Basis Points (BPS)

什么是基点（BP）？

基点（BPS）是用于衡量标准的术语，等于一个百分点的1/100。通常用于证券差异百分比小于1％但仍然很重要的地方利率（IR）and debt-related securities.

它们被发音为“ BIPS”，并缩写为“ BPS”，“ BP”（单数）和“ BIPS”。

The term "basis" comes from the base movement between two percentages, or thespreadbetween two interest rates (IRs).

使用示例：

  • 增加纽带yield从8.25％到8.35％的增加是10桶。
  • If theFederal Reserveraises rates from 1.65% to 1.85% it is said to be an increase of 20 basis points (bps) of fed rates.
  • When the price of an交易所交易基金（ETF）由于有利的事件预期，价格上涨了2.6％，被认为增加了260个基点。

Price Value of a Basis Point (PVBP)

一个基点（PVBP）的价格值衡量一个基点收益率变化的债券价格变化的绝对值。这是衡量利率风险（例如持续时间）的另一种方法，该风险衡量了债券价格的百分比变化，而债券价格的变化为1％。

PVBP是美元持续时间的特殊情况。一个基点的价格值不使用100 bp（1％）的变化，而只是使用1个基点（0.01％）更改。速率是否增加或下降都没有关系，因为这两个方向的速度较小的速度将大致相同。它也称为DV01或1 BP移动的美元价值变化。

作为PVBP的一个例子，请考虑，债券收益率的每百分比变化，债券的价格都会变化20美元。在这种情况下，美元持续时间为20美元，PVBP为0.20美元（计算为$ 20/100）。

基点（BPS）计算

The conversion to and from percentage can be easily calculated applying the information below:

  • 为了bps的百分比，除以100。
  • 对于BPS的百分比，乘以100。

或尝试这calculator for free.

Using basis points vs percentage

在谈论百分比时，该公约会减少混乱。例如，考虑以下句子：

“债券收益率增加了5％。”

这是什么意思？假设债券的初始收益率为10％，那么债券现在的价格为10.5％还是15％是模棱两可的。

What if we had phrased the same sentence as "There was an increase of 50 bps on the yield of the bond." This removes any ambiguity as it communicates that the yield on the bond is 10.5% and not 15%.

This is why basis points are used frequently in areas of finance where communicating in percentages happens to be a common occurrence.

基点（bps）与百分比（PIPS）的点

Pips are commonly used in the foreign exchangemarkets, where it is the smallest price move that anexchange rate can makebased on market convention. Since most currencies are priced to four decimal places and the smallest change happens to be the fourth last decimal.

因此，PIP等于BP和1/100的百分比。在用法中产生差异，其中的PIP在外汇（FX）markets while basis points are used in thefixed incomemarkets.

应用基点（BP）的仪器示例：

BPS are primarily used with respect to yields and interest rates in the固定收益的背景assets. However, they may also be used to signify a change in the price of otherassets例如公平股票。应用BP的仪器的示例：

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