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papher · 2020年02月27日

问一道题:NO.PZ2018062006000014

问题如下:

A five-year semi-annual capital-indexed bond is issued with the coupon rate of 8%, par value of $1000. It is indexed to the inflation rate of Unite States. Assume the inflation rate is increased by 3%, which of the following is least appropriate?

选项:

A.

The coupon payment becomes $41.2.

B.

The principal value becomes $1030.

C.

The coupon rate is increased to 10%.

解释:

C is correct.

A capital-indexed bond remains the coupon rate constant and the principal value increases in line with the inflation rate during the bond's life. Thus, the interest payments and  the principal value are adjusted for the inflation. Coupon rate is still 8% and principal value becomes 1,000×(1+3%)=$1,030. The coupon payment equals $1030×8%×(1/2)=$41.2.

capital-indexed bond的principal期间不摊销吧,是到期后一次性付清吧?只是期间计算coupon payment时用到的principal repayment 会根据CPI来调整

1 个答案

吴昊_品职助教 · 2020年02月28日

是的,本金不摊销。capital-indexed bond是资本指数债券,此类债券票面利率保持不变,但是债券面值(principal)会跟着通货膨胀进行调整。