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发表于 2011-3-30 14:57 | 只看该作者

Reading 64: Understanding Yield Spreads-LOS g 习题精选

2011, face, equivalent, affect, border

Session 15: Fixed Income: Basic Concepts
Reading 64: Understanding Yield Spreads

LOS g: Identify how embedded options affect yield spreads.

As compared to an equivalent noncallable bond, a callable bond’s yield should be:

A)

the same.

B)

lower.

C)

higher.

A callable bond favors the issuer. Hence, the value of the bond is discounted by the value of the option, which means the yield will be higher.

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发表于 2011-3-30 14:59 | 只看该作者

As compared to an equivalent nonputable bond, a putable bond’s yield should be:

A)

the same.

B)

higher.

C)

lower.

A putable bond favors the buyer (investor). Hence, a premium will be paid for the option, which means the yield will be lower.

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发表于 2011-10-18 09:10 | 只看该作者

thank you.

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