答案如下
An analyst gathered the following information regarding three bonds:
Treasury bond A has a yield-to-maturity of 4 percent.
Corporate bond B has a yield-to-maturity of 14 percent.
Municipal bond C has a yield-to-maturity of 8 percent.
Assuming bonds A, B, and C have the same maturity, which of the following statements is FALSE?
A) Bond B has a default risk premium of 6%.
B) Bond A is less risky than bond C.??
C) Bond C is easier to trade than bond B.
D) Bond B has a lower rating than bond C.
Answer
The correct answer was A) Bond B has a default risk premium of 6%.
The default risk premium is the difference between the yield of any bond and the yield of a Treasury bond of the same maturity. Thus, bond B has a default risk premium of 10% (14 - 4). Interest rates along are not sufficient to tell us whether bond C is easier to trade than bond B, or whether bond B has a lower rating than bond C. While the information above is insufficient to guarantee that either of those contentions is true, neither is it enough to prove that either is false. The Treasury bond is always less risky than a municipal or corporate bond.
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发表于 2006-4-3 12:24
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