问题如下图：
选项：
A. 
B. 
C. 
解释：
NO.PZ2018123101000083 问题如下 mestic economic activity hbeen weakening recently, anSmith’s outlook is thequity market values will lower ring the next year. He woullike to consir recing his equity exposure in favor of aing more fixeincome securities to the portfolio. Government yiel have remainelow for extenperio anSmith suggests consiring investment-gra corporate bon to provi aitionyielabove government issues. In light of recent poor employment figures antwo consecutive quarters of negative G growth, the consensus forecast among economists is ththe centrbank, its next meeting this month, will take actions thwill leto lower interest rates. Exhibit 1 shows par, spot, anone-yeforwarrates Exhibit 2 shows four fixerate investment-gra bon issueAlpha Corporation whiare being consirefor investment. Note: All bon in Exhibit 2 have remaining maturities of exactly three years Baseon Exhibit 2, anassuming ththe forecast for interest rates anSmith’s outlook for equity returns are valite whibons option is most likely to exercise Bon2 Bon3 Bon4 C is correct.考点考察对含权债券的理解解析Smith当前的预测是未来Equity的表现会更差 ， 当前Convertible bon经是Out-of-the money的状态了 ， 如果Smith的预测成真 （ Valite） ， 那么Convertible bon会被行权 。市场对利率的预测是央行会采取措施 ， 进一步降低利率 ， 如果降低利率的话 ， Putable bon可能被行权 。对于Callable bon（ 债券4 ） ， 没有行权锁定期 ， 预测未来利率下跌 ， 发行人非常有可能提前赎回债券 ， 然后以更低的市场利率融资 。 因此选择Bon4. 能否一下什么情况下Convertible bonOut-of-the money的状态?什么时候是in-the-money？会有at-the-money嘛？谢谢！
NO.PZ2018123101000083 问题如下 mestic economic activity hbeen weakening recently, anSmith’s outlook is thequity market values will lower ring the next year. He woullike to consir recing his equity exposure in favor of aing more fixeincome securities to the portfolio. Government yiel have remainelow for extenperio anSmith suggests consiring investment-gra corporate bon to provi aitionyielabove government issues. In light of recent poor employment figures antwo consecutive quarters of negative G growth, the consensus forecast among economists is ththe centrbank, its next meeting this month, will take actions thwill leto lower interest rates. Exhibit 1 shows par, spot, anone-yeforwarrates Exhibit 2 shows four fixerate investment-gra bon issueAlpha Corporation whiare being consirefor investment. Note: All bon in Exhibit 2 have remaining maturities of exactly three years Baseon Exhibit 2, anassuming ththe forecast for interest rates anSmith’s outlook for equity returns are valite whibons option is most likely to exercise Bon2 Bon3 Bon4 C is correct.考点考察对含权债券的理解解析Smith当前的预测是未来Equity的表现会更差 ， 当前Convertible bon经是Out-of-the money的状态了 ， 如果Smith的预测成真 （ Valite） ， 那么Convertible bon会被行权 。市场对利率的预测是央行会采取措施 ， 进一步降低利率 ， 如果降低利率的话 ， Putable bon可能被行权 。对于Callable bon（ 债券4 ） ， 没有行权锁定期 ， 预测未来利率下跌 ， 发行人非常有可能提前赎回债券 ， 然后以更低的市场利率融资 。 因此选择Bon4. 如题，不明白smith作为投资人有什么好处
NO.PZ2018123101000083 问题如下 mestic economic activity hbeen weakening recently, anSmith’s outlook is thequity market values will lower ring the next year. He woullike to consir recing his equity exposure in favor of aing more fixeincome securities to the portfolio. Government yiel have remainelow for extenperio anSmith suggests consiring investment-gra corporate bon to provi aitionyielabove government issues. In light of recent poor employment figures antwo consecutive quarters of negative G growth, the consensus forecast among economists is ththe centrbank, its next meeting this month, will take actions thwill leto lower interest rates. Exhibit 1 shows par, spot, anone-yeforwarrates Exhibit 2 shows four fixerate investment-gra bon issueAlpha Corporation whiare being consirefor investment. Note: All bon in Exhibit 2 have remaining maturities of exactly three years Baseon Exhibit 2, anassuming ththe forecast for interest rates anSmith’s outlook for equity returns are valite whibons option is most likely to exercise Bon2 Bon3 Bon4 C is correct.考点考察对含权债券的理解解析Smith当前的预测是未来Equity的表现会更差 ， 当前Convertible bon经是Out-of-the money的状态了 ， 如果Smith的预测成真 （ Valite） ， 那么Convertible bon会被行权 。市场对利率的预测是央行会采取措施 ， 进一步降低利率 ， 如果降低利率的话 ， Putable bon可能被行权 。对于Callable bon（ 债券4 ） ， 没有行权锁定期 ， 预测未来利率下跌 ， 发行人非常有可能提前赎回债券 ， 然后以更低的市场利率融资 。 因此选择Bon4. spot rate 表1呈上升趋势，也就是债券价格会下跌，那么不是Put option 行权吗？
NO.PZ2018123101000083 问题如下 mestic economic activity hbeen weakening recently, anSmith’s outlook is thequity market values will lower ring the next year. He woullike to consir recing his equity exposure in favor of aing more fixeincome securities to the portfolio. Government yiel have remainelow for extenperio anSmith suggests consiring investment-gra corporate bon to provi aitionyielabove government issues. In light of recent poor employment figures antwo consecutive quarters of negative G growth, the consensus forecast among economists is ththe centrbank, its next meeting this month, will take actions thwill leto lower interest rates. Exhibit 1 shows par, spot, anone-yeforwarrates Exhibit 2 shows four fixerate investment-gra bon issueAlpha Corporation whiare being consirefor investment. Note: All bon in Exhibit 2 have remaining maturities of exactly three years Baseon Exhibit 2, anassuming ththe forecast for interest rates anSmith’s outlook for equity returns are valite whibons option is most likely to exercise Bon2 Bon3 Bon4 C is correct.考点考察对含权债券的理解解析Smith当前的预测是未来Equity的表现会更差 ， 当前Convertible bon经是Out-of-the money的状态了 ， 如果Smith的预测成真 （ Valite） ， 那么Convertible bon会被行权 。市场对利率的预测是央行会采取措施 ， 进一步降低利率 ， 如果降低利率的话 ， Putable bon可能被行权 。对于Callable bon（ 债券4 ） ， 没有行权锁定期 ， 预测未来利率下跌 ， 发行人非常有可能提前赎回债券 ， 然后以更低的市场利率融资 。 因此选择Bon4. 如果Bon4有锁定期，是不是就不被利率下降所影响了
NO.PZ2018123101000083 Bon3 Bon4 C is correct. 考点考察对含权债券的理解 解析 Smith当前的预测是未来Equity的表现会更差 ， 当前Convertible bon经是Out-of-the money的状态了 ， 如果Smith的预测成真 （ Valite） ， 那么Convertible bon会被行权 。 市场对利率的预测是央行会采取措施 ， 进一步降低利率 ， 如果降低利率的话 ， Putable bon可能被行权 。 对于Callable bon（ 债券4 ） ， 没有行权锁定期 ， 预测未来利率下跌 ， 发行人非常有可能提前赎回债券 ， 然后以更低的市场利率融资 。 因此选择Bon4.如题如题如题如题如题
