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holicess · 2023年10月08日

principal payment

NO.PZ2023010301000107

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:

Correct Answer: A

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.

老师,the principal 这里是不是就等于Par value, 那就是固定的,为什么还会影响total return 呢?


1 个答案

吴昊_品职助教 · 2023年10月08日

嗨,爱思考的PZer你好:


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?

我们通常认为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。债券持有至到期,就会有本金的归还,所以不选B。

持有至到期的债券没有CG,所以A一定不包含,所以选A。

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