Issue

NO.PZ201812020100000204 问题如下 Baseon Exhibit 1, whibonmost likely hthe highest liquity premium? A.Bon1 B.Bon2 C.Bon3 Cis correct. Bon3 is most likely to the least liquiof the three bonpresentein Exhibit 1 anwill thus most likely require the highestliquity premium. Low cret ratings, longer time sinissuance, smallerissuansize, smaller issuanoutstanng, anlonger time to maturitytypically are associatewith lower liquity (anthus a higher liquitypremium).Bon hthe lowest cret quality anthe longest time sinissuanof thethree bon. Bon3 also ha smaller issue size ana longer time to maturitythBon1. The totissuanoutstanng for Bon3 is smaller ththofBon2 anequto thof Bon1. smaller issuansize, smaller issuanoutstanng，前者是说发行规模，后者是什么意思？

NO.PZ201812020100000204 问题如下 Celiais chief investment officer for the Topanga Investors Fun whiinvests inequities anfixeincome. The clients in the funare all taxable investors. Thefixeincome allocation inclus a mestic (US) bonportfolio ananexternally manageglobbonportfolio.Themestic bonportfolio ha totreturn mante, whispecifies a long-termreturn objective of 25 basis points (bps) over the benchmark inx. Relative tothe benchmark, small viations in sector weightings are permitte suriskfactors ration must closely match, antracking error is expecteto beless th50 bps per year. Theobjectives for the mestic bonportfolio inclu the ability to funfutureliabilities, proteinterest income from short-term inflation, anminimizethe correlation with the funs equity portfolio. The correlation between thefuns mestic bonportfolio anequity portfolio is currently 0.14. Celiaplans to rethe funs equity allocation anincrease the allocation to themestic bonportfolio. She reviews two possible investment strategies.Strategy 1 Purchase Aratefixecoupon corporate bon with a mofieration of two years ana correlation coefficient with the equity portfolio of -0.15.Strategy 2 Purchase US government agenfloating-coupon bon with a mofieration of one month ana correlation coefficient with the equity portfolio of -0.10.Celiarealizes ththe funs return mcrease if the equity allocation of thefunis rece Celia cis to liquite $20 million of US Treasuriesthare currently owneanto invest the procee in the US corporate bonector. To fulfill this strategy, Celia asks n, a newly hireanalyst for thefun to recommenspecific Treasuries to sell ancorporate bon to purchase.nrecommen Treasuries from the existing portfolio thhe believes are over-valuenwill generate capitgains. Celia asks n why he chose only overvalueon with capitgains annot inclu any bon with capitlosses. nrespon with two statements.Statement 1 Taxable investors shoulprioritize selling overvaluebon analways sell them before selling bon thare viewefairly valueor unrvalueStatement 2 Taxable investors shoulnever intentionally realize capitlosses.Regarngthe purchase of corporate bon, n collects relevant twhiarepresentein Exhibit 1.Celiaann review the totexpecte12-month return (assuming no reinvestmentincome) for the globbonportfolio. Selectefinancita are presenteinExhibit 2.Celiacontemplates aing a new manager to the globbonportfolio. She reviewsthree proposals antermines theamanager uses the same inx itsbenchmark but pursues a fferent totreturn approach, presenteinExhibit 3. Baseon Exhibit 1, whibonmost likely hthe highest liquity premium? A.Bon1 B.Bon2 C.Bon3 Cis correct. Bon3 is most likely to the least liquiof the three bonpresentein Exhibit 1 anwill thus most likely require the highestliquity premium. Low cret ratings, longer time sinissuance, smallerissuansize, smaller issuanoutstanng, anlonger time to maturitytypically are associatewith lower liquity (anthus a higher liquitypremium).Bon hthe lowest cret quality anthe longest time sinissuanof thethree bon. Bon3 also ha smaller issue size ana longer time to maturitythBon1. The totissuanoutstanng for Bon3 is smaller ththofBon2 anequto thof Bon1. 为什么 1. 发行人发行在外总债务规模越大；2. 此次发行债务的规模越大，流动性越好

对于题干有些问题，麻烦老师有空看一下，谢谢！ Totissuanoutstanng是不是发行总量，也就是额度的概念 issue size 是不是单次发行规模，根据窗口期和企业融资需要具体发行的，也就是具体债券的发行量 累计issue size小于等于totissuanoutstanng，totissuanoutstanng在一定时期内生效，过期失效。 在判断债券流动性的时候，是不是应该考量iussue size而并非totissuanoutstanng呢？

请问issuer size是有利于risk premium的还是？