问

问题如下：

A "buy-and-hold" investor purchases a fixed-rate bond at a discount and holds the security until it matures. Which of the following sources of return is least likely to contribute to the investor’s total return over the investment horizon, assuming all payments are made as scheduled?

选项：

A.

Capital gain

B.

Principal payment

C.

Reinvestment of coupon payments

解释：

A is correct.

A capital gain is least likely to contribute to the investor’s total return. There is no capital gain (or loss) because the bond is held to maturity. The carrying value of the bond at maturity is par value, the same as the redemption amount. When a fixed-rate bond is held to its maturity, the investor receives the principal payment at maturity. This principal payment is a source of return for the investor. A fixed-rate bond pays periodic coupon payments, and the reinvestment of these coupon payments is a source of return for the investor. The investor’s total return is the redemption of principal at maturity and the sum of the reinvested coupons.

考点：Source of return

解析：题干的意思是，一个购买债券并持有至到期的投资者，假设所有的payment都是按时支付的，那么在投资期限中，最不可能包含在total return中的是以下哪一个部分？

total return一共包含三个部分：期间卖掉债券获得的capital gain，coupon以及coupon的再投资收入。由于投资者是持有至到期的，所以不存在当中把债券卖掉而获得的资本利得部分，故选项A正确。