followscrolling.htm

这是一些关于JavaScript的学习资料 希望对大家有用

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'">转换为期限为</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'">个月的国库券的选择权。投资者也可以再次将</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'">个月的国库券转换为永久性</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 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">2</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">、错位（</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">mismatch </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">FRNs<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'">尽管实际利率每月调整一次，债券可能每半年付息一次。由于不同到期日的利率差异，投资者会从中套利获益。这也被称为滚动利率</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 
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'">、上限（</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">capped</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">FRNs<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"><A 
name=OLE_LINK2><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">该类型的</SPAN></A><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'">，在发行时设置一个利率上限。即使</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'">高出这个水平，借款人也不必支付超过该上限的利息。对于上限</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'">，投资者实际上卖给借款人一个选择权。当利率高于上限时，借款人实际上是执行了他的选择权，不再支付高于上限的利息。作为补偿，投资者可以得到比一般</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'">更高的利差。高出的利差对于基金管理人来说是很有吸引力的。</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'">例如，</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt">发行人：</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">Freddie Mac</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">；</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt">期限：</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; 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'; mso-bidi-font-size: 10.0pt">年；息票：</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR + 0.5%, </SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">上限为</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">7%</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。债券的利率在</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR + 0.5%</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">和</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">7%</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">之间浮动，也就是说</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'">最高为</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">6.5%</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">。如果</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'">超过</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"> 6.5%</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">，利息率将保持在</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">7%</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 
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'">、下限（</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">floored</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">FRNs<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-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'">也可以设计一个下限，在此，利率不再下降。对于下限</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'">，借款人实际上卖给投资者一个选择权。当利率低于下限时，投资者实际上是执行了他的选择权，并持续的获得下限水平的利率，尽管市场利率低于下限的水平。</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'">例如，发行人：</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">Fannie Mae</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">；期限：</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">10</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">年；息票：</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</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">LIBOR + 0.05%, </SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">息票下限</SPAN><SPAN 
lang=EN-US style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312"> 4.5%</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-bidi-font-size: 10.0pt; 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 
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'">、上下限制（</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">mini-max</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">FRNs<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-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'">还可以同时设置上限和下限，</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt">也称为轭（</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-fareast-font-family: 仿宋_GB2312">Collared</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"> 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'">上下限制的</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'">，</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt">包含了最低和最高的利息，</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'">保证了投资者的最高和最低收益。</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312; FONT-SIZE: 12pt; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.0pt">债券投资者可以获得较高的利差，但要同意债券设置最高和最低利率。</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; 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'; mso-bidi-font-size: 10.0pt">例如，发行人：世界银行；期限：</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 仿宋_GB2312">10</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；息票：</SPAN><SPAN 
lang=EN-US 
style="FONT-SIZE: 12pt; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: 仿宋_GB2312">6</SPAN><SPAN 
style="FONT-FAMILY: 仿宋_GB2312;