问题如下:
XYZ company has issued a 4-year semi-annual callable bond with a coupon rate of 8% and the bond's current price is 105. The bond's second call date is at the end of the third year after issuance, and the call price is 102. What`s the bond's annual yield-to-second-call?
选项:
A. 5.01%
B. 3.37%
C. 6.74%
解释:
C is correct.
PV= -105,N=6,PMT=4,FV=102,CPT I/Y=3.3719%
The annual yield-to-second-call=3.3719%×2=6.7438%
为什么second call 是直接乘以2。知识点是哪里讲到的。