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齐旬 · 2023年11月09日

B和C的区别是什么

NO.PZ2023052301000007

问题如下:

The bond issue trading at the highest bid–offer spread is most likely a:

选项:

A.

recently issued sovereign bond.

B.

seasoned investment-grade corporate bond.

C.

recently issued investment-grade corporate bond.

解释:

B is correct. Bonds of less frequent corporate issuers or more seasoned bonds of frequent issuers are rarely traded, leading dealers to quote bid–offer spreads of at least 10–20 basis points or more for small sizes. The most recently issued, or on-the-run, developed market sovereign bonds are typically the most liquid fixed-income securities, with primary dealers making active markets in large size with bid–offer spreads equal to a fraction of a basis point. Among corporate issuers, recently issued corporate bonds from frequent issuers of higher credit quality usually exhibit the greatest liquidity and tightest bid–offer spreads.


讲义上面不是recently吗?

2 个答案
已采纳答案

吴昊_品职助教 · 2023年11月09日

嗨,从没放弃的小努力你好:


highest bid–offer spread,现在题目要我们选一个最大的bid-ask spread。bid-ask spread衡量的是流动性风险,换句话说也就是找一个流动性风险最大的,即流动性最差的债券。

seasoned investment-grade corporate bond,B选项的意思是已经发行的投资级别公司债。C选项是最近发行的投资级别公司债。已经发行的和最近发行的,一定是最近发行的流动性更好,流动性风险小,spread小。已经发行的流动性差,流动性风险大,spread大,所以我们选B。

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努力的时光都是限量版,加油!

齐旬 · 2023年11月09日

okk,懂了!谢谢!

吴昊_品职助教 · 2023年11月09日

嗨,努力学习的PZer你好:


不谢~

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努力的时光都是限量版,加油!

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