The flat price of the bond is a little below par value, even though the coupon rate and the yield-to-maturity are equal, because the accrued interest does not take into account the time value of money. The accrued interest is the interest earned by the owner of the bond for the time between the last coupon payment and the settlement date, 1.483333 per 100 of par value. However, that interest income is not received until the next coupon date. In theory, the accrued interest should be the present value of 1.483333. In practice, however, accounting and financial reporting need to consider issues of practicality and materiality. For those reasons, the calculation of accrued interest in practice neglects the time value of money. Therefore, compared to theory, the reported accrued interest is a little “too high” and the flat price is a little “too low.” The full price, however, is correct because it is the sum of the present values of the future cash flows, discounted using the market discount rate.
按照CFA教材描述,AI是应该考虑现金价值而为考虑,所以显得更大,由于flat = full -AI,所以flat会显得更小,这个点我明白了。
不过怎么才能算出精确的AI和进一步的flat price呢?