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ʜ ᴀ ᴢ ᴇ ʟ · 2020年11月11日

问一道题:NO.PZ2016031001000001 [ CFA I ]

问题如下:

A 10-year bond was issued four years ago. The bond is denominated in US dollars, offers a coupon rate of 10% with interest paid semi-annually, and is currently priced at 102% of par. The bond's:

选项:

A.

tenor is six years.

B.

nominal rate is 5%.

C.

redemption value is 102% of the par value.

解释:

A is correct.

The tenor of the bond is the time remaining until the bond’s maturity date. Although the bond had a maturity of 10 years at issuance (original maturity), it was issued four years ago. Thus, there are six years remaining until the maturity date. B is incorrect because the nominal rate is the coupon rate, i.e., the interest rate that the issuer agrees to pay each year until the maturity date. Although interest is paid semi-annually, the nominal rate is 10%, not 5%. C is incorrect because it is the bond’s price, not its redemption value (also called principal amount, principal value, par value, face value, nominal value, or maturity value), that is equal to 102% of the par value.

请问一下B选项,如果是coupon payment,就是5%对吗。 C选项可以在解释一下吗,之前的解释没有看懂谢谢
1 个答案

WallE_品职答疑助手 · 2020年11月11日

同学您好,

B选项如果改成您所说的,更严谨一点是每半年复习一次的coupon payment 是 5% of par.

Redemption value翻译过来就是兑换价值,也叫面值(face value, par value)。是个整数,可以是100,也可以是1000,10000等等的面值,这里用百分比来表示就是100%。而102% of par是它现在的卖价。

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NO.PZ2016031001000001问题如下 A 10-yebonwissuefour years ago. The bonis nominatein US llars, offers a coupon rate of 10% with interest paisemi-annually, anis currently price102% of par. The bons:A.tenor is six years.B.nominrate is 5%.C.remption value is 102% of the pvalue. A is correct.The tenor of the bonis the time remaining until the bons maturity te. Although the bonha maturity of 10 years issuan(originmaturity), it wissuefour years ago. Thus, there are six years remaining until the maturity te. B is incorrebecause the nominrate is the coupon rate, i.e., the interest rate ththe issuer agrees to peayeuntil the maturity te. Although interest is paisemi-annually, the nominrate is 10%, not 5%. C is incorrebecause it is the bons price, not its remption value (also calleprincipamount, principvalue, pvalue, favalue, nominvalue, or maturity value), this equto 102% of the pvalue.考点Basic Features of a Bon析Atenor指的是还剩下的距离到期的年限,由于债券四年前发行,总期限是十年,那么距离到期还剩六年,故A正确。Bnominrate就是coupon rate,即10%,故B不正确。Cremption value就是pvalue,102% of par是当前的价格。故C不正确。 根据题目的表述,这个债券半年复习一次,每次付多少?百分之10还是百分之5。题目中的coupon rate ,是每期利率,还是每年的利率?

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