这里没明白为什么债券的报价没包括利息？

问题如下：

Is Torres most likely correct in her description of bond forward pricing issues?

选项：

A.Yes. B.No, she is incorrect with respect to accrued interest. C.No, she is incorrect with respect to the conversion factor.

解释：

A Incorrect. Torres is incorrect with regard to her description of bond futures pricing and accrued interest.

B Correct. Torres is incorrect in her description of pricing differences between the spot and futures markets based on accrued interest. Bond futures are generally quoted in the same way the spot bond market is quoted, whether “clean” (without accrued interest) or “dirty” (with accrued interest). futures contract equal in price.

C Incorrect. Torres is correct in her description of the conversion factor, which is designed to make all bonds that can be delivered to fulfill the terms of a particular futures contract equal in price.

Torres说债券期货的报价反映了自上次付息以来累积的利息，所以是clean的报价，同时由于可以有多种选择进行实物交割，因此需要转换因子来转换成对应的价值。那么对于转换因子的表述是正确的，但是对于应计利息的表述是错误的，因为债券期货的报价是clean price，是不包含应计利息的。