NO.PZ2020011303000188
问题如下：
The coupon rate on a five-year bond is higher than the forward rate between time 4.5 years and time five years. If forward rates do not change do you expect the bond price to increase or decrease during the next six months?
选项：
解释：
It will decrease. The decrease in value is the value of a lost forward rate agreement, which in this case is positive.
题目问：五年期债券的票面利率高于 4.5 年和 5 年之间的远期利率。如果远期利率不变，你预计未来六个月债券价格会上涨还是下跌？
会下跌。
老师您好，这里是否可理解为：coupon rate 大于折现率（此处是forward rate），故债券是溢价发行的状态，后续会回归面值，因此价格会下跌。
