题目中的interest rate上升20bp指的是总的yc上升还是benchmark呢？

NO.PZ2021120102000011 问题如下 A junior analystconsirs a 10-yehigh-yielbonissueEKN Corporation (EKN) position ina high-yielportfolio. The bonha priof 91.82, a mofieration of8.47, ana spreration of 8.47. The analyst speculates on the effects ofinterest rate increase of 20 bps an because of a change in its cretrisk, increase in the EKN bons cret spreof 20 bps.The analyst comments thbecause the mofieration anthecret spreration of the EKN bonare equal, the bons priwill notchange (all else being equal) in response to the interest rate ancretsprechanges. Is the analyst’s prection correththe EKN bonpricewill not change in response to the interest rate ancret sprechanges, allelse being equal? A.Yes. B.No, the bonprishoulcrease. C.No, the bonprishoulincrease. Bis correct. increase in interest rates results in a crease in the bonprice. increase in the cret sprealsoresults in a crease in the bonprice.Forthe EKN bon its mofieration shows the effeof the 20 increase in interest rates. The approximatepercentage prichange resulting from the increasein interest rates is –8.47 × 0.0020 = –1.694%. Thespreration shows the effeof the 20 increase in the cret spreaThe approximate percentage prichangeresulting from the increase in the cret spreis –8.47 × 0.0020 = –1.694%. The combineeffeis a totalchange of –3.388%, or a pricrease ofroughly 3.4% 看了发亮老师的回答，mofieration是指债券的YTM改变时，引起的债券价格波动。债券的YTM = 基准利率 + sprea所以无论是sprea变，还是基准利率改变，都会通过债券的mofieration影响债券价格波动。那我们在学Yielsprea化产生的Yiel时候讲了△Sprea△yc（公司债收益率），也就是Spreration = Mofieration，这个时候为什么默认就不考虑基准利率的变化了呢？

NO.PZ2021120102000011问题如下 A junior analystconsirs a 10-yehigh-yielbonissueEKN Corporation (EKN) position ina high-yielportfolio. The bonha priof 91.82, a mofieration of8.47, ana spreration of 8.47. The analyst speculates on the effects ofinterest rate increase of 20 bps an because of a change in its cretrisk, increase in the EKN bons cret spreof 20 bps.The analyst comments thbecause the mofieration anthecret spreration of the EKN bonare equal, the bons priwill notchange (all else being equal) in response to the interest rate ancretsprechanges. Is the analyst’s prection correththe EKN bonpricewill not change in response to the interest rate ancret sprechanges, allelse being equal? A.Yes.B.No, the bonprishoulcrease.C.No, the bonprishoulincrease. Bis correct. increase in interest rates results in a crease in the bonprice. increase in the cret sprealsoresults in a crease in the bonprice.Forthe EKN bon its mofieration shows the effeof the 20 increase in interest rates. The approximatepercentage prichange resulting from the increasein interest rates is –8.47 × 0.0020 = –1.694%. Thespreration shows the effeof the 20 increase in the cret spreaThe approximate percentage prichangeresulting from the increase in the cret spreis –8.47 × 0.0020 = –1.694%. The combineeffeis a totalchange of –3.388%, or a pricrease ofroughly 3.4% mofieration难道不受sprea动影响吗？只受基准利率影响？

NO.PZ2021120102000011 问题如下 A junior analystconsirs a 10-yehigh-yielbonissueEKN Corporation (EKN) position ina high-yielportfolio. The bonha priof 91.82, a mofieration of8.47, ana spreration of 8.47. The analyst speculates on the effects ofinterest rate increase of 20 bps an because of a change in its cretrisk, increase in the EKN bons cret spreof 20 bps.The analyst comments thbecause the mofieration anthecret spreration of the EKN bonare equal, the bons priwill notchange (all else being equal) in response to the interest rate ancretsprechanges. Is the analyst’s prection correththe EKN bonpricewill not change in response to the interest rate ancret sprechanges, allelse being equal? A.Yes. B.No, the bonprishoulcrease. C.No, the bonprishoulincrease. Bis correct. increase in interest rates results in a crease in the bonprice. increase in the cret sprealsoresults in a crease in the bonprice.Forthe EKN bon its mofieration shows the effeof the 20 increase in interest rates. The approximatepercentage prichange resulting from the increasein interest rates is –8.47 × 0.0020 = –1.694%. Thespreration shows the effeof the 20 increase in the cret spreaThe approximate percentage prichangeresulting from the increase in the cret spreis –8.47 × 0.0020 = –1.694%. The combineeffeis a totalchange of –3.388%, or a pricrease ofroughly 3.4% 这题 intreast rate 改变除了影响benchmark那边是不是还会影响roll yiel 从而也会让价格下跌？

NO.PZ2021120102000011 问题如下 A junior analystconsirs a 10-yehigh-yielbonissueEKN Corporation (EKN) position ina high-yielportfolio. The bonha priof 91.82, a mofieration of8.47, ana spreration of 8.47. The analyst speculates on the effects ofinterest rate increase of 20 bps an because of a change in its cretrisk, increase in the EKN bons cret spreof 20 bps.The analyst comments thbecause the mofieration anthecret spreration of the EKN bonare equal, the bons priwill notchange (all else being equal) in response to the interest rate ancretsprechanges. Is the analyst’s prection correththe EKN bonpricewill not change in response to the interest rate ancret sprechanges, allelse being equal? A.Yes. B.No, the bonprishoulcrease. C.No, the bonprishoulincrease. Bis correct. increase in interest rates results in a crease in the bonprice. increase in the cret sprealsoresults in a crease in the bonprice.Forthe EKN bon its mofieration shows the effeof the 20 increase in interest rates. The approximatepercentage prichange resulting from the increasein interest rates is –8.47 × 0.0020 = –1.694%. Thespreration shows the effeof the 20 increase in the cret spreaThe approximate percentage prichangeresulting from the increase in the cret spreis –8.47 × 0.0020 = –1.694%. The combineeffeis a totalchange of –3.388%, or a pricrease ofroughly 3.4% 请问如果此题一个升20一个减20，就是不变对吗？