问题如下图：
选项：
A. 
B. 
C. 
解释：
请问这里计算 本币收益收益的时候（R_LC），为什么都是直接采用对应 币种的 相应期限收益率直接计算的， 而不用 减去融资 货币的 借钱利率
发亮_品职助教 · 2019年12月09日
嗨，爱思考的PZer你好：
“为什么都是直接采用对应 币种的 相应期限收益率直接计算的， 而不用 减去融资 货币的 借钱利率”
因为这道题不是Carry trade策略。
只有Carry trade策略里才存在借钱投资：借低利率货币、投资高利率货币。所以Carry-trade是一个借钱投资，Long/Short的策略；
所以在算收益时，才需要用投资收益减去融资成本，来算净Carry。
而提问的这道题对应的策略是Inter-market strategies。
这里就需要区分一下：Inter-market strategies 与 Inter-market carry trade
在我们三级学的所有主动管理策略里，例如：
Stable yield curve下的：Buy and hold、Carry trade、Riding the yield curve、Sell convexity；
以及Unstable yield curve下的：Duration mangement、Buy convexity、Barbell/Bullet/Laddered Structure；
这些所有的策略，都是默认在一国内部进行；
如果我们把这些策略拿到海外市场上投资，对应的策略就是Inter-market strategies。例如，就是简单的买国外债券进行投资，他也算Inter-market strategy；
我们三级原版书只讲了：Inter-market carry trade，而没有提其他的国际市场投资策略，是因为其他策略和国内的一样，只不过额外涉及一个汇率问题。
对于本题，我们从选项中发现，他只是买国外债券投资、不存在借钱投资的情况，所以我们排除他是Inter-market carry trade。本题他就是Inter-market strategy，就是简单的买国外债券进行投资，是一个Long-only策略。
因为买了国外债券，获得的收益有两部分，一部分就是以当地货币计价的债券投资收益、另外一部分收益就是当地货币转换成Portfolio base currency的收益。
这就是为什么在算收益时，我们只考虑债券对应期限的收益率；因为不存在融资，所以也就不用减去融资利率。
在做这种题时，注意题干是说（Inter-market）Carry trade、还是Inter-market strategy，两者对应的盈利方式不同。所以算收益方法也不同。
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NO.PZ2019103001000063 Because yiel are projecteto remain unchangein the US, UK, Euro, anGreek markets, the 5-yeGreek bon will still pricepin six months anthe US, UK, anEuro bon will realize a negligible priappreciation when they have 4.5 years to maturity. Hence, the locmarket return for eaof these bon will equhalf of the coupon: 0.975%, 0.55%, 0.30%, an2.85%, respectively. 这段话怎么理解？
NO.PZ2019103001000063 请问老师两个问题①题目的哪里提到了投资6个月？为什么求totreturn是投资6个月？ ②inter market carry tra到底是在做什么？在不同国家之间比较各自借短投长的return，调整成可比return，然后选出最大，最后确定是否hee？
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