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Alison👑 · 2024年03月14日

期数为什么是12，四年前发行，每半年支付一次，期数不应该是8次吗？

  1. CFA I
  2. Quantitative

NO.PZ2023052407000006

问题如下：

Grupo Ignacia issued 10-year corporate bonds four years ago. The bonds pay an annualized coupon of 10.7 percent on a semiannual basis, and the current price of the bonds is MXN97.50 per MXN100 of par value. The YTM of the bonds is closest to:

选项：

A.

11.28 percent.

B.

11.50 percent.

C.

11.71 percent

解释：

A is correct. The YTM is calculated by solving for the RATE spreadsheet function with the following inputs: number of periods of 12 (=6 × 2), coupon payments of 5.35 (=10.7/2), PV of −97.50, and FV of 100. The resulting solution for RATE of 5.64 percent is in semiannual terms, so multiply by 2 to calculate annualized YTM of 11.28 percent.

B is incorrect, as 11.50 percent is the result if number of periods used is eight, instead of 12. C is incorrect, as 11.71 percent is the result if the number of periods used is 6, instead of 12.

期数为什么是12，四年前发行，每半年支付一次，期数不应该是8次吗？

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1 个答案

品职助教_七七 · 2024年03月14日

嗨，从没放弃的小努力你好：


债券或任何金融资产的现值都是未来的现金流折现，所以前面过了多少年都不重要，N取决于之后现金流还会持续多少年。

所以该债券还剩的年限为6年，期数为6*2=12.

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努力的时光都是限量版，加油！

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