开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

izzyli · 2020年04月26日

问一道题:NO.PZ2018062020000008

问题如下:

Considering kinds of principal repayment structures, which one of them is the most similar to the sinking fund arrangement for bond issuers?

选项:

A.

Coupon payment structure.

B.

Serial maturity structure.

C.

Term maturity structure.

解释:

B is correct.

The serial maturity structure is that the company issues a series of bonds and the bond holders know which bonds will mature. But the bonds retired annually with a sinking fund arrangement are designed by a random drawing. The bondholders don’t know which part of bonds be paid off each year. But both of them result in portion of the bond issue being paid off each year. So the serial maturity structure is the most similar one to the sinking fund arrangement.

这个题请帮忙解释下,谢谢。

1 个答案
已采纳答案

吴昊_品职助教 · 2020年04月27日

题目问的是下列哪一个和sinking fund 最为相似,sinking fund和serial maturity都会提前偿还,sinking是random提前偿还,而serial是有schedule的还。

serial maturity structure,是一个bond会有不同的到期日,例如发行某只债券,会提前设定好不同的到期年限,如每年都会有一部到期。发行人会对不同期限的部分有不同的coupon rate。债券的投资者也会提前知道自己的是什么时候到期。

而sinking fund arrangement是random的,但是他的偿还机制就像发行人发行了一个serial maturity structure的bond.