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今日打卡 · 2021年02月22日

烦请翻译一下问题，以判断是我知识点理解的问题还是翻译的问题

  1. CFA I
  2. Quantitative

NO.PZ2018062016000002

问题如下：

Company XYZ issues two identical bonds at the same time. Bond A is rated AAA grade while Bond B is B+ grade. The most likely risk premium between the two bonds is:

选项：

A.

maturity risk premium

B.

inflation rate

C.

default risk premium

解释：

C is correct.

AAA grade and B+ grade is the credit rating of the bonds. A bond with triple A grade is high quality bond, and a bond with B+ grade is high yield bond (or junk bond). Bond A and Bond B are similar except for the credit rating. Therefore, the most likely risk premium in this question is default risk premium.

"The most likely risk premium between the two bonds is:"   这句话的翻译。感觉有道译的不准

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1 个答案

星星_品职助教 · 2021年02月23日

同学你好，

这句话可以理解为 对比这两只（其他条件相同的）债券，它们的风险溢价（risk premium）相差在哪？

根据题干，这两只债券的其他条件都相同，只是债券B的信用评级更低，所如果想让投资者愿意购买这个债券B，就需要加一个信用风险的溢价去补偿投资者可能遭受的信用风险。不然投资者就不买了或者全去买债券A了。

而债券A由于本身信用质量比较好，就不用加这个信用风险溢价了。

所以两只债券的定价中会相差出一个信用的风险溢价，即选择C选项。

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