Discount一般是指某物的售价低于其正常水平。如果一项
资产的价值高于其
市场价格所反映的水平，该项
资产则称为“处于贴水状态”(at discount)。在
货币市场，金融
票据到期前不付息，因此其价格低于
面值，故称“以贴现的方式表达”。在
外汇市场，贴水指远期汇率低于现汇。在期货
市场，贴水指期货的价格低于
现货，英文称为backwardation。
Discount的英文反义词为premium(溢价/
升水)。
参见Backwardation（延期交割贴水），
Premium（溢价）。
Generally used to describe when something is selling below its normal price. An asset or
fund is described as being at
discount when its value is above its market price. In the
money markets it is the action of buying financial
paper at less than
par value. In the
foreign exchange markets it is a
margin by which the forward rate falls below
spot. In the
futures market it is referred to as
backwardation. Opposite of premium.
See also: Backwardation, Premium
