抵押债券(Mortgage Bonds)是指债券发行人为了保证债券的还本付息,以土地、设备、房屋等不动产作为抵押担保物所发行的债券。如果发行人到期不能还本付息,债券持有人(或其受托人)有权处理抵押担保物作为抵偿。因此,抵押债券相当于担保债券,且一般来讲抵押担保物的现行价值总值要高于债券发行总额。由于抵押债券有发行公司的具体资产作为担保,因此其投资风险要低于无担保的债券,相应地其收益也低于无担保债券。抵押债 Mortgage Bonds Bonds issued by bond issuers in order to guarantee the debt service of bonds, bonds issued by real estate such as land, equipment and houses. If the issuer is unable to repay the principal and interest as it becomes due, the bondholder (or its trustee) is entitled to treat the collateral as a compensation. Therefore, a collateralized bond is equivalent to a collateralised bond, and in general the collateral value of the collateral secured is higher than the total bond issue. As the mortgage bonds have the specific assets of the issuing company as a guarantee, the investment risk is lower than that of the unsecured bonds, and correspondingly the returns are lower than that of the unsecured bonds. Mortgage debt