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pumi · 2023年11月12日

coupon payment不是发行的时候就确认了的吗

NO.PZ2023010301000016

问题如下:

Relative to a fully amortized bond, the coupon payments of an otherwise similar partially amortized bond are

选项:

A.

lower or equal.

B.

equal.

C.

higher or equal.

解释:

Correct Answer: C

Except at maturity, the principal repayments are lower for a partially amortized bond than for an otherwise similar fully amortized bond. Consequently, the principal amounts outstanding and, therefore, the amounts of interest payments are higher for a partially amortized bond than for a fully amortized bond, all else equal. The only exception is the first interest payment, which is the same for both repayment structures. This is because no principal repayment has been made by the time the first coupon is paid.

coupon payment = coupon rate x par value这个公式不是一直有效的吗?本金是否摊销喝coupon没有关系吧

1 个答案

pzqa015 · 2023年11月14日

嗨,努力学习的PZer你好:


fully amortizing:本金全部摊销,每期收到的现金流结构是摊销的本金+未摊销本金产生的利息,随着还款的持续进行,摊销的本金逐渐变多,未摊销本金产生的利息逐渐变少。

parital amortizing:本金未全部摊销,每期收到的现金流结构仍是摊销的本金+未摊销本金产生的利息,随着还款的持续进行,摊销的本金逐渐变多,未摊销本金产生的利息也是逐渐变少。

对于fully amortized和partial amortized bond,coupon payment是指未摊销本金产生的利息,公式应该是coupon rate*未摊销本金,而不是par value,由于fully amortized本金全部摊销,所以每一期未摊销的本金都少于parital amortized bond,故对应产生的coupon payment也少。


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