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aNa · 2020年02月04日

问一道题:NO.PZ2018062006000058

问题如下:

The detailed information of bond X and bond Y can be described as:

Coupon rate of bond X is 6%, and that of the bond Y is 8%;

Both of the bonds have the maturity of 3 years;

The price of bond X is 102, and the price of bond Y is 110.

We know that interest is paid annually, which bond has a lower yield-to-maturity?

选项:

A.

Bond Y

B.

Bond X

C.

The yield-to-maturity of X and Y are equal

解释:

A is correct.

Bond X: N=3; PV= -102; PMT=6; FV=100;   → I/Y=5.26

Bond Y: N=3; PV= -110; PMT=8; FV=100;  →  I/Y=4.37

老师,您好!请问这道题计算的结果为什么和以下结论不一致呢?

bond selling at discount:coupon rate<yield to maturity

bond selling at premium:coupon rate>yield to maturity

1 个答案

吴昊_品职助教 · 2020年02月05日

嗨,努力学习的PZer你好:


这道题不违反你列的结论,这两个债券都是溢价发行,bondX:coupon rate(6%)>YTM(5.26%);bondY:coupon rate(8%)>YTM(4.37%)。


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