premium

问题如下：

An analyst gathers the following information about three option-free bonds, each trading at a premium. All else being equal, the bond with the lowest Macaulay duration is most likely:

选项：

A.Bond 1.

B.Bond 2.

C.Bond 3.

解释：

A higher coupon rate or a higher yield-to-maturity reduces the duration measures. A longer time-to-maturity usually leads to a higher duration. It always does so for a bond priced at a premium or at par value." In this case, Bond 3 has a higher coupon, the same or higher yield-to-maturity, and the shortest time to maturity. It therefore has the lowest Macaulay duration.

考点：Macaulay duration

解析：更高的coupon rate或者更高的YTM会降低债券的duration。而更长的到期期限会增加债券的duration。三个债券中，Bond 3有最高的coupon rate，最高的YTM以及最短的到期期限，因此，Bond 3的duration最低，故选项C正确。