[CFA level 1模拟真题]Version 1 Questions－Q52 level, higher, relative, otherwise, face

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Q52. At yield levels that are high relative to the bond's coupon rate, is the price of an option-free bond higher than price of an otherwise identical:

Callable bond?          Putable bond

A.     NO.                   NO

B.     NO                    YES

C.     YES                   NO

D.     YES                   YES

 

答案和详解如下：

Q52.    C  Study session 16-72.b

At relatively high yield level, the value of a comparable callable bond is basically the same as an option-free bond because the value of the call option is very small (the callable bond will trade at slightly lower price because the value of the call option is subtracted). at high yield levels, the price of a comparable putable bond will be higher than the price of the option-free bond because the value of put option is assed.

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C

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C

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C