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style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRNs</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">一般是中期和长期债券，最具代表性的是</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">5</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">年期</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRNs</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">考虑一个</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">5</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">年期</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRN</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">，每半年支付一次利息，利息参考</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">6</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">个月的</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。违约风险补偿为</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">0.125 %</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。如果当前的</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">是</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">6.6%</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">，那么，面额为</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">$ 1000</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">的</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRN</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">下次利息支付额为</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">0.5* (0.066+ 0.00125) * 1000 = $ 33.625</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。如果在下一个利息重置日期</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">6</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">个月</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">是</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">5.7%</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">，那么，接下来半年的利息就应该是</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">$29.125</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">在</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRNs</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">中，基本上包括</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">4</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">个重要的涉及利息的变量：</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
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lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">1</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">、基准指标（</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">Reference Index</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">）</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">每个</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRN</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">都有一个基准指标，基于该指标计算每个连续支付的利息。一般以某一货币市场利率作为基准指标。作为基准利率，一般满足以下特点：第一，指标含义简单明确，易于投资者理解和债券定价。第二，真实反映市场波动，由市场力量决定，而不是由政府控制。第三，报价和成交活跃。基准利率由多家机构真实报出，而且合同成交量大，不易受到操纵。第四，基准利率要有连续性。这样在利率重置时才有可观测的数据。</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal
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style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">最常用的基准指标是伦敦银行间拆放利率</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">(London Inter-bank Offer Rate, LIBOR)</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">是欧洲货币市场利率，是英国银行家协会（</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">British Banker</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">’</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">s Association</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">）根据其选定的银行在伦敦市场报出的银行同业拆借利率，进行取样并平均计算成为指标利率，该指针利率在每个营业日都会对外公布。</SPAN><SPAN
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"> </SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">金融业贷款协议中议定的</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">通常是由几家指定的参考银行，在规定的时间（一般是伦敦时间上午</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">11:00</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">）报价的平均利率。目前全球最大量使用的是</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">3</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">个月和</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">6</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">个月的</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。</SPAN><SPAN
lang=EN-US style="FONT-FAMILY: '\000B '; FONT-SIZE: 8pt"><BR>
</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'"> </SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">的走势主要取决于各国的货币政策，并随着市场的资金供求状况而不断变动。</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">是目前国际间最重要和最常用的市场利率基准。除了各大新闻通讯公司每日提供相关的</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">报价信息之外，也可以在英国银行家协会的网页</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">(www.bba.org.uk)</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">查询到历史资料，即可以很容易地了解到</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">近期和历史的水平。</SPAN><SPAN
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"> </SPAN><SPAN
lang=EN-US style="FONT-FAMILY: '\000B '; FONT-SIZE: 8pt"><SPAN
style="mso-spacerun: yes">?</SPAN><O:P> </O:P></SPAN></P>
<P class=MsoNormal
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 仿宋_GB2312">1999</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt">年</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 仿宋_GB2312">1</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt">月</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 仿宋_GB2312">1</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt">日，欧洲</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 仿宋_GB2312">11</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt">国开始统一使用一种货币——欧元。</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">原有的</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRNs</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">都是以</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">作为基准利率。在欧洲货币联盟（</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">EMU</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">）形成以后，这些基准利率将不再适用。欧洲银行间拆放利率（</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">Euribor</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">），将作为基准利率在国际货币市场取得主导地位，新的</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">FRNs</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">也将以此作为定价基准。</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
<P class=MsoNormal
style="LINE-HEIGHT: 150%; TEXT-INDENT: 24pt; mso-char-indent-count: 2.0; mso-char-indent-size: 12.0pt"><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">其它的基准指标有：美国的</SPAN><SPAN
lang=EN-US
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">90</SPAN><SPAN
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">天国库券利率、联邦基金利率、最优惠贷款利率、商业票据利率、其它季度或半年的短期利率等。</SPAN><SPAN
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"><O:P> </O:P></SPAN></P>
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