NO.PZ2023090201000043
问题如下:
An analyst gathers the following information about a callable bond that pays interest annually:
This bond's yield to worst is the:
选项:
A.yield to maturity. B.yield to first call. C.yield to second call.解释:
C is correct.
考点:Yield to worst
解析:本题让计算 yield-to-worst,所以需要计算出每种情况下的收益再进行对比。
1、对于 yield-to-maturity:
N=4;PV= -105;PMT=4;FV=100 → CPT:I/Y =2.67
2、对于 yield-to-frist call:
N=2;PV= -105;PMT=4;FV=103 → CPT:I/Y =2.87
3、对于 yield-to-second call:
N=3;PV= -105;PMT=4;FV=101 → CPT:I/Y =2.57
所以对比最差的是yield-to-second call,即2.57%,故选项C正确。
他这个year2指的是什么时间点呢,债券也没说年中的哪个节点付息
然后购买债券的时间点属于year几呢,是year0还是year1呢