5. 財(cái)經(jīng)英語 unit5 Bonds and shares

1、English for financeTask 1Match each of the items in Column A with its Chinese equivalents in Column B.CColumn B1 par valueA. 上市股票2 over- the-counter marketB. 中國(guó)證券監(jiān)管委員會(huì)3 listed sharesC. 牛市與熊市4 government bondsD. 票面價(jià)值5 bulls and bearsE. 短期證券6 preference stockF. 國(guó)庫(kù)券7 buying long and selling shortG. 優(yōu)先股

2、8 the State Council Securities Policy CommitteeH. 場(chǎng)外交易市場(chǎng) Keys：1. D 2. H 3 A 4. F 5. C 6. G 7. E 8. BTask 2Scan Passage A and find the answers to the following questions.1. What is the national debt ?The national government,all debt is defined to include all interest-bearing obligationsof the federal

3、 government, along with certain noninterest obligations that are of minor importance.2. At what time may the holders of long-term bonds holders suffer great capital loss ?When the holders choose to convert his bond into cash prior to its maturity date. Task 3Read Passage A and judge whether the foll

4、owing statements are TURE or FALSE. Put a tick () in the related box.STATEMENTSTRUEFALSE 1The series E Saving Bonds are marketable.2If the interest rates keep rising , the long-term treasury bonds holders will not suffer capital loss.3Long-term securities normally sell at higher interest rates than

5、treasury bills.4Because short-term interest rates are lower than long-term rates, these rates can be issued at higher cost to the government.5Short-term bills are highly liquid6The important categories of the national debt are bonds, notes, certificates and bills.7The holders of long-term bonds coul

6、d never suffer great capital loss.8Government bonds are long-term, treasury notes are medium-term and treasury bills are short-term .Task 4Match each of the terms in Column A with its appropriate definition in column B. Column A Column B1. interest rate2. government bonds3. interest-bearing obligati

7、ons4. treasury note5. cash balance6. financial institution7. treasury bill8. interest returna. short-term debtb. financial setupc. medium-term securityd. interest-paying bondse. interest paid for the money borrowedf. long-term bondsg. balance in coin or notesh. earnings from lending money1 The natio

8、nal debt is defined to include (1) (2) . 2 The issue of currency is not included _ _ 3 Long-term government bonds are issued by (1) for (2) . 4 Medium-tern notes are (1) between (2) . 5 Short-term bills are issued for Task 5Complete the following note-taking according to Passage Abondsnotes and bill

9、sin the figures for the national debt. the federal government periods of longer than 5 years securities carrying maturity 1 and 5 yearsperiods of 90 to 180 days.Task 6Fill in the blanks with the words or expressions given below. Change their forms where necessary.be subjected to convert into interes

10、t be protected against take a risk of at a discount quote substitution an aggregative sense debtThe loan was made at 6 percent .Of course, he will loss when the stock price goes down.At what rates can the government securities dollars?The shares are on the stock exchange at page 80.These securities

11、serve as for cash in asset holdings of individuals. interestquotedtake a risk ofbe converted intosubstitutionsYou have to buying a lot lottery tickets.Children should any forms of ill-treatment.8 Treasury bills are usually marketed . We must cut down expenses or we will getting into .10 , the intere

12、st rate of long-term government bonds is higher than short-term bills.In an aggregative sensebe subjected to be protected againstat a discountdebt be subjected to convert into interest be protected against take a risk of at a discount quote substitution an aggregative sense debtTask 7Complete the fo

13、llowing sentences by translating the parts given in Chinese.The national debt includes all interest -bearing obligations of the government, .此外，還有某些不重要的不付息債務(wù).The national debt is an alternative to finance fiscal(財(cái)政的) expenditures .通過發(fā)行公債.3. government securities can be issued . 以稍低的本錢 . along with c

14、ertain noninterest obligations that are of minor importanceby issuing / floating bondsat a lower cost 4. The debt should be paid 在投資工程的使用期內(nèi).5. In the Unite States, the national debt remains largely the heritage of World War , , 盡管六七十年代國(guó)債的不斷增加 suggested that the national debt should no longer be trea

15、ted as a war phenomenon. in the term of investment projectalthough the continuous increase of national debt in 1960s - 1970s Debentures(債券)and unsecured notes can be discerned other forms of debt finance in that these funds are sought from the public at large. In contrast, other forms of debt financ

16、e need the company to approach individual leading institutions to obtain the funds. As with a public issue of shares, raising finance through a debenture or note issue requires the preparation of a prospectus. Leader will be advised about the term and conditions of the issue, the maturity date and i

17、nterest rates.Task 8 Translate the following paragraphs into Chinese.Paragraph 1 債券和無擔(dān)保證券可以和其他的債務(wù)形式區(qū)分開來,因?yàn)檫@些基金一般來源于公眾。相比之下,其他形式的債務(wù)融資需要公司去接觸借貸機(jī)構(gòu)以獲取資金。正如公開發(fā)行股票一樣,通過債券或發(fā)行紙幣的方式籌措資金需要準(zhǔn)備一份招股說明書。借貸者將得知債券發(fā)行的條款,到期日和利率。Paragraph 2 Interest is usually a fixed sum calculated on the par or nominal value of the s

18、ecurity and will be paid throughout the term of the issue, without regard to changes in the market rates of interest. The amount regularly paid as interest is known as the “coupon rate, which will be close to the market or effective rate of interest at the time of issue. Interest rates may fluctuate

19、 over the term of issue. When these changes occur, the market will discount future“coupon rate payments at the markets required rate of return to determine the price of the security. This required rate of return is called the “yield to maturity. 利息通常是根據(jù)有價(jià)證券票面價(jià)值計(jì)算而來的固定數(shù)額，并按照發(fā)行條款支付，而不考慮市場(chǎng)利率的變化。這些定期支付的

20、利息稱為“息票率，接近發(fā)行時(shí)期的市場(chǎng)或?qū)嶋H利率。在發(fā)行期內(nèi)利率會(huì)上下波動(dòng)，當(dāng)產(chǎn)生波動(dòng)時(shí)，市場(chǎng)會(huì)根據(jù)其必要報(bào)酬率來貼現(xiàn)期貨“息票率以確定有價(jià)證券的價(jià)格。這些必要報(bào)酬率稱為“到期收益率。The securities exchanges provide a meeting place for . 2. A bull refers to .3. Bears refer to . 4. Buying long means 5. Selling stock refer to . Task 9 Complete the following statements according to Passage B.

21、 the transactions of buying and selling stocks an investor who expects stock prices to rise those investors who expect stock prices to decline buying stock for the purpose of reselling it at a higher price. selling stock that you do not own with the intention of replacing it later at a lower price T

22、ask 10 Rearrange the following sentences to show the procedure of purchasing stock. The beginning sentence has been given to help youHow would you go about buying stock in a major operation?Then the two brokers will initial each others sales orders and see that the transaction is relayed to the exch

23、ange reporter.The order would be telephoned directly to a company clerk.You would place a call your broker.The clerk would hand the order to a partner of the exchange.The transaction will come the ticker tape a few minutes later.The partner would go to the appropriate locale on the trading floor and ask for the latest quote.First you decide what you want to buy.1.You would enter an order to buy the share at the current market price.( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )73824