WallE_品职答疑助手 · 2020年09月19日
同学您好，
请仔细阅读下面的2段话，让我们从风险的角度去理解这个问题。
Under normal market conditions, the higher the coupon rate or yield, the lower a bond's degree of convexity. In other words, there's less risk to the investor when the bond has a high coupon or yield since market rates would have to increase significantly to surpass the bond's yield. So, a portfolio of bonds with high yields would have low convexity and subsequently, less risk of their existing yields becoming less attractive as interest rates rise.
Consequently, zero-coupon bonds have the highest degree of convexity because they do not offer any coupon payments.
