NO.PZ2019103001000002
问题如下：
Cécile Perreaux is a junior analyst for an international wealth management firm. Her supervisor, Margit Daasvand, asks Perreaux to evaluate three fixed-income funds as part of the firm’s global fixed-income offerings. Selected financial data for the funds Aschel, Permot, and Rosaiso are presented in Exhibit 1. In Perreaux’s initial review, she assumes that there is no reinvestment income and that the yield curve remains unchanged.
Based on Exhibit 1, the rolling yield of Aschel over a one-year investment horizon is closest to:
选项：
A.–2.56%
0.54%
5.66%.
解释：
B is correct.
The rolling yield is the sum of the yield income and the rolldown return. Yield income is the sum of the bond’s annual current yield and interest on reinvestment income. Perreaux assumes that there is no reinvestment income for any of the three funds, and the yield income for Aschel will be calculated as follows:
Yield income = Annual average coupon payment/Current bond price
= $3.63/$117.00
= 0.0310, or 3.10%.
The rolldown return is equal to the bond’s percentage price change assuming an unchanged yield curve over the horizon period. The rolldown return will be calculated as follows:
Rolldown return = (Ending Bond Price - Beginning Bond Price) / Beginning Bond Price
=（114.00-117.00）/ 117.00
=-0.0256 OR -2.56%
Rolling yield = Yield income + Rolldown return = 3.10% – 2.56% = 0.54%
she assumes that there is no reinvestment income and that the yield curve remains unchanged
请问这个条件的目的是什么呀？
