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FrankSun · 2020年02月16日

问一道题:NO.PZ2016031001000013

问题如下:

Investors who believe that interest rates will rise most likely prefer to invest in:

选项:

A.

inverse floaters.

B.

fixed-rate bonds.

C.

floating-rate notes.

解释:

C is correct.

In contrast to fixed-rate bonds that decline in value in a rising interest rate environment, floating-rate notes (FRNs) are less affected when interest rates increase because their coupon rates vary with market interest rates and are reset at regular, short term intervals. Consequently, FRNs are favored by investors who believe that interest rates will rise.

A is incorrect because an inverse floater is a bond whose coupon rate has an inverse relationship to the reference rate, so when interest rates rise, the coupon rate on an inverse floater decreases. Thus, inverse floaters are favored by investors who believe that interest rates will decline, not rise. B is incorrect because fixed rate-bonds decline in value in arising interest rate environment. Consequently, investors who expect interest rates to rise will likely avoid investing in fixed-rate bonds.

老师,利率要涨,不是买固定的或者反向的债券更安全吗

1 个答案
已采纳答案

吴昊_品职助教 · 2020年02月16日

当利率上升的时候,固定利率债券价格就下降了。逆向利率浮动证券(Inverse Floater)是一种息票利率coupon rate与市场利率成反方向变化的浮动利率证券。所以,当市场利率上升时,coupon rate会下降,即每期的现金流下降,inverse floater的价格会下降。所以于其市场利率上升的时候,投资者并不会更偏好去投资inverse floater。

反观浮动利率债券,因为其coupon rate会跟着市场利率变动,当利率上升时,其coupon rate会上升,对于投资者来说是好事。