求助 CFA 一级 note book 5 p22第11题

jijie309

老师这道题目我实在是看不懂后面解释，搞不清楚sinking fund到底什么意思！求老师帮助！谢谢！

apf_薛老师

sinking fund 的意思是偿债基金，他每年付bond的一部分，而不是到maturity的日子才付所有的，即 issuer to retire the fixed portion of bond's principal each year.

jijie309

回复 2# apf_薛老师
谢谢老师！不过我还是看不懂为什么“With rates currently below the coupon rate, the bonds will be trading at a premium to par value. Thus, sinking fund call at par would not benefit a bondholder.” 求老师解答！感激不尽！

wyandywja

Because this bond is sold at premium, it means it worth more than par. The sinking fund call only pays the par to call the bond. That is why bondholder will lose. Hopefully my explaination is correct.