장단기 금리차

이자율 스프레드라고도 하는 기간 스프레드는 채권과 같은 채무 상품에 대한 장기 이자율과 단기 이자율의 차이를 나타냅니다.


채권 및 기간 스프레드


기간 스프레드는 정부, 기업, 공공 시설 및 기타 대기업에서 발행하는 고정 금리 금융 자산인 두 가지 채권의 비교 및 ​​평가에 가장 많이 사용된다.  이 채권의 소유자는 기업이 자본을 조달하거나 특별 프로젝트에 자금을 조달하는 수단으로 채권을 발행함에 따라 발행 기업의 부채 보유자 또는 채권자가 됩니다.
개별 채권은 일반적으로 액면가가 $100 또는 $1,000인 액면가로 발행됩니다. 이것은 채권 원금을 구성합니다. 다른 대출 또는 채무 상품과 마찬가지로 채권도 만기 날짜 또는 계약상 채권 보유자에게 전액 상환이 요구되는 날짜로 발행됩니다.

시장 가격 및 채권 가치


채권의 가치를 평가할 때 몇 가지 요인이 작용합니다. 예를 들어, 발행 회사의 신용 등급은 채권의 시장 가격에 영향을 미칠 수 있습니다. 발행 기관의 신용 등급이 높을수록 투자 위험은 줄어들고 채권의 가치는 높아집니다. 채권의 시장 가격에 영향을 미칠 수 있는 다른 요인으로는 만기일 또는 만기까지 남은 시간이 있습니다. 마지막으로, 기간 스프레드와 관련하여 가장 중요한 요소는 특히 당시의 일반 금리 환경과 비교할 때 쿠폰 금리입니다.


이자율, 기간 스프레드 및 수익률 곡선


금리가 하락하고 새로운 채권의 이표가 저금리 환경을 반영한다면, 고금리 환경에서 발행된 이표가 높은 채권은 시장에서 더 가치가 있을 것입니다. 여기에서 기간 스프레드가 비교 수단으로 사용됩니다.
기간 스프레드는 만기 또는 만기일이 다른 두 채권의 쿠폰 또는 이자율 간의 차이를 측정합니다. 이 차이는 채권 수익률 곡선의 기울기라고도 하며, 이는 동일한 품질의 채권 이자율을 특정 시점에서 다른 만기 날짜로 표시하는 그래프입니다. 수익률 곡선의 모양은 경제학자들에게 미래 이자율 변화를 예측하는 데 중요할 뿐만 아니라 곡선의 기울기가 클수록 기간 스프레드(단기 및 단기 간 격차 장기 금리).
기간 스프레드가 양수이면 장기 금리가 단기 금리보다 높으면 스프레드를 정상이라고 합니다. 반면에 음의 기간 스프레드는 수익률 곡선이 역전되어 단기 금리가 장기 금리보다 높다는 것을 나타냅니다.

 

https://fred.stlouisfed.org/series/T10Y2Y

30년 스프레드

 

Term spreads, also known as interest rate spreads, represent the difference between the long-term interest rates and short-term interest rates on debt instruments such as bonds.

 

Bonds and Term Spreads

 

Term spreads are most often used in the comparison and evaluation of two bonds, which are fixed interest financial assets issued by governments, companies, public utilities, and other large entities. Owners of these bonds become debt holders or creditors of the issuing entity as entities issue bonds as a means of raising capital or financing a special project.

Individual bonds are typically issued at par, which is generally at $100 or $1,000 face value. This constitutes the bond principal. Like any loan or debt instrument, bonds are also issued with maturity dates or the date at which full repayment to the bondholder is contractually required.

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Market Prices and Bond Valuation

 

There are several factors at play when it comes to the valuation of a bond. The issuing company's credit rating, for instance, can influence the market price of a bond. The higher the credit rating of the issuing entity, the less risky the investment and perhaps the more valuable the bond. Other factors that can influence a bond's market price include the maturity date or the length of time remaining until expiration. Last, and perhaps the most important factor as it relates to term spreads is the coupon rate, particularly as it compares to the general interest rate environment at the time.

 

Interest Rates, Term Spreads, and Yield Curves

 

A bond issued in a high-interest rate environment with a high coupon will become more valuable on the market if interest rates were to fall and new bonds' coupons reflect the lower interest rate environment. This is where term spreads come in as a means of comparison. 

The term spread measures the difference between the coupons, or interest rates, of two bonds with different maturities or expiration dates. This difference is also known as the slope of the bond yield curve, which is a graph that plots the interest rates of bonds of equal quality, but different maturity dates at a specified point in time. Not only is the shape of the yield curve important to economists as a predictor of future interest rate changes, but its slope is also a point of interest as the greater the slope of the curve, the greater the term spread (gap between short- and long-term interest rates).

If the term spread is positive, the long-term rates are higher than the short-term rates then the spread is said to be normal. Whereas a negative term spread indicates that the yield curve is inverted and the short-term rates are higher than the long-term rates.