学习笔记|再投资风险 (Reinvestment Risk)

再投资风险 (Reinvestment Risk) 

这是债券的一个风险。是股权和债券之间的差异之一。

This is the risk which relates to bond. One of the differences between equity and bond. 

定义：

再投资风险是指债券持有者在持有期间收到的利息收入、到期时收到的本息、出售时得到的资本收益等，用于再投资所能实现的报酬，可能会低于当初购买该债券时的收益率。

Reinvestment risk is the risk that future cash flows – either coupons (the periodic interest payments on the bond) or the final return of principal – will need to be reinvested in lower-yielding securities.

Reinvestment risk is more likely when interest rates are declining. Reinvestment risk affects the yield-to- maturity of a bond, which is calculated on the premise that all future coupon payments will be reinvested at the interest rate in effect when the bond was first purchased.