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FrankSun · 2019年10月30日

问一道题：NO.PZ2018062016000002

  1. CFA I
  2. Quantitative


问题如下图：

    

选项：

A.

B.

C.

解释：

老师，我的问题跟上一个同学一样。

同一个公司发行的两个债券，然而信用评级差距却很大，分析同一家公司发行的两个不同评级的两个债券，不应该maturityrisk的区别更需要关注吗？

谢谢


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星星_品职助教 · 2019年10月30日

同学你好，

这道题题干有一个前提条件，就是“identical bonds”，这种描述说的不是太好，但是意思就是除了评级以外的其他所有要素都相同。所以可以得知两只债券的期限也是相同的。而maturity risk指得是由于到期日不同所产生的风险，所以不能选。

同一个公司可以发不同评级的债券，例如信用质量很好的公司可以发一个有担保的AAA级别债券，也可以发一个无担保的债券，这样后者的风险明显就大于前者，评级就会下调。甚至公司可以为一个特定的例如并购项目发垃圾债券募集资金。加油。

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