怎么理解Coupon rate下降，D上升？

问题如下：

All three bonds are currently trading at par value.

Relative to Bond C, for a 200 basis point decrease in the required rate of return, Bond B will most likely exhibit a (n):

选项：

equal percentage price change.

greater percentage price change.

smaller percentage price change.

解释：

B is correct.

Generally, for two bonds with the same time-to-maturity, a lower coupon bond will experience a greater percentage price change than a higher coupon bond when their market discount rates change by the same amount. Bond B and Bond C have the same time-to-maturity (5 years); however, Bond B offers a lower coupon rate. Therefore, Bond B will likely experience a greater percentage change in price in comparison to Bond C.

考点：coupon effect

解析：coupon effect表明：对于maturity一样的债券，coupon rate较小的债券，其价格改变较大，也就是债券B相对于债券C，价格变化更大。故选项B正确。