问题如下:
Who will benefit from the floating-rates with caps and floors respectively?
选项:
Caps Floors
A.Bondholders Issuers
B.Issuers Bondholders
C.Issuers Issuers
解释:
B is correct.
A floating-rate note may have a cap, which benefits the issuer by placing a limit on how high the coupon rate can rise. A floor benefits the bondholder by placing a minimum on the coupon rate(regardless of how low the reference rate falls).
这个我能不能这么理解:
对投资人有利是 floor,因为不希望利率跌破地板
对发行人有利,因为不希望利率太高导致要付太多利息给投资人,希望有个上限天花板保护自己