NO.PZ201602270200002103
问题如下：
3. In Exhibit 2, the bond whose effective duration will lengthen if interest rates rise is:
选项：
A.
Bond #3.
B.
Bond #4.
C.
Bond #5.
解释：
B is correct.
Effective duration indicates the sensitivity of a bond’s price to a 100 bps parallel shift of the benchmark yield curve assuming no change in the bond’s credit spread. The effective duration of an option-free bond such as Bond #3 changes very little in response to interest rate movements. As interest rates rise, a call option moves out of the money, which increases the value of the callable bond and lengthens its effective duration. In contrast, as interest rates rise, a put option moves into the money, which limits the price depreciation of the putable bond and shortens its effective duration. Thus, the bond whose effective duration will lengthen if interest rates rise is the callable bond, i.e., Bond #4.
看了一下 别人的提问 和解答，感觉对于，利率上涨，ed 就更长了的解释，不是很明白。能不能站在债券发行人 和 购买者的角度 来解释一下这个问题
