How many of you buy bonds? More and more people show great interest in bonds investment.

A major appeal of investing in bonds is that they provide investors with a steady stream of income and guarantee the

гepayment of the loan in full at maturity.

Bonds also appeal to investors because of their scope for capital appreciation. Take for instance a fall in interest rates, in

this case bonds which were issued when interest rates were high will become increasingly valuable and as the bond price rises, this provides profit for bond sellers.

你们中间有多少人购买债券?越来越多的人对投资债券感兴趣。

债券吸引人的一大特点是让投资者有一笔固定的收人,到期时能收回借出的资金。

债券也有增值的机会。例如在利率下跌时,那些在利率高时发行的债券价格将会升高，让债券持有人有机会赚取利润。

In addition, if interest rates had fallen significantly over a period of time, economic growth would be stimulated as lower

borrowing costs and savings rates would encourage businesses to invest and households to consume. In such a low interest-rate environment, it may still be good for investors to consider investing some money in bonds because they will be able to achieve a higher return than cash deposits.

In a nutshell, an investor should consider investing in bonds as an alternative for the purpose of diversification in investment.

此外,如果利率在过去一段时间里明显下跌,会刺激经济增长,因为较低的贷款成本和储蓄利率将鼓励商家投资,带动家庭消费。在这样的低利率环境下,投资人可以考虑把一些资金投资在债券上,因为投资者将取得高于现金存款的回报。

总的来说,投资者应该考虑把债券投资当作一个投资选择，以达到多元投资的目的。

As a bond pays regular interest, it may be suitable for investors, such as retirees, who require a regular income over a

specific time.

Equities and government bonds are well suited to some investors. Younger investors will benefit from equity capital

growth because they are generally investing for the longer term and not unduly concerned with the lack of immediate yield. Investors concerned with avoiding risk will be prepared to аccept the relatively low yields now available on governmentbonds.

债券会定期支付利息,这样的债券可能比较适合那些在某一时期内需要有定期收入的投资者,如退休人士。

股票和政府债券非常适合某些投资者的胃口。年轻的投资者一般从股票的资本增值中获益,因为他们通常作长线投资，不太在意眼前的

收益。想规避风险的投资者则愿意购买目前收益相对较低的政府债券。

But many investors fall somewhere between these two extremes. In recent years, financial markets have become

increasingly polarized between growth and security. Investors looking for medium and low risk are increasingly turning to the cогporate bond market as an alternative to equities and government bonds. Corporate bonds offer an ideal alternative to equities and government bonds, providing some of the benefits of each. With corporate bonds, an investor can opt for a lower risk exposure than with equities but a higher income yield than with government bonds.

The main disadvantage of corporate bonds is that an investor only indirectly participates in the company's success, through its credit-worthiness, but will not benefit from corporate expansion in the way that equity holders will. On the other hand, absolute risk is lower than for equities because coupon payments cannot be waived and, in the event of a default, bondholders are ranked highly among creditors.

但是很多人选择在股票和政府债券这两端之间进行金融投资。近年来金融市场的投资增值与投资安全日趋分化。那些只愿承受中低风

险的投资人都转向公司债券。公司债券是股票和政府债券的理想替代品,两头好处都沾点边。投资公司债券的风险小于投资股票,而收益又高于政府债券

公司债券的主要缺点是投资者只能通过信用等级间接分享公司的收益,而不能像股东那样从公司的扩张中获益。另一方面,这些债券投资者所承担的绝对风险却又低于股东,因为息票支付是不能勾销的,而当公司无法偿付时,债券持有人在债权人中享有很高的优先权。

However, corporate credit-worthiness is a key factor in assessing the value and risk of corporate bonds. Credit rating

agencies play an important role in this process. The two main agencies are Moody's and Standard & Poors. They assign ratings both to entities issuing bonds and to specific corporate bond issues. This gives investors a guide as to their credit quality, which indicates possible risk.

Liquidity is 'also an important factor. Investors should be generally aware that corporate bonds, even in mature markets

such as the United States and Britain, have fairly limited secondary markets. That is to say, unlike equities or government

bonds, they cannot always be sold easily to other investors.

不过，某个公司的信誉等级是评估该公司债券价值和风险的关键因素。信誉评级机构在评估公司债券价值和风险的过程中起着重要作

用。穆迪和标准普尔是两家主要评估机构。它们给债券发售单位以及具体签发的公司债券评级。这些信息为投资者了解有关公司及其债券的信誉质量提供了风险指南。

资金的变现灵活性也是一个重要因素。投资者必须明白,即使是美国和英国这些成熟的资本市场，公司债券的二级市场也是相当有限的。换言之，公司债券不同于股票和政府债券，不太容易转售给其他投资者。

Although corporate bonds carry more risk than government bonds, that risk can be controlled to a large extent by credit

analysis and other checks on the issuer and the terms of the bond. In return, investors have the opportunity to achieve a good cash income.

Buy stocks or bonds? Make your own decision.

公司债券的风险虽然大于政府债券,但这种风险在很大程度上可借助信用分析以及对债券发售者和债券条款采取一些制约手段来加以控制。而作为回报,投资者则有机会获取不错的现金收益。

买股票还是买债券,请各位自己定夺吧。

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