社債s and gilts

By This Is Money
Updated: 16:05 BST, 7 March 2011

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Turbulence on the 株式市場 always leads to greater 利益／興味 in 社債s and gilts, the 直す／買収する，八百長をするd-利益／興味-支払う／賃金ing IOUs from companies and the 政府.

They are a halfway house between 持つ／拘留するing ca sh in banks and building societies and 株. Yet few 投資家s understand how they really work.

社債s are a form of 負債 問題／発行するd by companies and 政府s to raise money. If you buy one you are, in 影響, lending money to the issuer.

In return, the issuer 約束s to 支払う／賃金 you a 始める，決める 率 of 利益／興味 each year and to 返す your 資本／首都 at a 始める，決める date in the 未来.

However, the return is not やむを得ず 保証（人）d. 社債s 問題／発行するd by the British 政府, called gilts, are as good as 保証（人）d, as the 政府 is ありそうもない to go 破産した／（警察が）手入れする. But 法人組織の／企業の 社債s, 問題／発行するd by companies, are only as 安全な as the company that 問題／発行するs them. Bondholders stand ahead of 株主s in the 列 for 返済 if a company goes 破産した／（警察が）手入れする, but it may turn out that there is nothing for anyone.

社債s are usually 問題／発行するd at £100 each and 支払う／賃金 支援する £100 when they 円熟した, 加える 利益／興味 at a 直す／買収する，八百長をするd 率 each year until then. If you buy in the market for more than £100 after they are 問題／発行するd and 持つ／拘留する the 社債 until 成熟, you will lose money. If you 支払う／賃金 いっそう少なく, you will make a 利益（をあげる）.

社債 prices go up and 負かす／撃墜する like 株 prices but not as much. The prices are linked to long-称する，呼ぶ／期間／用語 利益／興味 率s. They go 負かす／撃墜する when 率s are rising, and up when 利益／興味 率s are 落ちるing.

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投資するing in 社債s

Anyone who wants a lower 危険 投資, or a 直す／買収する，八百長をするd income should consider 投資するing in 社債s. Income from cash in the bank or building society fluctuates with 利益／興味 率s. Income from 社債s is 直す／買収する，八百長をするd, so you know what you will be getting. 社債s may also make a modest 資本／首都 伸び（る） if 利益／興味 率s 落ちる.

You can sell at any time, but the price you get will depend on prices in the market. If 利益／興味 率s have risen, the value of the 社債 itself may have fallen. Any 資本／首都 伸び（る）s you make are 税金-解放する／自由な on 政府 社債s and some 法人組織の／企業の 社債s, but the 利益／興味 paid on a 社債 is taxable. If you 持つ／拘留する 社債s in the old Personal 公正，普通株主権 計画（する）s (Pep) or an Individual 貯金 Account (Isa), you will get your 利益／興味 税金-解放する／自由な 同様に.

The easiest way to 投資する is 経由で a 法人組織の／企業の 社債 基金. However, these can 停止する to only 50% in gilts and some do not 持つ／拘留する any. Safety-first 投資家s who want gilts can use a gilt 基金. The disadvantage of 基金s (部隊 信用s and Oeics) is that there is no 直す／買収する，八百長をするd 成熟 date, as with a 直接／まっすぐに held 社債, so you don't know 正確に／まさに what you will get 支援する.

You can also 持つ／拘留する gilts in an Isa if they have at least five years until they 円熟した. To buy 社債s yourself you must use a stockbroker. For gilts, you can use the Bank of England.

Updated March 2011, This is Money

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