NO.PZ2018062006000001
问题如下:
A five-year Euro-denominated bond was issued in Mar 2016. Assume it has a coupon rate of 8% and paid quarterly. If today is Mar 1, 2018, and the price of bond is currently at 105% of par. Which of the following is correct?
选项:
A.
The bond’s nominal rate is 8%.
B.
The bond’s tenor is five years.
C.
The bond’s redemption value is 105% of par.
解释:
A is correct.
The nominal rate is bond's coupon rate. The coupon rate of this bond is 8%, so its nominal rate is 8%. The bond is issued two years ago and has a maturity of five years. The remaining time until bond's maturity is three years, therefore the tenor is three years. 105% of par is the bond's current price, which is equal to 105% of par value. The redemption value is the amount that the issuer agrees to repay the bondholders on the maturity date. This amount is also called principal amount, principal value, par value, face value, nominal value, or maturity value.
考点:Basic Features of a Bond
解析:A选项中的nominal rate就是指债券的coupon rate。题干中说coupon rate是8%,故A选项正确。
B选项中的tenor指的是还剩下的距离到期的年限,由于债券两年前发行,总期限是五年,那么距离到期还剩三年,所以这道题中的tenor是3 years,故B选项不正确。
C选项中的redemption value就是par value,即面值。题干中说105% of par指的是当前的价格,而不是债券面值,故C选项不正确。
老师请问c为什么是不对的?