What Is Dirty Price?

什么是全价？

A dirty price is a bond pricing quote, which refers to the cost of a bond that includes accrued interest based on the coupon rate. Bond price quotes between coupon payment dates reflect the accrued interest up to the day of the quote.

全价是一种债券定价报价，指债券成本中包括基于票面利率的应计利息。息票支付日之间的债券报价反映了截至报价日的应计利息。

In short, a dirty bond price includes accrued interest while a clean price does not.

简言之，全价债券价格包括应计利息，而净价不包括应计利息。

 

KEY TAKEAWAYS

要点

·A dirty price includes accrued interest along with a bond's coupon payment.

·全价包括应计利息和债券的息票付款。

·If a bond quotes between coupon payment dates, the price cited includes accrued interest up to the day of the quote.

·如果债券在付息日之间报价，所引用的价格包括截至报价日的应计利息。

·In short, a dirty bond price includes accrued interest while a clean bond price does not.

·简言之，全价债券价格包括应计利息，而净价债券价格不包括应计利息。

·Clean quotes are typical in the United States, and dirty quotes are standard in Europe.

·净价常在美国使用，而全价在欧洲是标准价格。

 

Understanding Dirty Price

了解全价

Accrued interest is earned when a coupon bond is currently in between coupon payment dates. As the next coupon payment date approaches, the accrued interest increases each day until the payment of the coupon. On the day of the coupon payment, the clean price and dirty price are equal since there is no accrued interest until the next market day.

当息票债券处于两次付息日之间时，就会产生应计利息。随着下一个付息日的临近，应计利息会逐日增加，直到付息为止。在付息日当天，净价和脏价相等，因为在下一个市场日之前没有应计利息。

 

The dirty price is sometimes called the price plus accrued. In the United States, the clean price is quoted more often while in Europe, the dirty price is the standard.

全价有时也称为价格加应计利息。在美国，净价的报价更为常见，而在欧洲，全价是标准价格。

 

The dirty price allows a seller to calculate the actual cost of a bond since the bond might have accrued interest from the previous coupon payment date. So, the date of the sale would reflect the clean price plus any accrued interest, calculated daily. As a result, a buyer's actual price paid for the bond is higher than the quoted price on financial websites because it accounts for the accrued interest and the broker's commission.

全价允许卖方计算债券的实际成本，因为债券可能已经从上一个付息日开始累计利息。因此，销售日期将反映每日计算的净价加上任何应计利息。因此，买方为债券支付的实际价格要高于金融网站上的报价，因为其中包含了应计利息和经纪人佣金。

 

Accrued Interest

应计利息

The interest increases at a steady rate on a bond and calculation of the earned amount happen each day. As a result, the dirty price will change daily until the payout, or coupon payment, date. Once the payout is complete, and the accrued interest resets to zero, the dirty and clean prices are the same.

债券的利息以稳定的速度增长，每天都会计算所赚取的金额。因此，在派息（或支付票息）日之前，全价每天都会变化。一旦支付完成，应计利息重置为零，全价和净价就会相同。

 

In the case of bonds offering semiannual payments, the dirty price would rise slightly higher every day over the course of six months. Once the six-month mark arrives, and the coupon payment is made, the accrued interest resets to zero to begin the cycle again. The dirty-to-clean process continues until the bond reaches maturity.

如果是半年付息一次的债券，在六个月的时间里，全价每天都会略微上涨。一旦到了六个月的期限，并且支付了票息，应计利息就会重置为零，再次开始循环。从全价到净价的过程一直持续到债券到期。

 

Dirty Vs. Clean Pricing

全价 vs. 净价

 

The dirty price is typically quoted between brokers and investors, but the clean price or the price without accrued interest is usually considered the published price. The clean price would likely be recorded in newspapers or financial resources that perform price tracking. Although the dirty price includes accrued interest, the clean price is often considered to be the value of the bond in the current market.

全价通常是经纪人和投资者之间的报价，但净价或不含应计利息的价格通常被视为公布价格。净价可能会记录在报纸或进行价格跟踪的金融资源中。虽然全价包含应计利息，但净价通常被认为是债券在当前市场上的价值。

 

Real-World Example of a Dirty Price

全价实例

As an example, let's say Apple Inc. issued a bond with a $1,000 face value while $960 is the published price. The bond pays an interest rate—coupon rate—of 4% annually, and these payments are semiannual. As a result, investors would receive $20 every six months for holding the bond.

举个例子，假设苹果公司发行了面值 1000 美元的债券，公布价格为 960 美元。该债券的年利率（即票面利率）为 4%，每半年支付一次。因此，投资者持有该债券每 6 个月可获得 20 美元。

 

The price of $960 is the published price or the clean price. However, an investor looking to purchase the bond would receive a quote from a broker that includes the $960 plus any accrued interest. The broker would calculate the daily per diem of interest that has accumulated. Let's assume there's no broker commission. Depending on the day the investor made the purchase, the accrued interest would vary.

960 美元的价格是已公布的价格或清盘价格。但是，希望购买该债券的投资者会从经纪人那里得到一个报价，其中包括 960 美元和任何应计利息。经纪人会计算累积的每日利息。假设没有经纪人佣金。根据投资者购买的日期，应计利息会有所不同。

 

So, if the investor bought the bond a day before the first coupon payment of $20 it results in $19 of accrued interest up to that date. The investor's bond's price would be $979, or $960 plus $19 in accrued interest.

因此，如果投资者在首次支付票息 20 美元的前一天购买了债券，那么截至该日的应计利息为 19 美元。投资者的债券价格为 979 美元，即 960 美元加 19 美元的应计利息。

 

By JAMES CHEN

作者：JAMES CHEN

Updated May 29, 2021

更新日期：2021 年 5 月 29 日

Reviewed by GORDON SCOTT

审核人：GORDON SCOTT