One reason to think so is that the pharmaceutical industry is known for its large, reliable cashflows. 之所以这样说是因为制药企业有大量而可靠的现金来源。
The value of such assets is dependent on their future cashflows ( dividends, interest and rents). 因为这些资产的价值依赖于未来的资金流(分红、利息及租金)。
Conversely, a fall in interest rates will in-crease the price, or present value of all future cashflows of the bond. 相反的,利率下跌债券价格就会上升。
Perhaps BHP was worried that diminishing cashflows made taking on additional debt unwise – Rio's all cash purchase of Alcan, the aluminum producer, left it with almost$ 40bn of net debt. 也许必和必拓担心,在现金流不断减少的情况下,接手更多债务是不明智的:力拓对加拿大铝业(Alcan)的纯现金收购,使其背负了近400亿美元净债务。
In order to receive these streams of future cashflows, the pros-pective bond holder pays a price to the issuer of the bond. 要在将来定期收到利息,债券投资者首先得付出一笔钱给债券发行人。
But by 2030 or 2040, those cashflows will be generated by our children. 但是在2030年或者2040年为止,这些资金流都得由我们的子辈来创造。
First, at its root the social-impact bond is about creating a set of cashflows to suit the needs of the sponsor, the provider and the investor. 首先,社会影响债券的基础在于为满足支持者,提供者和投资者的需要创造一套现金流。