NO.PZ2018123101000015
问题如下:
A four-year corporate bond with a 7% coupon has a Z-spread of 200 bps. Assume a flat yield curve with an interest rate for all maturities of 5% and annual compounding. The bond will most likely sell:
选项:
A.close to par
B.at a premium to par.
C.at a discount to par
解释:
A is correct.
考点:Z-spread概念
解析:已知这个公司债的Z-spread为200bps,且所有期限的Spot rate是5%,因此可以知道公司债的折现率为2%+5%=7%;发现该折现率等于公司债的Coupon rate,因此该债权是平价出售的。
债券复利增长5%,不应该折价发行吗,老师求解