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Olivia.W🌸 · 2024年07月23日

B选项为什么成交价不是最高的价格？

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000016

问题如下：

Which of the following is correct regarding the single-price auction process?

选项：

A.

Bidders include only dealers and institutional investors.

B.

Competitive bidders who bid higher than the stop yield are allocated securities.

C.

All non-competitive bids are accepted, while competitive bids are ranked starting at the lowest yield (highest bond price).

解释：

C is correct. All non-competitive bids are accepted, while competitive bids are ranked starting at the lowest yield (highest bond price). A is incorrect because individuals can also bid, in addition to dealers and institutional investors. B is incorrect because competitive bidders who bid higher than the stop yield (lower price) do not purchase any securities. All securities are sold for a single price, using a stop yield.

投标价高，债券发行人拿到的钱不就多吗?为什么是接受低价的？低价对应高收益率，但是发行人不是要拿越多钱越好么

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1 个答案

品职答疑小助手雍 · 2024年07月24日

同学你好，报价报的是利率，报的利率越高即对债券出价越低

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