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小鸟宋 · 2019年11月07日

问一道题：NO.PZ2018062016000002

  1. CFA I
  2. Quantitative

问题如下：

Company XYZ issues two identical bonds at the same time. Bond A is rated AAA grade while Bond B is B+ grade. The most likely risk premium between the two bonds is:

选项：

A.

maturity risk premium

B.

inflation rate

C.

default risk premium

解释：

C is correct.

AAA grade and B+ grade is the credit rating of the bonds. A bond with triple A grade is high quality bond, and a bond with B+ grade is high yield bond (or junk bond). Bond A and Bond B are similar except for the credit rating. Therefore, the most likely risk premium in this question is default risk premium.

同一家公司发的债为什么信用评级不一样？

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已采纳答案

星星_品职助教 · 2019年11月07日

同学你好，

假设同一家公司发行三只债券，第一只债券有强担保，第二只无担保，第三只债券是专门用于并购的垃圾债。可以看出即使是同一家公司的债券，信用质量也不一样，第一只债券安全性最高，所以评级也就最高，而最后一只债券评级最低。

这道题两只债券评级相差极大，所以最有可能的就是信用质量相差极大，类似我刚刚举的例子。加油

_ Steven _ · 2020年02月20日

您好，既然是同一家公司发行的一模一样债券，我理解应该在所有条件上都是一样的，包括担保，期限，利率等。所以这题是不是用词上不严谨还是我对identical这个词的理解有偏差？

星星_品职助教 · 2020年02月20日

这个题出的不大好。但是题干明显的那个意思就是除了评级不同以外，别的都相同，按照这个选就行。这个题看一下以掌握知识点为主就可以了。

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