这道题里的yield指的是什么yield？

问题如下：

A fixed income analyst, Tam, is identifying three mispriced 3-year annual-pay bonds (see Exhibit 1).

Here are two methods to calculate the bond price:

Method 1: Discount each year’s cash flow separately using the appropriate interest rate curve.

Method 2: Build and use a binomial interest rate tree to calculate bond price.

If method 1 is used to calculate these 3 bonds shown below, which bond is most likely to be price by an inappropriate valuation technique?

选项：

A.

bond H

B.

bond L

C.

bond P

解释：

B is correct.

考点：含权债券的定价

解析：L债券是一个含权债券。而Method 1适合于对不含权债券进行无套利估值; 但是，对于含权债券，未来利率的变化会影响期权的行权，从而未来的现金流就会不确定。因此对于含权债券的定价需要用二叉树模型。