bought and sold的中文释义
沪江词库精选bought and sold是什么意思、中英文句子翻译、英语短语。
中文释义： 被出卖失败完蛋
Love is neither Bought nor sold
爱情不能买卖
He bought low and sold high.
他贱买贵卖。
You have been sold again . That car you bought is a wreck .
你又上当了。你买的那辆汽车是个废物。
Generally speaking,futures contract,not the commodity,is sold and bought in the futures market.
一般来说，在期货市场上买进卖出的是期货契约，而不是商品。
She sold her house and later she bought it back again.
她卖掉她的房子，后来又把那房子买了回来。
They sold you a pup whenit breaks down at least once a week.
你买那辆车时，他们欺骗了你，它至少每星期出一次故障。
More of it is bought and sold by the industrialized nations than any other item
工业化国家买卖它，比任何其它商品都多。
The Cross of Honour and the Laurel Crown will not be bought and sold for filthy lucre
桂冠和勋章不能用不义之财来进行买卖。
早期的动物驯化史
早期溶血综合征
2017bought and sold是什么意思由沪江网提供。CHARTS & TRENDS
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Bought & Sold&()
Jersey City teen Ray Ray Morales is wasting time in a low paying job until a local loan shark offers him a job -- making sure that Ray Ray's friend, an immigrant pawnbroker makes his weekly payments.
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Credited cast:
Little Tony
Disgruntled Customer
Alphonso 'Chunks' Colon
Oswaldo 'Papo' Rivera
The Father
Kutty Nazarian
Contruction Worker (2002)
Ray Ray Morales
(as Karen Goberman)
Mr. Stubbs
Jersey City teen Ray Ray Morales is wasting time in a low paying job until a local loan shark offers him a job -- making sure that Ray Ray's friend, an immigrant pawnbroker makes his weekly payments.
Plot Keywords:
Motion Picture Rating
Rated R for language and sexual references
Parents Guide:
Official Sites:
Release Date: 25 June 2004 (USA)
Also Known As: A Jersey Tale
Filming Locations:
Production Co:
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Did You Know?
On the promo disc the film was entitled "A Jersey Tale".
Soundtracks
Nobody Like Me
Written by
Performed by
Courtesy of Stemsel Bros Music Publishing LLC/ASCAP
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Very well written and directed.
Great performances from the cast.
Hats off to the writer and director.
The cast delivered an entertaining and emotional performance.
The director is able to deliver a serious message through the colorful and sometimes comical characters.
Must see movie and you'll walk out feeling good about life!
8 of 9 people found this review helpful.&
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Little Tony
Disgruntled Customer
Alphonso 'Chunks' Colon
Oswaldo 'Papo' Rivera
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Contruction Worker (2002)
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Mr. Stubbs
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你可能喜欢Primary Corporate Bond Market and Bond Underwriting
Primary Corporate Bond MarketThere is a primary market for both government bonds and corporate bonds. The primary market for most government bonds is determined by the type of government bond. The largest bond market is for United States Treasuries, which is presented in . This article presents the workings of the primary market for .The creation of corporate bonds is similar to the creation of stocks. Generally, a firm that wants to issue bonds will go to an investment bank for one or more of the following services:expertise and advise in creating the issue, including determining ththe investment bank may buy the whole issue as firm commitment underwriting, or may use a best efforts approathe investment bank may form a syndicate and/or a selling group to help sell the bonds to their institutional investors and to the public.
The selling of newly issued bonds to the public constitutes the primary bond market; most of the money received in the sale of the primary issue goes to the issuer. The reselling of bonds by investors constitutes the secondary bond market. The money paid for bonds in the secondary market goes to other investors, not to the issuer.The investment banks make a profit by selling the bonds for more than what they paid for them, which is the underwriting discount or gross spread.The Securities Act of 1933 requires that securities offered to the public must be registered with the Securities and Exchange Commission (SEC). Information that must be provided in the registration includes the nature of the business, features of the security being offered, potential investment risks, a profile of management, and a list of major investors. Financial statements, certified by a public accountant, must also be provided, and must comply with U.S. generally accepted accounting principles (GAAP).The registration consists of 2 parts:the prospectus, which is publicly distributed, andsupplemental information, which is available to the public upon request. When the registration is approved by the SEC, the securities can be offered for sale to the public.Bond Underwriting
As described, the underwriting of corporate bonds is similar to the underwriting of stocks (for more detailed information, see ), but sometimes bonds are brought to market by different methods.Bought DealAn investment bank offers a firm commitment to buy a specific number of bonds at a specific price for a specific yield and maturity from the issuer. If the issuer accepts, then the investment bank has a bought deal. A bought deal is good for the investment bank because it gives the bank time to form a selling syndicate or selling group to share the risk of the underwriting process. Often, the bank borrows money to finance the bought deal. Usually the investment bank will distribute the bonds to other investment banks in the syndicate or the selling group to sell to the general public, and to institutional customers who have expressed or may have an interest in the bond issue.Competitive Bidding Underwriting, or Auction ProcessOften, auctions yield the most money for the issuer and also allow the issuer to sell directly to the public or institutional investors, eliminating the underwriting fee. Regulated public utilities and some municipalities must use this method. The U.S. government sells Treasuries using auctions.How the bid is made depends on whether the issue is being sold at a discount to par value, or as a bond paying interest. If the bid is for a discount bond (also called a zero-coupon bond), like federal T-bills for instance, then bidders offer the price they are willing to pay, and the issue is sold to the highest bidders. If it is bonds paying interest, then bidders specify the yield that they are willing to accept. Winning bidders will be those willing to accept the lowest yields, since this is the interest that the issuer has to pay for the borrowed funds.Depending on what type of auction it is, a bidder can bid for the entire issue or just part of an issue. In a bid for the entire issue, the issuer publishes the terms of the issue, then investment bankers bid for the entire issue, who then sell the bonds to their customers, making money from the underwriting spread—the difference in price that they paid for the issue and what they sell it for to investors.In a competitive bidding for parts of an issue, bidders submit the yield that they are willing to accept, or the price that they are willing to pay, and the amount of the issue that they want. For example, Bidder A might offer to buy $100,000,000 worth of bonds that pays 5.1% interest. Bidder B might offer to buy $40,000,000 worth of bonds that pay 5.2% Bidder C might want $10,000,000 for a 5.2% yield. How the bonds are then distributed depends on whether it is a multiple-price auction or a single-price, or Dutch, auction.In a multiple-price auction, the winning bidders pay the price that they bid for the amount that they requested. If there is an equal bid among bidders, but not enough shares to sell, then each bidder will get a part of the remaining shares that is proportional to the amount that they requested.In the above example, suppose the issue to be sold consisted of $110,000,000 worth of bonds. Bidder A would get all $100,000,000 worth because Bidder A was willing to accept the lowest yield. Now there are only $10,000,000 worth o Bidder B wanted $40,000,000, Bidder C wanted $10,000,000. Bidder B would get $8,000,000, because 40/50 = 8/10, $50,000,000 being the sum of both bidders initial amount. Bidder C would get the remaining $2,000,000 worth of bonds.In a single-price auction, or a Dutch auction, all winning bidders will receive the highest winning yield, or in the case of a discount bond, will pay the same price. Thus, in the above example, Bidder A, B, and C would get a 5.2% yield for their bonds, because 5.2% was the highest yield the issuer had to offer to sell all of the bonds.In 1997, issuers started using internet auctions to sell directly to investors as a way to save on investment banking fees. In fact, the U.S. government has a website at
allowing virtually anyone to buy Treasuries directly. Investment bankers argue that they can get the lowest price even after accounting for the underwriting fee because they know their customers, and they make secondary markets in the issue, which improves liquidity. However, there are no studies that I am aware of that confirm this.Medium-Term Notes are corporate bonds that are registered with the SEC as a Rule 415 shelf registration, which allows the corporation to register up to $1 billion worth of bonds at one time, but which are then offered in relatively small amounts continually by agents of the issuer as the need for money arises over a 2 year period. The rates are chosen by the issuer with various maturities, and are usually expressed as a spread above U.S. Treasuries of comparable maturity. Terms for a given yield range from 9-12 months, 12-18 months, 18-24 months, and so on, up to 30 years, but could even be for 100 years. The issuer's agents, usually investment banks, publish an offering rate schedule for institutional investors using a best efforts sales approach. The institutional investor can choose, with the issuer's approval, a final maturity date for a given issue.Reverse Inquiry — Customizing Tranches to the Needs of Specific Institutional InvestorsA shelf registration also allows the issuer to issue bonds with different coupon rates and maturities as separate tranches. In a reverse inquiry, the investment banker, acting as an agent of the issuer, learns the needs of his institutional customer, and tailors a tranche to meet the needs of that customer.SEC Rule 144 — Private Placement Market
Companies that are too small or risky for an IPO can get financing through , which is also cheaper and faster than a public offering. SEC Rule 144 governs private placement transactions.A private placement is the selling of unregistered securities, either stocks or bonds, to qualified institutional investors—investment companies, pension funds, and insurance companies, especially life insurance companies. The cost of a private placement is much less than a public offering, because the securities do not have to be registered with the SEC, the issuer does not have to comply with U.S. generally accepted accounting principles, and because there are usually only a few institutional investors involved, marketing costs are much less.The SEC enacted Regulation D in 1982 which defines a qualified institutional investor as one who can understand, or can employ those who understand, the return and the risk of securities, and can bear the risks.However, the purchaser of a private placement must sign a letter of intent, called an investment letter, which states that the securities are being bought for investment and not for resale. Thus, these securities are often called letter securities, or in the case of bonds, letter bonds. If the letter securities are stocks, then they may be called letter stocks, or 144 stocks.Although the issuer does not have to give a prospectus to buyers in a private placement, it still must furnish information that the SEC deems material in the form of a private placement memorandum to potential investors. Unlike a prospectus, though, the SEC does not review the memorandum. Because there are usually few investors in any given private placement, the investors can negotiate the characteristics of the issue, giving them more flexibility than they would have in a public offering.Letter securities cannot be resold for 2 years (1 year if more onerous conditions are met), and when they are, it must be a regular brokerage transaction.Most private placement bonds are not investment grade, and because they were privately placed, they can't be resold to the public unless they are first registered with the SEC. Thus, they generally pay a higher interest rate compared to other securities of comparable terms.An investment banker can tailor private placements for their institutional customers.Rule 144A — Increasing Liquidity and Foreign Investment, and Domestic Issuance of Foreign SecuritiesPreviously, investors who bought private-placement securities could not resell them for 2 years. This cost issuers more because they had to pay a higher yield to compensate investors for the illiquidity of their purchase. In April, 1990, the SEC enacted Rule 144A, which allowed institutional investors to trade the investments among themselves at any time, and without having to register the securities. This not only lowered the cost of raising funds by the issuer, but it also increased foreign investment, which increased the supply of money, and thereby reduced its cost even more. Rule 144A offerings are underwritten by investment bankers.Rule 144A also enhanced the domestic issuance of securities for foreign issuers, primarily because it eliminated the need to register the securities, thereby saving time and expense.Secondary Bond MarketBecause there are many more bonds than stocks—about 800,000 bond issues compared to about 8,000 stocks traded on the New York Stock Exchange and NASDAQ—most bonds are traded over the telephone rather than on an electronic exchange. The diversity of bonds is the result of both more issuers and more issues of bonds with different characteristics, maturities, and yields, from each individual issuer. The illiquidity of most bond issues also makes it difficult to list current prices, since the last trade for a particular issue may have been weeks or months ago. Changing interest rates or credit ratings can have a significant effect on prices since the last trade. A bond trader can usually give a more accurate quote from knowing recent prices of bond trades with similar characteristics, which would be difficult to do with an electronic exchange. Rather than providing a best bid/ask prices for particular bond issue, an electronic system can facilitate trading by making it easier to get multiple quotes from bond dealers for a particular bond.
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