问

问题如下：

A five-year semi-annual capital-indexed bond is issued with the coupon rate of 8%, par value of $1000. It is indexed to the inflation rate of the Unite States. Assume the inflation rate is increased by 3%, which of the following is least appropriate?

选项：

A.

The coupon payment becomes $41.2.

B.

The principal value becomes $1030.

C.

The coupon rate is increased to 10%.

解释：

C is correct.

A capital-indexed bond remains the coupon rate constant and the principal value increases in line with the inflation rate during the bond's life. Thus, the interest payments and the principal value are adjusted for the inflation. Coupon rate is still 8% and principal value becomes 1,000×(1+3%)=$1,030. The coupon payment equals $1030×8%×(1/2)=$41.2.

考点：capital indexed bond

解析：对于capital indexed bonds而言，此类债券票面利率保持不变，但票面价值根据通货膨胀进行调整。因此，通货膨胀调整后的面值 = 1000 × (1+3%) =1030，而债券票面利率保持不变。对应每一期的coupon = 1030 × 8% × (1/2) = 41.2，故选项C不正确，当选。