'s bond will gain more value than ?'s again because of its higher duration. duration is just one factor that affects a bond's value. inflation risk, default risk and call risk are also important, but duration tells investors like ? and ? how much risk they face from interest rate changes.

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