複數價格∕利率標
複數價格∕利率標
| 中文名詞 | 複數價格∕利率標 |
|---|---|
| 英文名詞 | Multiple Price/Yield Auction |
| 中文解釋 | 複數價格/利率標分為競標與非競標。競標部份，以高於財政部所訂底價價格（低於底標利率）較多者為優先，依次得標，得標者應繳價款依個別得標價格（利率）計算；非競標依競標得標之加權平均利率發售，申購數額超過公告發行數額時，按申購數額比例分配。以往中央公債及國庫券之發行均採複數價格/利率標。中央公債票面利率以0.125%為級距，並以開標後得標加權平均利率之相等或最接近且較低之數訂定。[4] |
| 英文解釋 | The multiple price/yield auction is divided into competitive bids and non-competitive bids. As for competitive bids, the bidding prices (yields) are accepted in descending (ascending) order. Successful bidders pay for awarded securities at prices (yields) equivalent to their individual bidding prices (yields). Non-competitive bidders pay for awarded securities at the price equivalent to the weighted average of accepted competitive bidding prices (yields). When the total subscription amount of non-competitive bids exceeds the non-competitive public offering amount, securities will be awarded according to the percentage of subscription amounts. In the past, central government bonds and treasury bills were issued by the multiple price/yield auction. The coupon rate of central government bonds was set at 0.125% increment, closest to but not above the weighted- average yield of successful competitive bids.[4] |
| 關鍵字 | Multiple Price/Yield Auction |