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Angela · 2021年04月01日

When interest rates have risen and higher-yield bonds are available,不理解,为什么利率上升次级债就available了?是怎么推理出来的?利率的变动方向不是应该和bond吸引投资者的程度是相反的吗?

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问题如下:

Steele Ferguson, a senior analyst at Samuel, is reviewing three fixed-rate bonds issued by a local firm, Pro Star, Inc.

The bond that would most likely protect investors against a significant increase in interest rates is:

选项:

A.

Bond #1.

B.

Bond #2.

C.

Bond #3.

解释:

The bond that would most likely protect investors against a significant increase in interest rates is the putable bond, i.e., Bond #3. When interest rates have risen and higher-yield bonds are available, a put option allows the bondholders to put back the bonds to the issuer prior to maturity and to reinvest the proceeds of the retired bonds in higher-yielding bonds.

When interest rates have risen and higher-yield bonds are available,不理解,为什么利率上升次级债就available了?是怎么推理出来的?利率的变动方向不是应该和bond吸引投资者的程度是相反的吗?

1 个答案
已采纳答案

WallE_品职答疑助手 · 2021年04月02日

嗨,努力学习的PZer你好:


higher-yield bonds 和high-yield bonds 是2个概念,你说的垃圾债/次级债是high-yield bonds。这里的higher-yield bonds是对比之前,现在利率上升了导致yield更高,也就是分母越高。而分母越高会导致债券价格降低,也就是自己的债券不值钱了,而含有put option就有这个权利,还按原来的价格把债券卖还给发行人。

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努力的时光都是限量版,加油!