《调整债券与收益债券的译法及使用》
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| 债券是政府、金融机构、工商企业等机构直接向社会借债筹措资金时，向投资者发行，承诺按一定利率支付利息并按约定条件偿还本金的债权债务凭证。债券的本质是债的证明书，具有法律效力。债券购买者与发行者之间是一种债权债务关系，债券发行人即债务人，投资者（或债券持有人）即债权人。那么什么是调整债券与收益债券呢？下面我们一起来了解一下： 1.调整债券 Adjustment bond 通常指与公司重组有关而发行的债券，有时也指为把一些已有债券调整为有统一利率的同一类债券而发行的新债券，因此发行这种债券是为了替换未偿付的债券。调整债券只有在公司盈利时才支付利息，这一点与收入债券〔income bond〕相同。如果公司因没有达到债券契约中规定的利润而不能支付利息时，不能视这种行为为未履行债务。调整债券的利息支付在所有优先的、具有固定利息的债务支付之后，即其对收入的要求权仅先于股票。调整债券是一个比较灵活的工具，当企业的资本结构相对其预计收益过大时，重组公司可运用调整债券来帮助其调整资本结构。为使公司资本化更灵活并减少固定费用开支，可要求拥有重组公司次级固定利息债券的持有人，部分或全部接受其利息支付依收益状况而定的调整债券或收入债券。因此，这两种债券的作用就是以不确定的支出代替固定的支出。 An adjustment bond is issued by a corporation when it restructures its debts to cope with financial difficulties or potential bankruptcy. During a restructuring, holders of existing, outstanding bonds receive adjustment bonds. This issue allows for the consolidation of the debt obligation to the new bonds. Adjustment bonds become an alternative to bankruptcy if a company’s financial difficulties make it difficult to make debt payments. 相关例句如下，可供参考： 例句1 A company facing financial difficulties will generally meet with its creditors, including bondholders, to negotiate an arrangement more preferable than bankruptcy. Issuing adjustment bonds requires the permission of existing bondholders. 公司在面临财务困难时，通常会与其债权人(包括债券持有人)会面，以商讨出一项比破产更可取的安排。发行调整债券需要现有债券持有人的许可。 例句2 Adjustment bonds may help companies maintain viability and avoid bankruptcy, yet creditors may be required to wait for many years to be repaid. Also, other options for reorganizing a company’s capital structure might include a debt to equity exchange. 调整债券有助于公司维持其生存能力，避免破产，但债权人可能需要等待多年才能得到偿还。此外，重组公司资本结构的其他选择也包括债转股。 2.收益债券 Income bond 指只有在公司有收益，并且在支付了所有抵押借款利息之后还有盈余时才能支付利息的一种债券。有时，这种收益债券的未付利息可以累积起来，作为在债券到期时对该公司的债权。发行这种收益债券也用来代替优先股。 An income bond is a type of debt security in which only the face value of the bond is promised to be paid to the investor, with any coupon payments paid only if the issuing company has enough earnings to pay for the coupon payment. The income bond is a somewhat rare financial instrument which generally serves a corporate purpose similar to that of preferred shares. However, it’s different from preferred shares in that missed dividend payments for preferred shareholders are accumulated to subsequent periods until they are paid off. Issuers are not obligated to pay or accumulate any unpaid interest on an income bond at any time in the future. 例句1 Income bonds are typically issued either by companies with solvency problems in an attempt to quickly raise money to avoid bankruptcy or by failed companies in reorganization plans looking to maintain operations while in bankruptcy. In order to attract investors, the corporation would be willing to pay a much higher bond rate than the average market rate. 收益债券通常由有偿付能力问题的公司发行，目的是迅速筹集资金以避免破产，或者由破产重组计划中的破产公司发行，目的是在破产时维持运营。为了吸引投资者，公司愿意支付比平均市场利率高得多的债券利率。 例句2 Income bonds may be structured so that unpaid interest payments accumulate and become due upon maturity of the bond issue, but this is usually not the case; as such, it can be a useful tool to help a corporation avoid bankruptcy during times of poor financial health or ongoing reorganization. 收益债券的结构可能会使未支付的利息累积起来，并在债券发行到期时到期，但通常情况并非如此；因此，在财务状况不佳或正在进行重组时，它是可以帮助公司避免破产的有用工具。 |
发布于 2020-06-21 13:49:33
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