问题如下图：
选项：
A. 
B. 
C. 
解释：
请问这道题为什么不能以110.124为终值，计算i/y后减去3%？
吴昊_品职助教 · 2019年03月19日
首先题目中明确说明我们是以相同期限，相同coupon rate的国债作为benchmark的。如果题目中没有说明需要相同coupon rate，那么我们可以直接用下表中四年期的国债YTM作为benchmark。这个四年期国债，价格等于面值，所以它的YTM就是coupon rate=2.25%。
但是现在题目中说benchmark不但需要相同期限，还需要相同的coupon rate（6%）。所以我们只能用先前算出来的VND(1144.63)作为value反求出YTMg，从而再算出spread。
加油~
陈Shelly · 2019年03月19日
这道题为什么不直接与无风险利率3%作比较呢？
吴昊_品职助教 · 2019年03月19日
我们在spread中需要得到的government bond的YTM，并不是无风险收益率。
NO.PZ201812310200000109 问题如下 Ibarra wants to know the cret spreof bonover a theoreticcomparable-maturity government bonwith the same coupon rate this bon The foregoing cret spreis closest to: 108 bps. 101 bps. 225 bps. A is correct. The corporate bons fair value is computein the solution to Question 8 €1,101.24 The YTM cobtainesolving the following equation for IRR: 1101.24= 60 1+IRR + 60 (1+IRR) 2 + 60 (1+IRR) 3 + 1060 (1+IRR) 4 The solution to this equation is 3.26%. Valuation of a four-year, 6% coupon bonunr no fault (VN is computein the solution to Question 8 1,144.63. So, the YTM of a theoretical comparable-maturity government bonwith the same coupon rate the corporate boncobtainesolving the following equation for IRR: 1144.63= 60 1+IRR + 60 (1+IRR) 2 + 60 (1+IRR) 3 + 1060 (1+IRR) 4 The solution to this equation is 2.18%. So, the cret spreththe analyst wants to compute is 3.26% – 2.18% = 1.08%, or 108 bps. B is incorrect, because this the spreover the four-yegovernment pbonthha YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, or 101 bps. Although this spreis commonly usein practice, the analyst is interestein finng the spreover a theoretic6% coupon government bon C is incorrect, because this the YTM of the coupon four-yegovernment bonin Exhibit 2. 这里是因为说了利率是有波动的，所以应该用VN求收益率？如果说assumptions ththere is no interest rate volatility anththe government bonyielcurve is fl3%.那么就用3%做YTM就行？
NO.PZ201812310200000109 问题如下 Ibarra wants to know the cret spreof bonover a theoreticcomparable-maturity government bonwith the same coupon rate this bon The foregoing cret spreis closest to: 108 bps. 101 bps. 225 bps. A is correct. The corporate bons fair value is computein the solution to Question 8 €1,101.24 The YTM cobtainesolving the following equation for IRR: 1101.24= 60 1+IRR + 60 (1+IRR) 2 + 60 (1+IRR) 3 + 1060 (1+IRR) 4 The solution to this equation is 3.26%. Valuation of a four-year, 6% coupon bonunr no fault (VN is computein the solution to Question 8 1,144.63. So, the YTM of a theoretical comparable-maturity government bonwith the same coupon rate the corporate boncobtainesolving the following equation for IRR: 1144.63= 60 1+IRR + 60 (1+IRR) 2 + 60 (1+IRR) 3 + 1060 (1+IRR) 4 The solution to this equation is 2.18%. So, the cret spreththe analyst wants to compute is 3.26% – 2.18% = 1.08%, or 108 bps. B is incorrect, because this the spreover the four-yegovernment pbonthha YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, or 101 bps. Although this spreis commonly usein practice, the analyst is interestein finng the spreover a theoretic6% coupon government bon C is incorrect, because this the YTM of the coupon four-yegovernment bonin Exhibit 2. RT
NO.PZ201812310200000109 问题如下 Ibarra wants to know the cret spreof bonover a theoreticcomparable-maturity government bonwith the same coupon rate this bon The foregoing cret spreis closest to: 108 bps. 101 bps. 225 bps. A is correct. The corporate bons fair value is computein the solution to Question 8 €1,101.24 The YTM cobtainesolving the following equation for IRR: 1101.24= 60 1+IRR + 60 (1+IRR) 2 + 60 (1+IRR) 3 + 1060 (1+IRR) 4 The solution to this equation is 3.26%. Valuation of a four-year, 6% coupon bonunr no fault (VN is computein the solution to Question 8 1,144.63. So, the YTM of a theoretical comparable-maturity government bonwith the same coupon rate the corporate boncobtainesolving the following equation for IRR: 1144.63= 60 1+IRR + 60 (1+IRR) 2 + 60 (1+IRR) 3 + 1060 (1+IRR) 4 The solution to this equation is 2.18%. So, the cret spreththe analyst wants to compute is 3.26% – 2.18% = 1.08%, or 108 bps. B is incorrect, because this the spreover the four-yegovernment pbonthha YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, or 101 bps. Although this spreis commonly usein practice, the analyst is interestein finng the spreover a theoretic6% coupon government bon C is incorrect, because this the YTM of the coupon four-yegovernment bonin Exhibit 2. 1、计算公司债YTMN=4,PV=-1104.24,FV=1000,PMT=60,计算出来的IY=8.04%.请问错在哪里2、国债的YTM怎么计算，为什么不能用题目中的2.25%
NO.PZ201812310200000109 问题如下 Ibarra wants to know the cret spreof bonover a theoreticcomparable-maturity government bonwith the same coupon rate this bon The foregoing cret spreis closest to: 108 bps. 101 bps. 225 bps. A is correct. The corporate bons fair value is computein the solution to Question 8 €1,101.24 The YTM cobtainesolving the following equation for IRR: 1101.24= 60 1+IRR + 60 (1+IRR) 2 + 60 (1+IRR) 3 + 1060 (1+IRR) 4 The solution to this equation is 3.26%. Valuation of a four-year, 6% coupon bonunr no fault (VN is computein the solution to Question 8 1,144.63. So, the YTM of a theoretical comparable-maturity government bonwith the same coupon rate the corporate boncobtainesolving the following equation for IRR: 1144.63= 60 1+IRR + 60 (1+IRR) 2 + 60 (1+IRR) 3 + 1060 (1+IRR) 4 The solution to this equation is 2.18%. So, the cret spreththe analyst wants to compute is 3.26% – 2.18% = 1.08%, or 108 bps. B is incorrect, because this the spreover the four-yegovernment pbonthha YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, or 101 bps. Although this spreis commonly usein practice, the analyst is interestein finng the spreover a theoretic6% coupon government bon C is incorrect, because this the YTM of the coupon four-yegovernment bonin Exhibit 2. 如题
NO.PZ201812310200000109