What Is the Clean Price?

什么是净价？

The clean price is the price of a coupon bond not including accrued interest payments. The clean price is typically the quoted price on financial news sites. This price does not include any interest accrued between the scheduled coupon payments for the bond. The opposite of a clean price is the dirty price.

净价是指息票债券的价格，不包括应计利息。净价通常是金融新闻网站上的报价。该价格不包括债券在预定付息期之间应计的任何利息。与净价相对的是全价。

 

KEY TAKEAWAYS

要点

·The clean price is the price of a coupon bond not including any accrued interest. That is, it doesn't include the accrued interest between coupon payments.

·净价是指不包括任何应计利息的附息债券的价格。即净价不包括两次付息之间的应计利息。

·The clean price is typically the quoted price on financial news sites.

·净价通常是金融新闻网站上的报价。

·Dirty price is the price of a bond that includes accrued interest between coupon payments.

·全价是指包含两次付息之间应计利息的债券价格。

 

Understanding the Clean Price

了解净价

When quoting prices for bonds, they may be either the clean price or the dirty price. The dirty refers to the price of a bond including accrued interest based upon the coupon rate. If a bond quotes between coupon payment dates, the accrued interest up to that day is reflected in the price.

在为债券报价时，可以使用净价或全价。全价是指债券的价格，包括根据票面利率计算的应计利息。如果债券在付息日之间报价，价格中就会反映出截至该日的应计利息。

 

In short, a dirty bond price includes accrued interest while a clean price does not. The clean price is quoted more often in the U.S. while the dirty price is quoted more often in Europe.

简言之，全价包括应计利息，而净价不包括应计利息。净价多在美国报价，而全价多在欧洲报价。

 

Bond coupons, or interest payments, are usually paid semiannually, but depending on the issuer you may find bonds paying a yearly, quarterly, or even monthly coupon.

债券息票或利息通常每半年支付一次，但根据发行商的不同，债券也可以按年、按季甚至按月支付息票。

 

Calculating Clean Prices

计算净价

Since interest accrues at a steady rate on a bond, calculation of the amount earned can happen on a daily basis. As a result, the dirty price will change daily until the payout, or coupon payment, date. Once the payout is complete, the accrued interest resets to zero. At this point, the dirty and clean prices are the same. The dirty price is sometimes called the price plus accrued.

由于债券以稳定的利率计息，因此可以每天计算所得金额。因此，在派息（或支付票息）日之前，净价每天都会发生变化。一旦支付完成，应计利息重置为零。此时，全价和净价是相同的。全价有时也称为价格加应计利息。

 

Bonds are quoted as either a percentage of their par value, or face value, or in dollar terms. For example, if a bond is quoted at 98, this indicates that it is 98% of the bond's par value. Therefore, if the bond's par value is $1,000, the bond price is $980. The $980 price quote is the clean price of the bond since it does not reflect the accrued interest on the bond. Although bonds are typically quoted in terms of the clean price, investors pay the dirty price unless the bond is purchased on the coupon payment date.

债券的报价可以是面值或票面价值的百分比，也可以是美元。例如，如果债券的报价是 98，这表示它是债券面值的 98%。因此，如果债券面值为 1,000 美元，则债券价格为 980 美元。980 美元的报价是债券的净价，因为它没有反映债券的应计利息。虽然债券通常以净价报价，但在实际交易中，债券的净价并不反映债券的应计利息。

 

Example of the Clean Price

净价示例

As an example, let's say Apple Inc. (AAPL) issued a bond with a $1,000 face value while $960 is the published price. The bond pays an interest rate or coupon rate of 4% annually in semiannual payments. As a result, investors would receive $20 every six months for holding the bond.

举例来说，苹果公司（AAPL）发行了面值 1000 美元的债券，公布价格为 960 美元。该债券的年利率或票面利率为 4%，每半年支付一次。因此，投资者持有该债券每六个月可获得 20 美元。

 

The clean price is $960 for the bond. However, the bond price would be quoted to investors as $960 plus any accrued interest. The broker determines the daily per diem of interest that's accumulated and adds that amount to the clean price. The all-in price or dirty price would vary depending on how many days since the last coupon payment. Interest accumulates immediately following the last coupon payment.

该债券的净价为 960 美元。然而，向投资者报出的债券价格为 960 美元加任何应计利息。经纪人确定每日累积利息，并将该金额加到净价上。总价或全价的变化取决于上次支付票息的天数。利息在最后一次付息后立即累积。

 

Let's look at two scenarios using our Apple example.

让我们以苹果公司为例看两种情况。

 

·If the investor bought the bond a day before the first coupon payment of $20 it results in approximately $19.90 of accrued interest up to that date. The investor's bond price would be $979.90, or $960 plus $19.90 in accrued interest.

·如果投资者在首次支付 20 美元票息的前一天买入债券，那么截至该日的应计利息约为 19.90 美元。投资者的债券价格为 979.90 美元，即 960 美元加上 19.90 美元的应计利息。

 

·If the investor purchased the bond on the coupon payment date whereby the interest payment was just made, $960 or the clean price, would be the dirty price for the bond.

·如果投资者在付息日购买了债券，而利息刚刚支付，那么 960 美元或净价就是债券的全价。

 

Immediately following the coupon payment, the bond's price resets to the clean price whereby the dirty price and clean price are equal. Shortly afterward, the bond begins accruing interest again until the next coupon payment.

付息后，债券价格立即重置为净价，此时全价和净价相等。不久之后，债券又开始计息，直到下一次支付票息。

 

By JAMES CHEN

作者：JAMES CHEN

Updated March 31, 2020

更新日期：2020 年 3 月 31 日

Reviewed by GORDON SCOTT

审核人：GORDON SCOTT