为什么溢价

问题如下：

A five-year corporate bond paying an annual coupon of 8% is sold at a price reflecting a yield to maturity of 6%. One year passes and the interest rates remain unchanged. Assuming a flat term structure and holding all other factors constant, the bond s price during this period will have

选项：

A.

Increased

B.

Decreased

C.

Remained constant

D.

Cannot be determined with the data given

解释：

ANSWER: B

Because the coupon is greater than the yield, the bond must be selling at a premium or current price greater than the face value. If yields do not change, the bond price will converge to the face value. Given that it starts higher, it must decrease.