问一道题：NO.PZ2019103001000063 [ CFA III ]

NO.PZ2019103001000063 Because yiel are projecteto remain unchangein the US, UK, Euro, anGreek markets, the 5-yeGreek bon will still pricepin six months anthe US, UK, anEuro bon will realize a negligible priappreciation when they have 4.5 years to maturity. Hence, the locmarket return for eaof these bon will equhalf of the coupon: 0.975%, 0.55%, 0.30%, an2.85%, respectively.  这段话怎么理解？

NO.PZ2019103001000063 请问老师两个问题①题目的哪里提到了投资6个月？为什么求totreturn是投资6个月？ ②inter market carry tra到底是在做什么？在不同国家之间比较各自借短投长的return，调整成可比return，然后选出最大，最后确定是否hee？

NO.PZ2019103001000063 buying the Greek 5-yein eaof the portfolios, heing the currenin the GBP-baseportfolio, anleaving the currenunheein the llar-baseportfolio. buying the Greek 5-yein the Euro-nominateportfolio, buying the Mexic5-yein the GanUSnominateportfolios, anleaving the currenunheein eacase. B is correct. Winston shoulbuy the Greek 5-yebonfor eaportfolio. In the US llportfolio, she shoulleave the currenunhee accepting the exposure to the Euro, whiis projecteto appreciate 1% against the US In the UK portfolio, she shoulhee the bons EUR exposure into GBP. In the Euro-baseportfolio there is no heing cision to ma because the Greek bonis nominatein EUR. Because yiel are projecteto remain unchangein the US, UK, Euro, anGreek markets, the 5-yeGreek bon will still pricepin six months anthe US, UK, anEuro bon will realize a negligible priappreciation when they have 4.5 years to maturity. Hence, the locmarket return for eaof these bon will equhalf of the coupon: 0.975%, 0.55%, 0.30%, an2.85%, respectively. The Mexic5-yewill priceto yiel7.0% the enof the perio Its priwill Its locmarket return is therefore 4.576% = (100.9501 + 7.25/2)/100. covereinterest parity, the cost of heing a boninto a particulcurrenis the short-term (six months here) rate for the curreninto whithe bonis heeminus the short-term rate for the currenin whithe bonis nominate For heing US, UK, anMexicbon into Euros for six months the calculation is: USinto EUR: (0.15% – 1.40%)/2 = –0.625% Ginto EUR: (0.15% –0.50%)/2 = –0.175% MXN into EUR: (0.15% – 7.10%)/2 = –3.475% (Note tha negative number is a cost while a positive number woula benefit.) Combining these heing costs with eabons locmarket return, the returns heeinto EUR, whicnow valiy compare are: US: 0.975% + (–0.625%) = 0.350% UK: 0.550% + (–0.175%) = 0.375% MX: 4.576% + (–3.475%) = 1.101% GR: 2.850% + 0 = 2.850% EU: 0.300% + 0 = 0.300% The Greek bonis fthe most attractive investment. This woulstill true if returns were heeinto USor GBP. So, the Greek 5-yeshoulpurchasefor eaportfolio. Whether or not to actually hee the currenexposure pen on if the cost/benefit of heing is greater ththe projectechange in the spot exchange rate. For the llar-nominateportfolio, heing the Greek boninto USwoul“piup” 0.625% (the opposite of heing USinto EUR). But EUR is expecteto appreciate 1.0% against the llar, so it is better to leave the bonunheein the USnominateportfolio. Heing EUR into Gpicks up 0.175% of return. SinEUR is projecteto remain unchangeagainst GBP, it is better (from expectereturn perspective) to hee the Greek boninto GBP. A is incorrebecause it cseen from the explanation for B above ththe Greek 5-yebonis fthe most attractive investment, returning 2.85% compareto the Mexic5-yebons return of 1.101%. If the returns for these bon were heeinto USor G(insteof EUR), in eacase the return on the Mexic5-yebonwoulstill inferior to thof the Greek 5-yebon C is incorrebecause it cseen from the explanation for B above ththe Greek 5-yebonis fthe most attractive investment, returning 2.85% compareto the Mexic5-yebons return of 1.101%. If the returns for these bon were heeinto USor G(insteof EUR), in eacase the return on the Mexic5-yebonwoulstill inferior to thof the Greek 5-yebon Moreover, over the 6-month investment horizon the MexicPeso is expecteto preciate against both the GanUS further impairing the unheereturns on the Mexic5-yebonin GanUSterms. 不好意思，没看懂答案，请一下

NO.PZ2019103001000063 hee 欧元的hee profit怎么算是0？

NO.PZ2019103001000063 hee in base currency什么意思，什么是base currency