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齐王木木 · 2020年03月14日

问一道题:NO.PZ2018123101000103

问题如下:

Steele Ferguson, a senior analyst at Samuel, is reviewing three fixed-rate bonds issued by a local firm, Pro Star, Inc.

The bond that would most likely protect investors against a significant increase in interest rates is:

选项:

A.

Bond #1.

B.

Bond #2.

C.

Bond #3.

解释:

The bond that would most likely protect investors against a significant increase in interest rates is the putable bond, i.e., Bond #3. When interest rates have risen and higher-yield bonds are available, a put option allows the bondholders to put back the bonds to the issuer prior to maturity and to reinvest the proceeds of the retired bonds in higher-yielding bonds.

我知道putable bond 是保护投资者的,但是只在利率下降的情况下,价格有个底线啊,课上putable的图,本题题干说的是利率上升,应该跟callable有关啊?

1 个答案

WallE_品职答疑助手 · 2020年03月15日

同学你好,

你说反了吧?

putable bond 是保护投资者的,是在利率上升的情况下,并不是你说的利率下降的情况。您要注意含权债券对利率的那两张图(callble和puttable),利率上升价格下降,是图的右半边!