cash flow matching问题 style, filled, matching, xml

jessieeee

 书上提到：

1. select a bond with a maturity date = last liability payment date

2. buy enough in par value of this bond so that is principal and final coupon fully fund the last liability

3. working backward, choss another bond so that its maturity value and last coupon plus the coupon on the longer bond fully fund the second to last liability payment and continue untial all liability payment have veen addressed.

 

请问关于第三点，为什么 还要 plus the coupon on the longer bond??不明白，谢谢高手指教！

houhuiliao

形象的说，比如最后一笔债务是100万，所以最后最长的债券面值和利息（最后结算）和最后的债务100万匹配就可以，向前推，倒数第二的债务金额=倒数第二的债券面值+利息+加最后一期债券的利息（因为它在更后面到期，所以对于倒数第二期有利息贡献）。