就算是正利率，不也是零息债券才使得premium最小吗？

问题如下：

Which level of coupon would the Swiss government choose if its goal is to minimize the premium over par value for a five-year debt issue?

选项：

A.

1.0%

B.

0.5%

C.

0.0%

解释：

C is correct. Given that Switzerland’s current five-year spot (and par) rate is negative, any non-negative coupon will cause the Swiss government to issue debt at a premium to par. Issuance of debt without a coupon will minimize the size of the premium.