请问老师这句话是什么意思？

NO.PZ2018091901000055 问题如下 investor is consiring aing three new securities to her internationally focusefixeincome portfolio. She consirs the following non-callable securities:1-yegovernment bon10-yegovernment bon0-yeBratecorporate bonShe plans to invest equally in all three securities being analyzeor will invest in none of them this time. She will only make the aeinvestment proviththe expectespreapremium of the equally weighteinvestment is least 1.5 percent (150bp) over the 1-yegovernment bon She hgatherethe following information:Using only the information given, calculate the expectereturn thequal-weighteinvestment in the three securities coulprovi. A.4.8% 4.9% C.6.1% B is correct.Estimate of theexpectereturn of equal-weighteinvestment in the three securities: (3.8%+ 4.8% + 6.1%)/3 = 4.9%.解析首先，我们先计算出每种债券各自的收益。1-yegovernment bon有任何风险溢价，所以它的收益率就是3.8%相比较于1-yegovernmentbon10-yegovernment bon在期限溢价，因此它的收益是3.8%+1%=4.8%相比较于1-yegovernmentbon10-yecorporate bon在期限溢价，信用溢价以及流动性溢价，因此它的收益是3.8% +1% + 0.75% + 0.55%=6.1%又因为这三类债券投资权重相等，所以直接求算数平均就可以求得投资的回报，即(3.8% + 4.8% +6.1%)/3 = 4.9%. 老师好 这里不是说cret premium over 10-yegovernment bon为什么答案是把75bps加入到corporate bon就是为什么returns不是 1-yre gov bon: 3.8%10yrs gov bon= 3.8%+1%+0.75%10yrs corp bon 3.8%+0.55%

NO.PZ2018091901000055问题如下investor is consiring aing three new securities to her internationally focusefixeincome portfolio. She consirs the following non-callable securities:1-yegovernment bon10-yegovernment bon0-yeBratecorporate bonShe plans to invest equally in all three securities being analyzeor will invest in none of them this time. She will only make the aeinvestment proviththe expectespreapremium of the equally weighteinvestment is least 1.5 percent (150bp) over the 1-yegovernment bon She hgatherethe following information:Using only the information given, calculate the expectereturn thequal-weighteinvestment in the three securities coulprovi. A.4.8% 4.9% C.6.1% B is correct.Estimate of theexpectereturn of equal-weighteinvestment in the three securities: (3.8%+ 4.8% + 6.1%)/3 = 4.9%.解析首先，我们先计算出每种债券各自的收益。1-yegovernment bon有任何风险溢价，所以它的收益率就是3.8%相比较于1-yegovernmentbon10-yegovernment bon在期限溢价，因此它的收益是3.8%+1%=4.8%相比较于1-yegovernmentbon10-yecorporate bon在期限溢价，信用溢价以及流动性溢价，因此它的收益是3.8% +1% + 0.75% + 0.55%=6.1%又因为这三类债券投资权重相等，所以直接求算数平均就可以求得投资的回报，即(3.8% + 4.8% +6.1%)/3 = 4.9%.我感觉这个组合最终没有溢价150bps啊, 最终我算4.9%的收益, 然后无风险收益3.8%, 等于只溢价了110bps不是吗? 所以不投资?

NO.PZ2018091901000055 老师好，麻烦请教一下关于教材第131页的例题中提到，interest rate future curve hflattebut still upwarsloping,老师在讲课中很自然得出预期未来短期利率下降的结论，能否一下原因呢？ 我理解flatten对应的是短期利率上升，类似于经济周期late expansion的阶段，货币政策趋严，短期利率上升，收益率曲线由steepn到flatten。 谢谢老师！

NO.PZ2018091901000055 4.9% 6.1% B is correct. Estimate of theexpectereturn of equal-weighteinvestment in the three securities: (3.8%+ 4.8% + 6.1%)/3 = 4.9%. 解析首先，我们先计算出每种债券各自的收益。 1-yegovernment bon有任何风险溢价，所以它的收益率就是3.8% 相比较于1-yegovernmentbon10-yegovernment bon在期限溢价，因此它的收益是3.8%+1%=4.8% 相比较于1-yegovernmentbon10-yecorporate bon在期限溢价，信用溢价以及流动性溢价，因此它的收益是3.8% +1% + 0.75% + 0.55%=6.1% 又因为这三类债券投资权重相等，所以直接求算数平均就可以求得投资的回报，即 (3.8% + 4.8% +6.1%)/3 = 4.9%.本题条件要求risk premium不超过150bp就不投啊，所以E（r）应该等于0