问

问题如下：

If a buy-and-hold investor purchased a bond, and the interest rate increased before the first coupon date. If he/she holds the bond to maturity, the realized return is:

选项：

A.

is equal to the YTM calculated at the time when the bond is purchased

B.

is lower than the YTM calculated at the time when the bond is purchased

C.

is higher than the YTM calculated at the time when the bond is purchased

解释：

C is correct.

Buy-and-hold investors have two sources of return, coupon and its reinvestment return. If the interest rate increases, the coupon received can be reinvested at a higher rate. Thus, the realized return is higher than YTM calculated at the time of bond purchase.

考点：Source of return

解析：投资者购买债券并持有至到期有两种收益来源，coupon和coupon的再投资收益。如果利率上升，收到的coupon可以以较高的利率进行再投资。因此，实际收益率高于购买债券时计算的到期收益率，故选项C正确。