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Lich · 2023年06月30日

虽然选对了但是没完全理解inflation-linked bond怎么产生regular cash flow,求教老师

NO.PZ2023061601000003

问题如下:

Shield considers Derran’s financial situation and her stated objectives. He suggests repositioning the portfolio by selling equities and purchasing bonds such that the aggregate effect on the portfolio will be to produce regular cash flows, reduce volatility, and create a direct link between the amount of the reallocated principal and an index of consumer prices.

In repositioning the portfolio, Shield should most likely add: (2019 mock AM)

选项:

A.inflation-linked bonds. B.fixed-coupon bonds. C.floating-coupon bonds.

解释:

Correct Answer: A

Adding inflation-linked bonds to the portfolio incorporates each of the elements of producing regular cash flows, reducing volatility, and maintaining a direct link to an index of consumer prices. Inflation-linked bonds provide investors with valuable inflation-hedging benefits by paying a return that is directly linked to an index of consumer prices and adjusting the principal for inflation. There are several different structures for inflation-linked bonds, such as zero-coupon bonds with the inflation adjustment made to the principal payment and capital-indexed bonds, where a fixed coupon rate is applied to a principal amount that is adjusted for inflation throughout the bond’s life.

如题

1 个答案
已采纳答案

pzqa31 · 2023年07月01日

嗨,努力学习的PZer你好:


inflation-linked bond的coupon rate是固定的,但是本金随通货膨胀率调整,所以,每一期的coupon=本金*coupon rate也是随着通货膨胀率调整的,但是仍有regualr cash flow。


这里的regular cash flow是指能提供规律的,稳定的 ,源源不断的现金流,并不是指每期现金流都一样,而且题目说了 create a direct link between the amount of the reallocated principal and an index of consumer price,所以选A。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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