问题如下:
Which bond will most likely experience the smallest percent change in price if the market discount rates for all three bonds increase by 100 basis points?
选项:
A.Bond A
B.Bond B
C.Bond C
解释:
B is correct.
Bond B will most likely experience the smallest percent change in price if market discount rates increase by 100 basis points. A higher-coupon bond has a smaller percentage price change than a lower-coupon bond when their market discount rates change by the same amount (the coupon effect). Also, a shorter-term bond generally has a smaller percentage price change than a longer-term bond when their market discount rates change by the same amount (the maturity effect). Bond B will experience a smaller percent change in price than Bond A because of the coupon effect. Bond B will also experience a smaller percent change in price than Bond C because of the coupon effect and the maturity effect.
B 和 C 的利率并不相等,如何比较 maturity?