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尼克内姆 · 2020年03月01日

问一道题:NO.PZ2018062006000012 [ CFA I ]

问题如下:

Marie Co. plans to issue a long-term debt in next few days. The management notice that central bank releases a signal of tight monetary policy and the interest rate is expected to increase. Which type of bond will benefit the Marie Co. most?

选项:

A.

A step-up coupon bond.

B.

An inflation-linked bond.

C.

A floating-rate bond with cap rate.

解释:

C is correct.

The cap of floating rate bond can limit the upper level of coupon payment. Therefore it can protect the issuer from increasing interest rate. Both step-up and inflation-linked bond will be preferred by bondholders not the issuer under the increasing interest rate condition.

floating rate notes和 inflation linked bond如果不加cap的条件,对issuer的保护是不是一样的?

1 个答案

吴昊_品职助教 · 2020年03月02日

inflation-linked bond 就是TIPS, 通货膨胀保护债券。对于TIPS,因为债券的现金流会随时跟着inflation变动,投资者投资债券获得的现金流是随着inflation进行调整的,所以投资者投资这种债券,不会承担inflation risk。而浮动利率债券其coupon rate=reference rate+quoted margin,一般其reference rate也是盯住国债收益率或者Libor。两者在市场利率上升的时候,基本上对于债券持有人的保护是一样的。