开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

Anne · 2025年05月19日

Issue size和total issuance outstanding有什么区别

NO.PZ2018120301000010

问题如下:

Regarding the purchase of corporate bonds, Dan collects relevant data, which are presented in Exhibit 1.


Based on Exhibit 1, which bond most likely has the highest liquidity premium?

选项:

A.

Bond 1

B.

Bond 2

C.

Bond 3

解释:

Correct Answer: C

C is correct. Bond 3 is most likely to be the least liquid of the three bonds presented in Exhibit 1 and will thus most likely require the highest liquidity premium. Low credit ratings, longer time since issuance, smaller issuance size, smaller issuance outstanding, and longer time to maturity typically are associated with lower liquidity (and thus a higher liquidity premium).

Bond 3 has the lowest credit quality and the longest time since issuance of the three bonds. Bond 3 also has a smaller issue size and a longer time to maturity than Bond 1. The total issuance outstanding for Bond 3 is smaller than that of Bond 2 and equal to that of Bond 1.

Issue size和total issuance outstanding有什么区别

1 个答案

发亮_品职助教 · 2025年05月19日

issue size讨论单个债券的发行量。比如债券1,这单个债券发行规模就是100 million

Total issuance outstanding讨论公司债券的总发行量,如bond 1债券的这家公司发行多个债券,总计流通在外的规模为1000million。


total issuance outstanding越大,说明公司越是债券市场的常客,市场相对更了解发行人,信息相对透明,所以这家公司发行债券的整体流动性可能会更好(在信用风险保持稳定的情况下)。


单个债券的issue size越大,这支债券可参与的交易人员越多,流动性会更好。如果issue size过小,投资者可能不会太多,交易过于集中在某几个投资者手上,整体流动性会低一点。

  • 1

    回答
  • 0

    关注
  • 4

    浏览
相关问题