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一颗自然卷 · 2019年08月25日

问一道题:NO.PZ2019052801000104

问题如下图:

题目是在问哪一种债券,是到期前卖出是对于持有方最不利的选择吗?那么答案对于call的解读只是再说其对于发行方的好处,并没有对号入座的解释题干所表达的情况为何不利呀

    

选项:

A.

B.

C.

D.

解释:



1 个答案

品职答疑小助手雍 · 2019年08月25日

同学你好,对发行方的好处其实就是对债券持有人不好,call provision给了发行方以对自己有利的价格买回债券的权利,这时候的市场利率肯定是比较低的(利率低时候债券价格高,发行方以之前约定的一个固定价格买回债券就很赚)。此时债券持有人收到了钱之后在低利率环境下很难找到高收益的投资所以不好。

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NO.PZ2019052801000104 问题如下 Whiof the following metho for retiring bon before maturity is generally consirethe most trimentfor the bonolrs? Tenr offers. Call provision. Sinking funprovision. Maintenananreplacement fun. B is correct. The call provision gives the issuer the right to purchase the bon a given price, whithe issuer woulnot unless thpriwbelow the market price. Sinking funprovisions cbenefit bonolrs because the issuer is obligateto purchase bon, whiimproves the cretworthiness of the issue, anthe issuer mhave to so a prihigher ththe market price. There are no features in M R fun or tenr offers thwoultrimentto bonolrs.解析以下哪种到期前退还债券的方法对债券持有人最不利?call provision对bonoler最不利,因为call provision赋予了债券发行人可以在债券到期日之前就赎回的权利,这个赎回价格可能会很低,对于bonolr而言更不利。 里不对

2024-03-23 20:44 1 · 回答

NO.PZ2019052801000104 问题如下 Whiof the following metho for retiring bon before maturity is generally consirethe most trimentfor the bonolrs? Tenr offers. Call provision. Sinking funprovision. Maintenananreplacement fun. B is correct. The call provision gives the issuer the right to purchase the bon a given price, whithe issuer woulnot unless thpriwbelow the market price. Sinking funprovisions can benefit bonolrs because the issuer is obligateto purchase bon, which improves the cretworthiness of the issue, anthe issuer mhave to so at a prihigher ththe market price. There are no features in M&R fun or tenr offers thwoultrimentto bonolrs. tenr offer不也是回购债券么?

2022-05-19 11:55 1 · 回答

评论里无法放图片,所以我放到这里了,您看下,这个不就是说在interest rate 下降时,他会call back更快?

2019-09-08 22:11 1 · 回答