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LT · 2024年02月10日

为什么fv=100而不是110.7呢？最后一年不是还能拿利息吗

  1. CFA I
  2. Quantitative

NO.PZ2023052407000006

问题如下：

Grupo Ignacia issued 10-year corporate bonds four years ago. The bonds pay an annualized coupon of 10.7 percent on a semiannual basis, and the current price of the bonds is MXN97.50 per MXN100 of par value. The YTM of the bonds is closest to:

选项：

A.

11.28 percent.

B.

11.50 percent.

C.

11.71 percent

解释：

A is correct. The YTM is calculated by solving for the RATE spreadsheet function with the following inputs: number of periods of 12 (=6 × 2), coupon payments of 5.35 (=10.7/2), PV of −97.50, and FV of 100. The resulting solution for RATE of 5.64 percent is in semiannual terms, so multiply by 2 to calculate annualized YTM of 11.28 percent.

B is incorrect, as 11.50 percent is the result if number of periods used is eight, instead of 12. C is incorrect, as 11.71 percent is the result if the number of periods used is 6, instead of 12.

为什么fv=100而不是110.7呢？最后一年不是还能拿利息吗

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1 个答案

品职助教_七七 · 2024年02月11日

嗨，努力学习的PZer你好：


coupon是PMT的一部分，不能包含在FV里。FV是期末时点的独立现金流，在本题中只有本金100。

此外，由于本题的coupon是基于semiannual basis的，所以每一期的coupon应为10.7/2=3.5。

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