问题如下：
The yield curve is upward sloping. You have a short T-bond futures position. The following bonds are eligible for delivery:
The futures price is 103-17/32 and the maturity date of the contract is September 1. The bonds pay their coupon semiannually on June 30 and December 31. The cheapest to deliver bond is:
选项：
A.Bond A
B.Bond C
C.Bond B
D.Insufficient information
解释：
ANSWER: B
The cost of delivering each bond is the price divided by the conversion factor. This gives, respectively, (102+14/32)/0.98 = 104.53, 103.49, and 103.34. Hence the CTD is bond C. All other information is superfluous.
Or we can use the complete method: cost= Bond price - Future price* conversion factor, and we can find choice B is the answer.
可以帮忙列一下complete method: spot price - QFP*CF是怎么算的么 谢谢
