NO.PZ2018062006000108
问题如下：
If a buy-and-hold investor purchased a bond, and the interest rate increased before the first coupon date. If he/she holds the bond to maturity, the realized return is:
选项：
A.is equal to the YTM calculated at the time when the bond is purchased
B.is lower than the YTM calculated at the time when the bond is purchased
C.is higher than the YTM calculated at the time when the bond is purchased
解释：
C is correct.
Buy-and-hold investors have two sources of return, coupon and its reinvestment return. If the interest rate increases, the coupon received can be reinvested at a higher rate. Thus, the realized return is higher than YTM calculated at the time of bond purchase.
请问债券这里都是默认收到的coupon都去reinvestment吗？题中说道的reinvestment return是指在高利率下投资者继续去投资其他的金融产品？
