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FrankSun · 2020年02月01日

问一道题:NO.PZ2016031002000013

问题如下:

If an investor buys a newly issued eurocommercial paper with €50,000 par value and holds it to maturity, how much is this investor most likely to pay?

选项:

A.

The investor pays less than €50,000 and receives more than €50,000 at maturity.

B.

The investor pays €50,000 and receives more than €50,000 at maturity.

C.

The investor pays less than €50,000 and receives €50,000 at maturity.

解释:

B is correct.

Eurocommercial paper pays add-on yield. If an investor buys a newly issued eurocommercial paper with €50,000 par value and holds it to maturity, the investor will pay the issuer €50,000 and receive €50,000 plus interest at maturity. However, U.S. Commercial paper is typically issued as a pure discount security, making a single payment equal to the face value at maturity.

按照eurocommercial paper的定义,不是可以折价发行或interest-bearing的吗?

1 个答案

吴昊_品职助教 · 2020年02月03日

嗨,努力学习的PZer你好:


eurocommercial paper的计价方式可以是interest-bearing,也可以是discount basis。只不过常用的模式是interest-bearing,这道题的题干中也有most likely字样。因此采用interest-bearing模式,投资者购买刚发行的50,000ECP,需要支付50,000,到期将拿到大于50,000的金额。


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努力的时光都是限量版,加油!


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NO.PZ2016031002000013 问题如下 If investor buys a newly issueeurocommercipaper with €50,000 pvalue anhol it to maturity, how muis this investor most likely to pay? A.The investor pays less th€50,000 anreceives more th€50,000 maturity. B.The investor pays €50,000 anreceives more th€50,000 maturity. C.The investor pays less th€50,000 anreceives €50,000 maturity. B is correct.Eurocommercipaper pays a-on yiel If investor buys a newly issueeurocommercipaper with €50,000 pvalue anhol it to maturity, the investor will pthe issuer €50,000 anreceive €50,000 plus interest maturity. However, U.S. Commercipaper is typically issuea pure scount security, making a single payment equto the favalue maturity.考点eurocommercipaper解析eurocommercipaper的计价方式可以是interest-bearing,也可以是scount basis。但更常用的模式是interest-bearing,同时题干中也有most likely字样,因此采用interest-bearing模式投资者购买刚发行的50,000ECP,需要支付50,000,到期将拿到大于50,000的金额,故B正确。 想问一下,如果是美国商票的话,C是正确的吗?

2022-05-05 20:22 1 · 回答

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2020-11-12 11:18 1 · 回答

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2020-03-13 21:14 1 · 回答

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2019-06-08 23:50 1 · 回答