请问用讲义上的公式算出来PD（派）是个负数 如图。

NO.PZ2020033002000034 问题如下 Grapefruit Bank issuetwo semi-annuinterest-bearing cret bon, of whibonA matures after half a year, the coupon rate is 8.5%, the current priis $ 98, anthe corresponng half-yeT-bill interest rate is 4.5%. The bonB expires after one year, the coupon rate is 10%, the current priis $ 101, anthe corresponng one-yeT-bill rate is 5%. Assuming ththeir recovery rates are all 40%, anthey will only fault on the coupon payment te, whiof the following statements is correct? The market implierisk-neutrfault probability in the first half of the yeis higher ththin the seconhalf. B.The market implierisk-neutrfault probability in the first half of the yeis lower ththin the seconhalf. C.The market implierisk-neutrfault probability is equin the first half anthe seconhalf. The market implierisk-neutrfault probability in the first half anthe seconhalf cannot compare is correct.考点SpreRisk-anCret SpreCurve解析对于bon，通过金融计算器PV=-98 FV=100 PMT=4.25 N=1 CPT I/Y=6.3776 年化YTM=12.76%spreaYTM-rf=12.76%-4.5%=8.255%债券BPV=-101 FV=100 PMT=5 N=2 CPT I/Y=4.466% 年化YTM=8.93%spreaYTM-rf=8.93%-5%=3.93%根据题目已知RR=40%，那么spreaPRR，谁的sprea，P定就大，A这个半年期bonP于B这个一年期的bon那么前半年的P就肯定大于后半年的P sprea该是我预计会损失的部分吧，那不应该就是PLG。我怎么记得之前的题也是用的这个。请老师指导一下，学迷糊了

NO.PZ2020033002000034 问题如下 Grapefruit Bank issuetwo semi-annuinterest-bearing cret bon, of whibonA matures after half a year, the coupon rate is 8.5%, the current priis $ 98, anthe corresponng half-yeT-bill interest rate is 4.5%. The bonB expires after one year, the coupon rate is 10%, the current priis $ 101, anthe corresponng one-yeT-bill rate is 5%. Assuming ththeir recovery rates are all 40%, anthey will only fault on the coupon payment te, whiof the following statements is correct? The market implierisk-neutrfault probability in the first half of the yeis higher ththin the seconhalf. B.The market implierisk-neutrfault probability in the first half of the yeis lower ththin the seconhalf. C.The market implierisk-neutrfault probability is equin the first half anthe seconhalf. The market implierisk-neutrfault probability in the first half anthe seconhalf cannot compare is correct.考点SpreRisk-anCret SpreCurve解析对于bon，通过金融计算器PV=-98 FV=100 PMT=4.25 N=1 CPT I/Y=6.3776 年化YTM=12.76%spreaYTM-rf=12.76%-4.5%=8.255%债券BPV=-101 FV=100 PMT=5 N=2 CPT I/Y=4.466% 年化YTM=8.93%spreaYTM-rf=8.93%-5%=3.93%根据题目已知RR=40%，那么spreaPRR，谁的sprea，P定就大，A这个半年期bonP于B这个一年期的bon那么前半年的P就肯定大于后半年的P 为啥用1和2，用0。5算出来是i/y=8.7610,这个是不是直接可以看做年化r

NO.PZ2020033002000034问题如下 Grapefruit Bank issuetwo semi-annuinterest-bearing cret bon, of whibonA matures after half a year, the coupon rate is 8.5%, the current priis $ 98, anthe corresponng half-yeT-bill interest rate is 4.5%. The bonB expires after one year, the coupon rate is 10%, the current priis $ 101, anthe corresponng one-yeT-bill rate is 5%. Assuming ththeir recovery rates are all 40%, anthey will only fault on the coupon payment te, whiof the following statements is correct? The market implierisk-neutrfault probability in the first half of the yeis higher ththin the seconhalf. B.The market implierisk-neutrfault probability in the first half of the yeis lower ththin the seconhalf.C.The market implierisk-neutrfault probability is equin the first half anthe seconhalf. The market implierisk-neutrfault probability in the first half anthe seconhalf cannot compare is correct.考点SpreRisk-anCret SpreCurve解析对于bon，通过金融计算器PV=-98 FV=100 PMT=4.25 N=1 CPT I/Y=6.3776 年化YTM=12.76%spreaYTM-rf=12.76%-4.5%=8.255%债券BPV=-101 FV=100 PMT=5 N=2 CPT I/Y=4.466% 年化YTM=8.93%spreaYTM-rf=8.93%-5%=3.93%根据题目已知RR=40%，那么spreaPRR，谁的sprea，P定就大，A这个半年期bonP于B这个一年期的bon那么前半年的P就肯定大于后半年的PspreaP️RR在讲义哪里讲的

NO.PZ2020033002000034问题如下 Grapefruit Bank issuetwo semi-annuinterest-bearing cret bon, of whibonA matures after half a year, the coupon rate is 8.5%, the current priis $ 98, anthe corresponng half-yeT-bill interest rate is 4.5%. The bonB expires after one year, the coupon rate is 10%, the current priis $ 101, anthe corresponng one-yeT-bill rate is 5%. Assuming ththeir recovery rates are all 40%, anthey will only fault on the coupon payment te, whiof the following statements is correct? The market implierisk-neutrfault probability in the first half of the yeis higher ththin the seconhalf. B.The market implierisk-neutrfault probability in the first half of the yeis lower ththin the seconhalf.C.The market implierisk-neutrfault probability is equin the first half anthe seconhalf. The market implierisk-neutrfault probability in the first half anthe seconhalf cannot compare is correct.考点SpreRisk-anCret SpreCurve解析对于bon，通过金融计算器PV=-98 FV=100 PMT=4.25 N=1 CPT I/Y=6.3776 年化YTM=12.76%spreaYTM-rf=12.76%-4.5%=8.255%债券BPV=-101 FV=100 PMT=5 N=2 CPT I/Y=4.466% 年化YTM=8.93%spreaYTM-rf=8.93%-5%=3.93%根据题目已知RR=40%，那么spreaPRR，谁的sprea，P定就大，A这个半年期bonP于B这个一年期的bon那么前半年的P就肯定大于后半年的P违约概率咋还可以拆分成上半年下半年？这四个债券放一块是为了什么呢？P两两相同？解题完全不明白。谢谢啊

NO.PZ2020033002000034问题如下 Grapefruit Bank issuetwo semi-annuinterest-bearing cret bon, of whibonA matures after half a year, the coupon rate is 8.5%, the current priis $ 98, anthe corresponng half-yeT-bill interest rate is 4.5%. The bonB expires after one year, the coupon rate is 10%, the current priis $ 101, anthe corresponng one-yeT-bill rate is 5%. Assuming ththeir recovery rates are all 40%, anthey will only fault on the coupon payment te, whiof the following statements is correct? The market implierisk-neutrfault probability in the first half of the yeis higher ththin the seconhalf. B.The market implierisk-neutrfault probability in the first half of the yeis lower ththin the seconhalf.C.The market implierisk-neutrfault probability is equin the first half anthe seconhalf. The market implierisk-neutrfault probability in the first half anthe seconhalf cannot compare is correct.考点SpreRisk-anCret SpreCurve解析对于bon，通过金融计算器PV=-98 FV=100 PMT=4.25 N=1 CPT I/Y=6.3776 年化YTM=12.76%spreaYTM-rf=12.76%-4.5%=8.255%债券BPV=-101 FV=100 PMT=5 N=2 CPT I/Y=4.466% 年化YTM=8.93%spreaYTM-rf=8.93%-5%=3.93%根据题目已知RR=40%，那么spreaPRR，谁的sprea，P定就大，A这个半年期bonP于B这个一年期的bon那么前半年的P就肯定大于后半年的P4.5%与5%两个量纲不一样，一个是半年的一个是一年的，用8.93%—5%没有意见，但是12.755%—4.5%，因为4.5%是半年的rf，是否需要4.5%*2？