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Olivia.W🌸 · 2024年07月24日

APR

  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.


这个APRm为什么不是quartely yield? 不是应该对应右边APRn semiannal的吗？semi的除以2，quaterly的除以4，这样才对称吧？

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1 个答案

吴昊_品职助教 · 2024年07月24日

嗨，从没放弃的小努力你好：


APR是年化的概念，带了下标n之后，代表的是一年付息n次的年化收益率。

APR4代表的是一年付息四次的年化收益率，除以4之后去年化，代表一期的收益率。左边整体代表的是：以"APR4/4"这样一期的收益率，投资四次。

同理，APR2代表的是一年付息两次的年化收益率，除以2之后去年化，代表的是一期的收益率。右边整体代表的是：以"APR2/2"这样一期的收益率，投资两次。

两种投资方式是等价的。

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