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sparkle · 2024年05月26日

quarterly coupon of 3.25%这种说法怎么感觉应该理解成每季度的coupon是3.25呢？

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000027

问题如下：

A bond issued by RTR pays a quarterly coupon of 3.25%, has three years to maturity, and is currently trading at 97.28. The semiannual bond basis yield is closest to:

选项：

A.

1.055%

B.

2.121%

C.

4.242%

解释：

C is correct. As a first step, we need to calculate the quarterly yield and annualize it:


The next step is to convert the annualized quarterly yield to the semiannual bond basis yield.


A is incorrect because 1.0550% is the yield per quarter.
B is incorrect because 2.1100% is the yield per quarter (1.0550%) multiplied by 2.

quarterly coupon of 3.25%这种说法怎么感觉应该理解成每季度的coupon是3.25呢？

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1 个答案

吴昊_品职助教 · 2024年05月26日

嗨，爱思考的PZer你好：


3.25%，只要是这种表达出来的利率，都代表的是年化的利率，这个是约定俗成的规定。

本题债券一年付息四次，所以每一期的coupon payment = 100×3.25%/4 = 0.8125

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