尼克内姆 · 2020年03月05日
问题如下：
XYZ company has issued a 4-year semi-annual callable bond with a coupon rate of 8% and the bond's current price is 105. The bond's second call date is at the end of the third year after issuance, and the call price is 102. What`s the bond's annual yield-to-second-call?
选项：
A. 5.01%
B. 3.37%
C. 6.74%
解释：
C is correct.
PV= -105,N=6,PMT=4,FV=102,CPT I/Y=3.3719%
The annual yield-to-second-call=3.3719%×2=6.7438%
解答里pmt=4，是不是题目没有注明par value，就用100或1000，根据这道题目price都是100+ ,所以用100的面值？几道题目都是这样处理的好像
NO.PZ2018062006000079 问题如下 XYZ company hissuea 4-yesemi-annucallable bonwith a coupon rate of 8% anthe bons current priis 105. The bons seconcall te is the enof the thiryeafter issuance, anthe call priis 102. What`s the bons annuyielto-seconcall? A.5.01% B.3.37% C.6.74% C is correct.PV= -105,N=6,PMT=4,FV=102,CPT I/Y=3.3719%The annuyielto-seconcall=3.3719%×2=6.7438%考点YTC解析求的是yielto-seconcall，第二次赎回价格为102，因此FV=102，N=3×2=6，PMT=8/2=4，PV= -105，求得I/Y=3.37，再乘2得YTC为6.74%，故C正确。 做这些题目我总是会把PV和FV搞混。。 所以只要是题目里有current price的就是PV是吗，最后的成交价是FV？
NO.PZ2018062006000079 问题如下 XYZ company hissuea 4-yesemi-annucallable bonwith a coupon rate of 8% anthe bons current priis 105. The bons seconcall te is the enof the thiryeafter issuance, anthe call priis 102. What`s the bons annuyielto-seconcall? A.5.01% B.3.37% C.6.74% C is correct.PV= -105,N=6,PMT=4,FV=102,CPT I/Y=3.3719%The annuyielto-seconcall=3.3719%×2=6.7438%考点YTC解析求的是yielto-seconcall，第二次赎回价格为102，因此FV=102，N=3×2=6，PMT=8/2=4，PV= -105，求得I/Y=3.37，再乘2得YTC为6.74%，故C正确。 为什么用105作为PV，而不是102
3.37% 6.74% C is correct. PV= -105,N=6,PMT=4,FV=102,CPT I/Y=3.3719% The annuyielto-seconcall=3.3719%×2=6.7438%第三年年末距离maturity还有一年 为什么是用n=6
3.37% 6.74% C is correct. PV= -105,N=6,PMT=4,FV=102,CPT I/Y=3.3719% The annuyielto-seconcall=3.3719%×2=6.7438%为什么seconcall 是直接乘以2。知识点是哪里讲到的。
