开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

momo · 2023年11月12日

bid

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000016

问题如下：

Which of the following is correct regarding the single-price auction process?

选项：

A.

Bidders include only dealers and institutional investors.

B.

Competitive bidders who bid higher than the stop yield are allocated securities.

C.

All non-competitive bids are accepted, while competitive bids are ranked starting at the lowest yield (highest bond price).

解释：

C is correct. All non-competitive bids are accepted, while competitive bids are ranked starting at the lowest yield (highest bond price). A is incorrect because individuals can also bid, in addition to dealers and institutional investors. B is incorrect because competitive bidders who bid higher than the stop yield (lower price) do not purchase any securities. All securities are sold for a single price, using a stop yield.

这是讲义哪个知识点，怎么理解

添加评论
1 个答案

吴昊_品职助教 · 2023年11月12日

嗨，爱思考的PZer你好：


这个知识点是国债的发行，采用的是拍卖的形式：单一价格拍卖方式。具体参考基础班讲义P118页。

A错在only这个词，个人（individual）也可以参与竞价。

B选项：参与竞价的bidder，每个人报出自己的报价，总高到底依次满足，最后成交价是最低的那个价格。这个最低的价格对应的是最高的收益率，也就是stop yield，低于这个收益率的都能成交，高于这个收益率的都无法成交。所以B错。

C是正确的，所有non-competitive bidder都能成交，因为他们不参与竞价，他们直接接受最后的成交价。

----------------------------------------------
加油吧，让我们一起遇见更好的自己！

  • 1

    回答

  • 0

    关注

  • 299

    浏览
相关问题

NO.PZ2023052301000016 问题如下 Whiof the following is correregarng the single-priauction process? A.Biers inclu only alers aninstitutioninvestors. B.Competitive biers who bihigher ththe stop yielare allocatesecurities. C.All non-competitive bi are accepte while competitive bi are rankestarting the lowest yiel(highest bonprice). C is correct. All non-competitive bi are accepte while competitive bi are rankestarting the lowest yiel(highest bonprice). A is incorrebecause invials calso bi in aition to alers aninstitutioninvestors. B is incorrebecause competitive biers who bihigher ththe stop yiel(lower price) not purchase any securities. All securities are solfor a single price, using a stop yiel 投标价高，债券发行人拿到的钱不就多吗?为什么是接受低价的？低价对应高收益率，但是发行人不是要拿越多钱越好么

2024-07-23 21:02 1 · 回答

NO.PZ2023052301000016 问题如下 Whiof the following is correregarng the single-priauction process? A.Biers inclu only alers aninstitutioninvestors. B.Competitive biers who bihigher ththe stop yielare allocatesecurities. C.All non-competitive bi are accepte while competitive bi are rankestarting the lowest yiel(highest bonprice). C is correct. All non-competitive bi are accepte while competitive bi are rankestarting the lowest yiel(highest bonprice). A is incorrebecause invials calso bi in aition to alers aninstitutioninvestors. B is incorrebecause competitive biers who bihigher ththe stop yiel(lower price) not purchase any securities. All securities are solfor a single price, using a stop yiel non-competitive bicompetitive bi啥东西

2024-07-19 16:35 1 · 回答