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Churning · 2020年01月16日

问一道题:NO.PZ2018062006000012

问题如下:

Marie Co. plans to issue a long-term debt in next few days. The management notice that central bank releases a signal of tight monetary policy and the interest rate is expected to increase. Which type of bond will benefit the Marie Co. most?

选项:

A.

A step-up coupon bond.

B.

An inflation-linked bond.

C.

A floating-rate bond with cap rate.

解释:

C is correct.

The cap of floating rate bond can limit the upper level of coupon payment. Therefore it can protect the issuer from increasing interest rate. Both step-up and inflation-linked bond will be preferred by bondholders not the issuer under the increasing interest rate condition.

老师 C选项能解释下什么意思吗

2 个答案

Hydefu · 2022年10月15日

不考虑题目选项是不是inverse FRN其实是最好的?

吴昊_品职助教 · 2020年01月16日

嗨,从没放弃的小努力你好:


cap可以理解成顶的意思,也就是说浮动利率债券其利率波动有一个上限。


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