Переведите текст пожалуйста Bonds Bond markets are important components of capital markets. Bonds are fixed-income securities-securities that promise the holder a specified set of payments. The value of a bond (like the value...

Переведите текст пожалуйста Bonds Bond markets are important components of capital markets. Bonds are fixed-income securities-securities that promise the holder a specified set of payments. The value of a bond (like the value of any other asset) is the present value of the income stream one expects to receive from holding the bond. This has several implications: 1. Bond prices vary inversely with market interest rates. Since the stream of payments usually is fixed no matter what subsequently happens to interest rates, higher rates reduce the present value of the expected payments, and thus the price. 2. Bonds are generally adversely affected by inflation. The reason is that higher expected inflation raises market interest rates and therefore reduces the present value of the stream of fixed payments. Some bonds (ones issued by the Israeli government, for example) are indexed for inflation. If, for example, inflation is 10 percent per year, then the income from 67 the bond rises to compensate for this inflation. With perfect indexation the change in expected payments due to inflation exactly offsets the inflationcaused change in market interest rates, so that the current price of the bond is unaffected. 3. The greater the uncertainty about whether the payment will be made (the risk that the issuer will default on the promised payments), the lower the "expected" payment to bondholders and the lower the value of the bond. 4. Bonds whose payments are subjected to lower taxation provide investors with higher expected after-tax payments. Since investors are interested in after-tax income, such bonds sell for higher prices. The major classes of bond issuers are the U.S. government, corporations, and municipal governments. The default risk and tax status differ from one kind of bond to another.