MRR

问题如下：

The variability of the coupon rate on a MRR-based floating-rate bond is most likely due to:

选项：

A.

periodic resets of the reference rate.

B.

market-based reassessments of the issuer’s creditworthiness.

C.

changing of borrowing capacity.

解释：

A is correct.

Changes in the coupon rate of interest on a floating-rate bond are due to changes in the reference rate (for example, 90-day MRR), which resets periodically. "Therefore, the coupon rate adjusts to the level of market interest rates (plus the spread) each time the reference rate is reset."

考点：浮动利率债券

解析：浮动利率债券的Coupon Rate=Reference rate + Quoted Margin，Reference rate和Quoted Margin共同决定Coupon Rate。且quoted margin是一开始就约定好不会变的，变化的是reference rate，也就是选项A。

给Floating rate bond未来现金流折现时，使用到的折现率是：Reference rate + Discount margin。基准利率和Discount margin共同构成对这个浮动利率债券的要求回报率。quoted margin是固定的，但是discounted margin有可能会变。选项B，比如信用质量变好了，discounted rate就会变小。信用质量变差了，discounted rate就会变大。

选项C说的是对借款能力变化的估计，同样，借款能力变好了，discounted rate就变小了；借款能力变差，discounted rate就会变大。选项B和C都不会影响到coupon rate，影响的是discount rate。故A选项正确。