NO.PZ2020042003000080
问题如下：
Yield curves provide a clue about
overpriced and underpriced securities, Security A and B have the same
investment risks. If security A’s yield lies below the current yield and
security B’s yield lies above the current yield, which of the following
statement is correct?
选项：
A. Security A is currently undervalued, and
security B is currently overvalued
Security A is currently overvalued, and
security B is currently undervalued
Both Security A and Security
B is currently overvalued
Both Security A and Security B is currently undervalued
解释：
考点：对Maturity Management Tools的理解
答案：B
解析：
Security A的收益率在current
yield下方，代表Security A相对被高估，Security
B的收益率在Current yield的上方，代表Security
B相对被低估。
假设A和B两个债券在合理的情况下，投资者应该按照100（合理价格）买入，获得的投资回报率都是5%）；现在市场A的投资回报率变成了4%，B的投资回报率变成了6%；那只有一个可能，就是A的买入价格超过了100（合理价格），即高估；B的买入价格低于100（合理价格），即低估。
这个解答不太明白，A的投资收益率4%，低于合理的回报率5%，收益率低，不应该买的便宜吗，就是低于合理的100元，例如90元，那A不是买的便宜了吗？如果A买贵了，例如买了110元，那对应的收益率不应该高于5％吗？
