这题用YTM的公式，如何解释

问题如下：

Which bond will most likely experience the smallest percent change in price if the market discount rates for all three bonds increase by 100 basis points?

选项：

A.

Bond A

B.

Bond B

C.

Bond C

解释：

B is correct.

Bond B will most likely experience the smallest percent change in price if market discount rates increase by 100 basis points. A higher-coupon bond has a smaller percentage price change than a lower-coupon bond when their market discount rates change by the same amount (the coupon effect). Also, a shorter-term bond generally has a smaller percentage price change than a longer-term bond when their market discount rates change by the same amount (the maturity effect). Bond B will experience a smaller percent change in price than Bond A because of the coupon effect. Bond B will also experience a smaller percent change in price than Bond C because of the coupon effect and the maturity effect.

考点：maturity effect & coupon effect

解析：maturity effect表明，对于coupon rate一样的债券，maturity较大的债券，其价格改变较大，在债券A和C中，我们排除C。coupon effect表明，对于maturity一样的债券，coupon rate较小的债券，其价格改变较大，在债券A和B中，排除A。故选项B正确。