题目中有句话是 british bond will remain stable versus the EUR，为什么还要hedge呢，这句话是什么含义呢？想问一下这道题有视频讲解吗，感觉好难 问题如下图：
选项：
A. 
B. 
C. 
解释：
发亮_品职助教 · 2020年01月22日
嗨，从没放弃的小努力你好：
”想问一下这道题有视频讲解吗，感觉好难 ”
有的，这道题在基础班当成例题有讲解。参考Reading 20下面的知识点：
“题目中有句话是 british bond will remain stable versus the EUR，为什么还要hedge呢，这句话是什么含义呢？
对的，题目中的有预测：the British Pound will remain stable versus the Euro.
也就是他预期，期末EUR与GBP的汇率保持稳定。这个就是预期未来的即期汇率不变，所以他对应的收益就是Unhedged的收益。
就是因为预期期末的汇率Stable，所以用期末的即期汇率把EUR的收益换回GBP的收益，外汇带来的收益为0%。
这就是Unhedged return：直接用未来即期汇率换汇的收益。
但是如果我们利用Forward hedge汇率风险，在期初Forward合约就能约定好期末换汇汇率，那换汇的收益在期初就可以确定下来，利用Forward约定换汇汇率获得的换汇收益为：
(F-S0)/S0；其中S0是期初的即期汇率，F是Forward里约定的期末换汇汇率，所以利用Forward换汇获得的收益是：(F-S0)/S0
根据Interest rate parity，这个收益约等于两国的利率之差，因为是6个月的Forward，所以是6个月的利率之差：
(F-S0)/S0 约等于 A国6个月利率 减去 B国6个月利率。这就是利用Forward Hedged return
这里有个小技巧，就是Hedge成哪个国家的货币，哪个国家的货币就在减号前面。
例如，把EUR hedge成GBP，也就是期末用Forward约定将EUR换成GBP，那GBP的利率就在减号前面，EUR的利率在减号后面
这样的话，把EUR hedge成GBP获得的收益约为：（0.50%-0.15%）/2 = 0.175%；
因为题目给的都是年利率，而Forward只有6个月，所以要除以2。这就是利用Forward把EUR hedge成GBP获得的收益。
发现，对于GBP Portfolio，不Hedge、期末用即期汇率换汇的收益是：0%；
而Hedge，利用Forward换汇的收益是：0.175%；显然是用Forward hedge掉汇率风险更好，所以对于GBP Portfolio我们选择Hedge
总结一下：
我们已经在多个国家的债券里，选择出了Greek bond的收益最高，所以我们给GBP Portfolio投资了Greek债券，但是期末我们需要把EUR的收益换回GBP的收益。
这时候有两种换汇途径：
第一种，是利用分析师的预期汇率换，也就是不Hedge、直接用期末的即期汇率换，这对应本题他的预测：the British Pound will remain stable versus the Euro；因为是Stable，所以Unhedged return = 0%；
第二种换汇方法，是利用Forward在期初就约定换汇汇率，换汇的收益约等于两国利率之差，对于本题，因为是把EUR hedge成GBP，所以我们算出来的Hedged return ≈ 6个月利率GBP - 6个月利率EUR；使用6个月利率，是因为Forward是6个月的期限。
发现，第二种利用Forward换汇的方法获得的收益更高，所以对于GBP portfolio，我们就是利用Forward Hedge掉Currency risk，用Forward期末约定的汇率换汇。
-------------------------------努力的时光都是限量版，加油！
NO.PZ201902210100000105 老师，为什么计算半年的收益率？
NO.PZ201902210100000105 就这道题我反反复复听了何老师讲的和有问必答您的，但是有两个问题一直没搞明白 1.希腊债券半年的收益率直接用5.7%除以2，背后的逻辑是因为收益率曲线stable还是因为这些债券都是平价发行？有这个困惑是因为看书后的答案和您的都了半天coupon和4年跟5年之间收益率差别不大的问题。 2.为什么希腊债券半年的收益率可以直接用5.7%除以2，而墨西哥债券半年的收益率不能用改变后的7%直接除以2来计算。何老师视频里面也只是说了一句因为墨西哥债券收益率改变了，所以就要算现金流倒推收益率，也没说明白背后的具体逻辑是什么？
buying the Greek 5-yein eaof the portfolios, heing the currenin the GBP-baseportfolio, anleaving the currenunheein the llar-baseportfolio. buying the Greek 5-yein the Euro-nominateportfolio, buying the Mexic5-yein the GanUSnominateportfolios, anleaving the currenunheein eacase. B is correct. Winston shoulbuy the Greek 5-yebonfor eaportfolio. In the US llportfolio, she shoulleave the currenunhee accepting the exposure to the Euro, whiis projecteto appreciate 1% against the US In the UK portfolio, she shoulhee the bons EUR exposure into GBP. In the Euro-baseportfolio there is no heing cision to ma because the Greek bonis nominatein EUR. Because yiel are projecteto remain unchangein the US, UK, Euro, anGreek markets, the 5-yeGreek bon will still pricepin six months anthe US, UK, anEuro bon will realize a negligible priappreciation when they have 4.5 years to maturity. Hence, the locmarket return for eaof these bon will equhalf of the coupon: 0.975%, 0.55%, 0.30%, an2.85%, respectively. The Mexic5-yewill priceto yiel7.0% the enof the perio Its priwill ∑ t=1 9 7.25 2 (1+ 0.07 2 ) t + 100 (1+ 0.07 2 ) 9 =100.9501 Its locmarket return is therefore 4.576% = (100.9501 + 7.25/2)/100. covereinterest parity, the cost of heing a boninto a particulcurrenis the short-term (six months here) rate for the curreninto whithe bonis heeminus the short-term rate for the currenin whithe bonis nominate For heing US, UK, anMexicbon into Euros for six months the calculation is: USinto EUR: (0.15% – 1.40%)/2 = –0.625% Ginto EUR: (0.15% –0.50%)/2 = –0.175% MXN into EUR: (0.15% – 7.10%)/2 = –3.475% (Note tha negative number is a cost while a positive number woula benefit.) Combining these heing costs with eabons locmarket return, the returns heeinto EUR, whicnow valiy compare are: US: 0.975% + (–0.625%) = 0.350% UK: 0.550% + (–0.175%) = 0.375% MX: 4.576% + (–3.475%) = 1.101% GR: 2.850% + 0 = 2.850% EU: 0.300% + 0 = 0.300% The Greek bonis fthe most attractive investment. This woulstill true if returns were heeinto USor GBP. So, the Greek 5-yeshoulpurchasefor eaportfolio. Whether or not to actually hee the currenexposure pen on if the cost/benefit of heing is greater ththe projectechange in the spot exchange rate. For the llar-nominateportfolio, heing the Greek boninto USwoul\"piup\" 0.625% (the opposite of heing USinto EUR). But EUR is expecteto appreciate 1.0% against the llar, so it is better to leave the bonunheein the USnominateportfolio. Heing EUR into Gpicks up 0.175% of return. SinEUR is projecteto remain unchangeagainst GBP, it is better (from expectereturn perspective) to hee the Greek boninto GBP. A is incorrebecause it cseen from the explanation for B above ththe Greek 5-yebonis fthe most attractive investment, returning 2.85% compareto the Mexic5-yebons return of 1.101%. If the returns for these bon were heeinto USor G(insteof EUR), in eacase the return on the Mexic5-yebonwoulstill inferior to thof the Greek 5-yebon C is incorrebecause it cseen from the explanation for B above ththe Greek 5-yebonis fthe most attractive investment, returning 2.85% compareto the Mexic5-yebons return of 1.101%. If the returns for these bon were heeinto USor G(insteof EUR), in eacase the return on the Mexic5-yebonwoulstill inferior to thof the Greek 5-yebon Moreover, over the 6-month investment horizon the MexicPeso is expecteto preciate against both the GanUS further impairing the unheereturns on the Mexic5-yebonin GanUSterms. 请问Limiteto unhee or hegng into是什么意思……
NO.PZ201902210100000105 这题Mexic5-yeprice怎么算出的100.9501?? 我算的是30.9988 + 73.373， 哪里错了？
NO.PZ201902210100000105 base curren和nominatecurrency的意思是base currency是基础货币，nominatecurrency是所买的外国债券吗 怎么讲nominatecurrenhee成可比较的，这道题完全不明白