bond是什么意思啊？

bond是指一般的债券，按发售单位来分有government， municipal 和corporate三种不同发售形式。

按特点来分有secured 和unsecured 两种。其中unsecured bond 叫做debenture。

补充资料：

这两个都是公司为提高现金流而筹资的债务工具。

异同点：

（1）Bond 债券

IOU， between an issuer and investor， when the investor loans its money to an institution， a bond exercise a written promise that borrower makes to repay the loan on a specific maturity date.

Bonds are fix income security， normally come with periodic interest payments as well. They are considered to be a safe investment， bonds from governments or highly rated corporations have lower default risk.

Bond最主要的特征是IOU，这可不是我爱你的意思，而是I owe you，我欠你的意思。当然是发债人欠投资人了，债券作为书面承诺，保证借款人在特定的期限届满日向贷款人还钱。

Bond属于固定收益债券，通常会定期支付利息，被视为相对安全的投资方式，政府或评级高的公司债券，违约风险更低。

（2）Debenture 无抵押债券/信用债券

Debenture is a type of debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer. Like other types of bonds， debentures are documented in an indenture. Debentures have extra risk and higher interest rate.

Debentures have no collateral. Bond buyers generally purchase debentures based on the belief that the bond issuer is unlikely to default on the repayment. An example of a government debenture would be any government-issued Treasury bond (T-bond) or Treasury bill (T-bill). T-bonds and T-bills are generally considered risk-free because governments， at worst， can print more money or raise taxes to pay these types of debts.

Debenture是一种无实物资产抵押或担保的债务工具，仅靠发债人的信用和商誉强撑。和其他债券类型一样，Debenture被视为一种契约。Debenture也是高风险高收益的。

此种债券的购买者通常认为该公司或政府不太可能还不上钱，上面提到的三种美国国债就属于Debenture，它们一般被视为无风险债券。最不济，大不了政府多印点钱，或者多收点税就捎带脚的把钱给还了嘛。

When insolvency happens， Bond holders own the title of secured assets; Debenture holders have to try their luck in bankruptcy court， they have to stand in line behind other bond holders.

别看无抵押债券持有人拿利息的时候笑嘻嘻，真到公司面临破产清算了的时候，不一样心里MMP？人家有抵押债券持有者直接就把抵押物卖了按比例分掉，你不只能可怜巴巴看着公司走完清偿法律流程，等排在前面的高级债权人和其他债券持有者分完蛋糕之后，舔个渣嘛？可能一般连渣都不剩了。

A company may add certain features to make a debenture more attractive， e.g Convertible Bond; Create a sinking fund. Both features reduce debt holder risk， resulting in smaller coupon payments.

这风险听起来太大了，有没有把大家都吓跑？其实不至于，而且公司为了提高无抵押债券对投资者的吸引力，还提供了其他选择，比如可转换债券，偿债基金。这两种模式降低了风险，自然支付的收益也就减少了。