问题如下：
Ibarra wants to know the credit spread of bond B2 over a theoretical comparable-maturity government bond with the same coupon rate as this bond. The foregoing credit spread is closest to:
选项：
A.108 bps.
B.101 bps.
C.225 bps.
解释：
A is correct. The corporate bond’s fair value is computed in the solution to Question 8 as €1,101.24 The YTM can be obtained by solving the following equation for IRR:
The solution to this equation is 3.26%.
Valuation of a four-year, 6% coupon bond under no default (VND) is computed in the solution to Question 8 as 1,144.63. So, the YTM of a theoretical comparable-maturity government bond with the same coupon rate as the corporate bond B2 can be obtained by solving the following equation for IRR:
The solution to this equation is 2.18%. So, the credit spread that the analyst wants to compute is 3.26% – 2.18% = 1.08%, or 108 bps.
B is incorrect, because that is the spread over the four-year government par bond that has a YTM of 2.25% in Exhibit 2: 3.26% – 2.25% = 1.01%, or 101 bps. Although this spread is commonly used in practice, the analyst is interested in finding the spread over a theoretical 6% coupon government bond.
C is incorrect, because that is the YTM of the coupon four-year government bond in Exhibit 2.
老师，我看你回复其他学员的时候说不能用2.25，要用1144.6255倒推出YTM，可是强化串讲第23-24页的那个例题里就是直接选了5年的coupon rate，2.75%，也并与那只5年的债券coupon相等呀
