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我叫仙人涨 · 2020年02月09日

问一道题:NO.PZ2015121810000032 请问下这个题目说zero coupon有ST含义么

问题如下:

The difference between the yield on a zero-coupon, default-free nominal bond and the yield on a zero-coupon, default-free real bond of the same maturity reflects:

选项:

A.

investors’ expectations about future inflation only.

B.

a premium for the uncertainty of future inflation only.

C.

both, investors’ expectations about future inflation and a premium for the uncertainty of future inflation.

解释:

C is correct.

The difference between the yield on a zero-coupon, default-free nominal bond and the yield on a zero-coupon, default-free real bond of the same maturity is known as the break-even inflation rate. This break-even inflation rate will incorporate the inflation expectations of investors over the investment horizon of the two bonds, plus a risk premium to compensate investors for uncertainty about future inflation. Breakeven inflation rates are not simply the markets’ best estimate of future inflation over the relevant investment horizon, as break-even inflation rates also include a risk premium to compensate investors for their uncertainty about future inflation.

考点:break-even inflation rate

解析:对于长期无风险零息债券而言,其名义利率包括实际利率、预期通货膨胀以及对非预期的通货膨胀的补偿;而实际无风险债券的收益率就是实际利率。二者的差就是预期通货膨胀和对非预期的通货膨胀的补偿两部分,这两部分之和即break-even inflation rate.

请问下这个题目说zero coupon有ST含义么


题目有没有zero copon都选C么?


我以为zero coupon是按时ST,一年0利息债券

3 个答案

星星_品职助教 · 2020年02月11日

这道题和zero bond长短期没有关系。这道题两个债券都是零息债的意思是都不受付息频率影响。

zero bond在实务中多为短期发行,但是对于做题来说,题干给多少期限就是多少期限。

我叫仙人涨 · 2020年02月11日

short term bond 短期债券

星星_品职助教 · 2020年02月11日

同学你好?

这道题也没回复上,ST是指什么?