本息分离债券

本息分离债券（Strips）指的是到期前的利息支付已被分离出来的债券，在利率大幅下跌时，其表现往往好于常规债券&自今年4月以来一直如此。

Strips , bonds that have been stripped of their interest payments until maturity , tend to outperform regular bonds when interest rates fall sharply – as has been the case since April .

我国本息分离债券市场制度设计的若干重点问题

The Study of Designing Some Important Mechanisms in Chinese STRIPS Market

换言之，本息分离债券的回报率在接下来的几个月很可能会升温。

In other words , the returns from stripping bonds could well heat up in the coming months .

现在是否该慎重对待“本息分离”债券，并坚持持有各类长期美国国债，主要取决于你对美国经济以及通胀率下降最终不经意间演变为通缩的前景的看法。

Whether now is the time for some circumspection about " stripping " bonds and holding on to long-term Treasury debt in general , largely depends on your view about the US economy and the prospects of sliding inflation ultimately flirting with deflation .