问一道题：NO.PZ201812020100001103

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问题如下：

Which of Avelyn’s comments regarding considerations in the bottom-up approach is most accurate?

选项：

Comment 1

Comment 2

Comment 3

解释：

C is correct.

When an issuer announces a new corporate bond issue, the issuer’s existing bonds often decline in value and their spreads widen. This dynamic is often explained by market participants as an effect of increased supply. A related reason is that because demand is not perfectly elastic, new issues are often given a price concession to entice borrowers to buy the new bonds. This price concession may result in all of an issuer’s existing bonds repricing based on the new issue’s relatively wider spread. A third reason is that more debt issuance may signal an increase in an issuer’s credit risk.

Comment 2为什么错了呢？

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1 个答案

发亮_品职助教 · 2020年02月03日

嗨，努力学习的PZer你好：

Comment 2: Benchmark corporate bond issues normally have wider spreads than older bonds of the same issuer

错误的地方在Wider spread；应该改成Narrower spread。

Benchmark corporate issues，就是公司最近、或者最新发行的债券（On-the-run），可以把它理解成：他可以作为这家公司债券的“Benchmark”。

对于最新发行、或者是On-the-run的债券，债券交易量大、流动性很好，所以要求的风险补偿Spread就相对小一些。

相反，对于Older bonds，已发行较长时间的债券，大量持有至到期投资者的存在，使得交易不活跃，所以要求的风险补偿Spread就相对大一些。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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问一道题：NO.PZ201812020100001103

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