问一道题：NO.PZ201812020100001103

* 问题详情，请查看题干

问题如下：

Which of Avelyn’s comments regarding considerations in the bottom-up approach is most accurate?

选项：

Comment 1

Comment 2

Comment 3

解释：

C is correct.

When an issuer announces a new corporate bond issue, the issuer’s existing bonds often decline in value and their spreads widen. This dynamic is often explained by market participants as an effect of increased supply. A related reason is that because demand is not perfectly elastic, new issues are often given a price concession to entice borrowers to buy the new bonds. This price concession may result in all of an issuer’s existing bonds repricing based on the new issue’s relatively wider spread. A third reason is that more debt issuance may signal an increase in an issuer’s credit risk.

Comment 2为什么错了呢？

添加评论

1 个答案

发亮_品职助教 · 2020年02月03日

嗨，努力学习的PZer你好：

Comment 2: Benchmark corporate bond issues normally have wider spreads than older bonds of the same issuer

错误的地方在Wider spread；应该改成Narrower spread。

Benchmark corporate issues，就是公司最近、或者最新发行的债券（On-the-run），可以把它理解成：他可以作为这家公司债券的“Benchmark”。

对于最新发行、或者是On-the-run的债券，债券交易量大、流动性很好，所以要求的风险补偿Spread就相对小一些。

相反，对于Older bonds，已发行较长时间的债券，大量持有至到期投资者的存在，使得交易不活跃，所以要求的风险补偿Spread就相对大一些。

-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

添加评论

1
回答
2
关注
456
浏览

我要回答关注问题

相关问题

NO.PZ201812020100001103 老师，原本书上Comment 1 与这里的不同，原版书上是Callable ha smaller option- austesprethcomparable non-callable bt.请问原版书上这句话为什么不对？谢谢。

2021-07-05 16:58 1 · 回答

NO.PZ201812020100001103 Comment 2 Comment 3 C is correct. When issuer announces a new corporate bonissue, the issuer’s existing bon often cline in value antheir sprea win. This namic is often explainemarket participants effeof increasesupply. A relatereason is thbecause manis not perfectly elastinew issues are often given a priconcession to entiborrowers to buy the new bon. This priconcession mresult in all of issuer’s existing bon repricing baseon the new issue’s relatively wir sprea A thirreason is thmore issuanmsignincrease in issuer’s cret risk. 老师，请按字面意思翻译下comment 1，谢谢。

2021-07-02 22:31 1 · 回答

老师我来顺一下不管PUTABLE 和 callable 他们的O理论上应该和同等条件只是缺少这两个权利的bon OAS相等。然后一般的BON的 z spre基本是等于 OAS的所以在比较的时候， callable 因为含有对投资者不利的权力，所以价格低，所以同等cash flow 情况下，下面的折现率要更大，才会使得价格变小，所以callable 的 O大于同等 bon的O即同等 bon Z sprea这样理解对吗？

2020-02-25 10:42 1 · 回答

问题1，按照书上说的Callable bonhas a higher OAS tha comparable non-callable bon那是不是putable bonhas a higher OAS tha comparable non-putable bon 问题2，关于问题1这个知识点只是在bottom up知识点这儿是成立的。不和之前二级学的那个冲突对吗？二级中好像有个知识点说，如果一个债券oas小于z-sprea则为callable bon如果大于，则为putable bond

2020-02-16 22:23 1 · 回答

问一道题：NO.PZ201812020100001103

1 个答案

1

2

456

相关问题