債券

什麽是債券？

• 債券是由國家政府(如美國、澳洲、德國)或大型公司企業(如花旗集團、IBM、豐田)發行的債務，以籌資進行計劃或業務。
• 債券是具備靈活彈性的工具，能提供短期與長期獲利。
• 債券存續期可短自1個月，長至30年甚或以上。

當您投資債券，實際上就是借錢給債券發行機構；通過定期支付票息並於到期時返還本金，投資債券將提供您固定收益。

多數債券為可交易證券，投資者可選擇持有債券至到期，或在到期前以即期市價加以出脫。

您將需要

• 最低US$100,000

債券如何運作？

以下是案例說明，通過花旗銀行國際個人銀行購買債券即投資債券市場，如何取得投資報酬。

假設您在2009年買入名目金額或稱面額US$250,000的花旗集團債券。此一債券支付固定票面利率年息5.8%並於2012年3月16日到期。

此一債券一年支付票息兩次，亦即每年3月16日和9月16日。您將收到固定票息US$7,250 [(5.8% x $250,000)/2]。

2012年3月16日到期時，發行機構—即花旗集團—將支付您最後的利息US$7,250 + 本金US$250,000。

但您若決定在2010年3月16日(到期前)出脫上述票據，可能出現2種狀況：

假設債券市價高於面額之US$100:

但債券市價若低於面額之US$100，則可能出現以下狀況：

若持有債券至到期，則本金*不會受價格漲跌影響，因發行機構將全額返還債券價值(本金金額)。

*請注意：返還本金承擔發行機構信用風險。

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您將需要以下文件：

• 結構型票據交易契約
• W-8BEN

Risks

As with any investment, bonds also carry risk. Comparing deposits, high credit quality bonds and stocks, deposits rank the safest followed by high credit quality bonds.

Market Risk

• Market risk is the risk of bond prices fluctuating as a result of changes in interest rates and inflation outlook. Generally, when interest rates are on the rise with inflationary outlook, bond prices will fall. Moreover, the longer the maturity, the more sensitive the bond price is to these macro-economic changes.

Credit Risks

• Investors assume the credit risk of the issuer. This product is not a bank deposit, is not government insured, is not an obligation of nor is it guaranteed by Citibank Singapore Limited/Citigroup Inc. or their affiliates (unless expressly stated in the relevant product documentation).

Liquidity Risk

• During adverse market conditions, holders of a bond may not be able to liquidate all or part of their securities as and when they require. In addition, certain bonds may not be marketable and as such, cannot be liquidated before maturity. Investors should expect a rapid decrease in mark to market prices especially after a large coupon is paid. In the event the investor wishes to liquidate his bond before maturity, he/she will have to sell at the current available market price, which may result in a loss of principal. However, there can be no assurance that the investor will be able to obtain a firm bid price for the bond for an amount at which he/she wishes to sell.

Settlement Risk

• The investor assumes all settlement risks relating to failing to settle the bond on the relevant settlement date. In the event the issuer or counterparty fails to settle the bond, Citibank will return the money to the investor without interest. At maturity, funds will be passed on to the investor only after receipt of good funds by Citibank Singapore Limited from the issuer or counterparty. This may result in payment to the holders of this product on a date subsequent to the stated maturity date.

Sovereign Risk

• Payment of bonds may be affected by the economics and political events in the country of the relevant issuer. The occurrence of a sovereign risk event could result in the loss of all or a portion of the principal invested should, as a result of any economic or political circumstances, payment may be made in the local currency of the country, of the relevant issuer instead of the original invested currency.

Foreign Exchange Risk

• Investors investing in bonds denominated in non-local currency should be aware of the risk of exchange rate fluctuations that may result in the receipt of reduced sums and/or a loss of principal when converted to the investor's local currency.

* The above is only a summary of some of the key risks in investing in the product. Detailed risk disclosures are set out in the documentation relating to the specific product. Prior to entering into a transaction, you should ensure that you have read and understood the nature of all of the risks associated with the investment in order to determine whether the investment is suitable for you in light of your experience, objectives, financial position and other relevant circumstances. You should consult with your legal, regulatory, tax, financial and/or accounting advisors to the extent you consider it necessary in making your own investment decision.

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