NO.PZ202105270100000406 问题如下 Using the builng bloapproach, the requirerate of return for the ZMC bonwill most likely: A.increase baseon the change in the cret premium. B.crease baseon the change in the fault-free rate. C.crease baseon the change in the liquity premium. A is correct. The cret premium is the aitionexpectereturn manfor bearing the risk of fault losses. A cret wngra two steps lower will increase the cret premium anthe requirerate of return. The change in the fault-free rate associatewith the monetary tightening will increase (not crease) the requirerate of return. The wining of the sprebetween the sovereign bonanthe next highest-quality government agensecurity incates increase in the liquity premium, whiwill increase (not crease) the requirerate of return.B is incorrebecause the requirerate of return woulincrease (not crease) baseon the change in the fault-free rate associatewith the monetary tightening.C is incorrebecause the rate of return woulincrease (not crease) baseon a change in the liquity premium. The liquity premium cestimatefrom the yielsprebetween the highest-quality issuer (typically a sovereign bon anthe next highest-quality large issuer of similbon (often a government agency). A wining yielspreincates increase in the liquity premium anrequirerate of return.信用溢价是承担违约损失风险所要求的额外预期收益。信用评级再下调两级，将增加信用溢价和所需的回报率。与货币紧缩相关的无违约利率的变化将增加(而不是减少)所需的回报率。主权债券与第二高质量政府机构证券之间的息差不断扩大，表明流动性溢价上升，这将提高(而非降低)所需的回报率。B是错误的，因为要求的回报率将增加(而不是减少)基于与货币紧缩相关的无违约利率的变化。C是错误的，因为收益率会根据流动性溢价的变化而增加(而不是减少)。流动性溢价可以通过最优质的发行人(通常是主权债券)与次之的同类债券大型发行人(通常是政府机构)之间的收益率差来估计。利差的扩大表明流动性溢价和要求收益率的增加。 老师上课拆分的结果来看求得是ExpecteReturn，但是这道题求得是RequireRate of Return。按道理来说ExpecteReturn是站在事后得出的，也就是我已经买了这个债券，债券的持有到期收益率；而Requirerate of return是事前的收益率，也就是我没有买债券的时候，我的要求回报率。为什么在这道题里面这两个概念没有区别了？
NO.PZ202105270100000406 问题如下 Using the builng bloapproach, the requirerate of return for the ZMC bonwill most likely: A.increase baseon the change in the cret premium. B.crease baseon the change in the fault-free rate. C.crease baseon the change in the liquity premium. A is correct. The cret premium is the aitionexpectereturn manfor bearing the risk of fault losses. A cret wngra two steps lower will increase the cret premium anthe requirerate of return. The change in the fault-free rate associatewith the monetary tightening will increase (not crease) the requirerate of return. The wining of the sprebetween the sovereign bonanthe next highest-quality government agensecurity incates increase in the liquity premium, whiwill increase (not crease) the requirerate of return.B is incorrebecause the requirerate of return woulincrease (not crease) baseon the change in the fault-free rate associatewith the monetary tightening.C is incorrebecause the rate of return woulincrease (not crease) baseon a change in the liquity premium. The liquity premium cestimatefrom the yielsprebetween the highest-quality issuer (typically a sovereign bon anthe next highest-quality large issuer of similbon (often a government agency). A wining yielspreincates increase in the liquity premium anrequirerate of return.信用溢价是承担违约损失风险所要求的额外预期收益。信用评级再下调两级，将增加信用溢价和所需的回报率。与货币紧缩相关的无违约利率的变化将增加(而不是减少)所需的回报率。主权债券与第二高质量政府机构证券之间的息差不断扩大，表明流动性溢价上升，这将提高(而非降低)所需的回报率。B是错误的，因为要求的回报率将增加(而不是减少)基于与货币紧缩相关的无违约利率的变化。C是错误的，因为收益率会根据流动性溢价的变化而增加(而不是减少)。流动性溢价可以通过最优质的发行人(通常是主权债券)与次之的同类债券大型发行人(通常是政府机构)之间的收益率差来估计。利差的扩大表明流动性溢价和要求收益率的增加。 记得老师上课说过 Requirerate of return 是一个事前的概念， expectereturn = realisereturn 是事后评估的概念。CME note里的各种预测收益率的公式应该都是expectereturn 的角度。应该都是事后的概念。而且说到cret premium 何老师也特别强强调了用 expectereturn 来分析。为什么这个题目的问题是 用builng blo的方法来讨论 Requirerate of return ？而且还是从 cret premium 的角度？cret premium不是应该对expectereturn 吗？
NO.PZ202105270100000406问题如下Using the builng bloapproach, the requirerate of return for the ZMC bonwill most likely:A.increase baseon the change in the cret premium.B.crease baseon the change in the fault-free rate.C.crease baseon the change in the liquity premium. A is correct. The cret premium is the aitionexpectereturn manfor bearing the risk of fault losses. A cret wngra two steps lower will increase the cret premium anthe requirerate of return. The change in the fault-free rate associatewith the monetary tightening will increase (not crease) the requirerate of return. The wining of the sprebetween the sovereign bonanthe next highest-quality government agensecurity incates increase in the liquity premium, whiwill increase (not crease) the requirerate of return.B is incorrebecause the requirerate of return woulincrease (not crease) baseon the change in the fault-free rate associatewith the monetary tightening.C is incorrebecause the rate of return woulincrease (not crease) baseon a change in the liquity premium. The liquity premium cestimatefrom the yielsprebetween the highest-quality issuer (typically a sovereign bon anthe next highest-quality large issuer of similbon (often a government agency). A wining yielspreincates increase in the liquity premium anrequirerate of return.信用溢价是承担违约损失风险所要求的额外预期收益。信用评级再下调两级，将增加信用溢价和所需的回报率。与货币紧缩相关的无违约利率的变化将增加(而不是减少)所需的回报率。主权债券与第二高质量政府机构证券之间的息差不断扩大，表明流动性溢价上升，这将提高(而非降低)所需的回报率。B是错误的，因为要求的回报率将增加(而不是减少)基于与货币紧缩相关的无违约利率的变化。C是错误的，因为收益率会根据流动性溢价的变化而增加(而不是减少)。流动性溢价可以通过最优质的发行人(通常是主权债券)与次之的同类债券大型发行人(通常是政府机构)之间的收益率差来估计。利差的扩大表明流动性溢价和要求收益率的增加。 老师基础班的讲法，我还是不理解，一会说经济情况变好，expecteR变高，cret premium 变大， 这里又是经济变成，我cret premium 变低。 能不能再给一个明确的讲解。
NO.PZ202105270100000406 问题如下 Using the builng bloapproach, the requirerate of return for the ZMC bonwill most likely: A.increase baseon the change in the cret premium. B.crease baseon the change in the fault-free rate. C.crease baseon the change in the liquity premium. A is correct. The cret premium is the aitionexpectereturn manfor bearing the risk of fault losses. A cret wngra two steps lower will increase the cret premium anthe requirerate of return. The change in the fault-free rate associatewith the monetary tightening will increase (not crease) the requirerate of return. The wining of the sprebetween the sovereign bonanthe next highest-quality government agensecurity incates increase in the liquity premium, whiwill increase (not crease) the requirerate of return.B is incorrebecause the requirerate of return woulincrease (not crease) baseon the change in the fault-free rate associatewith the monetary tightening.C is incorrebecause the rate of return woulincrease (not crease) baseon a change in the liquity premium. The liquity premium cestimatefrom the yielsprebetween the highest-quality issuer (typically a sovereign bon anthe next highest-quality large issuer of similbon (often a government agency). A wining yielspreincates increase in the liquity premium anrequirerate of return.信用溢价是承担违约损失风险所要求的额外预期收益。信用评级再下调两级，将增加信用溢价和所需的回报率。与货币紧缩相关的无违约利率的变化将增加(而不是减少)所需的回报率。主权债券与第二高质量政府机构证券之间的息差不断扩大，表明流动性溢价上升，这将提高(而非降低)所需的回报率。B是错误的，因为要求的回报率将增加(而不是减少)基于与货币紧缩相关的无违约利率的变化。C是错误的，因为收益率会根据流动性溢价的变化而增加(而不是减少)。流动性溢价可以通过最优质的发行人(通常是主权债券)与次之的同类债券大型发行人(通常是政府机构)之间的收益率差来估计。利差的扩大表明流动性溢价和要求收益率的增加。 老师好 到底应该怎么判断return 上去还是下去？ 这里答案是说A cret wngra two steps lower will increase the requirerate of return. 但如果按基础班（截图）的做法就是， 从马上increase short term rate 的话， 不是 Priof bon会下降，然后return of the bon会下去， 于是cret premium 不是会下降吗？按基础班 (（截图）的说法就是 不好的事情 （比如fault)发生，就会导致P下去（因为折现率变大为了compensate ault risk here) 然后rerturn 下去，然后cret premium 下去？ 但这题里认为不好的事情发生（cret wngra two steps lower) 反而会导致大家要求的return 变高。虽然这思路也可以理解，就是和上课的做法为什么不同，以哪个办法来做？ 谢谢。
