Английский язык. Практический курс для решения бизнес-задач

22. Government-Sponsored Enterprise (GSE) – предприятия, созданные при поддержке правительства

23. Agencies n – ценные бумаги федеральных агентств США

24. Fannie Mae (Federal National Mortgage Association) – Федеральная национальная ипотечная ассоциация

25. Freddie Mac (Federal Home Loan Mortgage Corporation) – Федеральная корпорация жилищного ипотечного кредита

26. mortgage-backed securities (mortgages) – ценные бумаги, обеспеченные ипотекой

27. pass-through securities – «пропускающие» ценные бумаги

28. Сollateralized Mortgage Obligation (CMO) – обеспеченная ипотечная облигация

29. corporate bond (corporate) – корпоративная облигация

30. high-grade bond – облигация с высоким рейтингом

31. high-yield bond – высокодоходная облигация

32. risk-tolerant investor – инвестор, приемлющий риск

33. municipal bond – муниципальная облигация

34. General Obligation (GO) bond – облигация общих обязательств

35. revenue bond – доходная облигация

36. tax bracket – налоговый разряд

37. taxable а – налогооблагаемый

38. certificate of deposit (CD)

– депозитный сертификат

39. Federal Deposit Insurance Corporation (FDIC) – Федеральная корпорация страхования депозитов (США)

40. jumbo CD – крупный депозитный сертификат

41. laddered portfolio – портфель-лестница

42. yield curve – кривая доходности

Exercise 1. Answer the following questions.

1. Why do investors like bonds? 2. What are callable and bullet structures? 3. What are the key benefits of government securities? 4. What are the most popular types of Treasuries? 5. Why are Agencies considered second in quality only to the US government securities? 6. What is the mechanism of mortgages? 7. Why do companies issue corporates? 8. What is credit quality? 9. What are the main types of municipals? 10. Why isn’t credit risk a concern with CDs? 11. How can you construct an optimum investment portfolio? 12. What are the best strategies for bond investors?

Exercise 2*. Find terms in the text that match definitions given below and make sentences of your own with each term.

1. the issuer can redeem the bond before maturity due to specific conditions

2. certificate that indicates a specific deposit has been given to the bank; the bank pays interest on the funds until the maturity date

3. the likelihood of default rated from AAA and below

4. credit quality of AA or AAA

5. an obligation with a maturity of more than one year from when it was issued

6. the date that a contract expires

7. a bond offered by state and local government

8. a company’s purchase of its outstanding stock

9. a negotiable debt obligation issued by the U.S. Treasury with maturities of 13, 26, and 52 weeks; non interest bearing but issued on a discount basis instead

10. coupon securities issued by the U.S. Treasury with semi-annual interest and maturities of 10 to 30 years

11. securities issued by the U.S. Treasury bearing interest and with maturities of 2 to 10 years

12. annual percentage rate of return, determined by dividing income by principal; or the effective rate of interest paid on a note or bond

13. the normal tendency of yields to rise with the increasing maturity of the security

Exercise 3. Read the following text describing different types of investors. Identify which type is closest to your personality and devise an investment strategy for yourself, and for the following individuals: 1. A semi-retired professor; 2. A 40-something engineer with two teenage children; 3. A housewife in her early thirties married to a rich businessman; 4. A computer genius in his mid twenties.

The Successful Investment Journey

Know Yourself

Nobody knows you and your situation better than you do. Therefore, you may be the most qualified person to do your own investing – all you need is a bit of help. Identify the personality traits that can assist you or prevent you from investing successfully and manage them accordingly.