A measure of how sensitive a bond's price is to changes in interest rates, roughly the weighted average life of its cash flows.
久期
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | The Bond King Says Don't Own Bonds. Look at Who Bought Them Instead. 久期 · 第 6 张术语卡 | A 10-year bond loses about 8 per cent of its price for a one-point rise in yields — enough to wipe out the basis. 久期把「利率风险」量化：久期 8 年意味着收益率上行 1 个百分点，价格约跌 8%。杠杆基金做的是几个基点的生意，却扛着 8% 的方向风险，所以必须对冲——而对冲又依赖期货与回购。 |