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王秋宇 · 2022年10月14日

看到题目后产生个额外的疑问

  1. CFA I
  2. Fixed Income

NO.PZ2016031001000001

问题如下：

A 10-year bond was issued four years ago. The bond is denominated in US dollars, offers a coupon rate of 10% with interest paid semi-annually, and is currently priced at 102% of par. The bond's:

选项：

A.

tenor is six years.

B.

nominal rate is 5%.

C.

redemption value is 102% of the par value.

解释：

A is correct.

The tenor of the bond is the time remaining until the bond’s maturity date. Although the bond had a maturity of 10 years at issuance (original maturity), it was issued four years ago. Thus, there are six years remaining until the maturity date. B is incorrect because the nominal rate is the coupon rate, i.e., the interest rate that the issuer agrees to pay each year until the maturity date. Although interest is paid semi-annually, the nominal rate is 10%, not 5%. C is incorrect because it is the bond’s price, not its redemption value (also called principal amount, principal value, par value, face value, nominal value, or maturity value), that is equal to 102% of the par value.

考点：Basic Features of a Bond

解析：A选项：tenor指的是还剩下的距离到期的年限，由于债券四年前发行，总期限是十年，那么距离到期还剩六年，故选项A正确。

B选项：nominal rate就是coupon rate，即10%，故选项B不正确。

C选项：redemption value就是par value，102% of par是当前的价格。故选项C不正确。

根据题目的表述，这个债券半年复习一次，每次付多少？百分之10还是百分之5。 题目中的coupon rate ，是每期利率，还是每年的利率？

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吴昊_品职助教 · 2022年10月14日

嗨，从没放弃的小努力你好：


offers a coupon rate of 10% with interest paid semi-annually，面值100的债券，coupon payment=100*10%/2=5

只要是题目中表达出来的利率，都是年化的形式，但我们在做题时，需要去年化。所以题干中10%是年化的利率，我们做题需要除以2，5%就是一期的coupon rate。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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