胡老师

1 ， Pretax CFO depends on purchases, not COGS  税前的CFO与原材料采购有关，而与COGS无关。

2.    “Two reasons that a bond’s price will differ from par at its coupon reset date. The presence of a cap (max. coupon rate) can raise the interest rate risk of a floating-rate security. If the reference rate increase enough that the cap rate is reached, further increases in market yields will decrease floater’s price. When the market yield is above its capped coupon rate, a floating-rate security will trade at a discount. To the extent that the cap fixes the coupon rate on the floater, its price sensitivity to changes in market yield will increase. This is “cap risk”.

 有两个理由使得在票面利率重设日，债券的价格和面值不同。如果存在利率上限的话，浮动利率债券的风险将增加。如果参考利率上升的足够大而超过了利率上限，利率的进一步上升将降低浮动债券的价格。当市场利率高于利率上限时，浮动利率债券以折价进行交易。只要利率上限固定了浮动利率债券的票面利率，浮动利率债券对市场收益率的敏感性上升，这就是利率上限风险。

 有两个理由使得在票面利率重设日，债券的价格和面值不同。如果存在利率上限的话，浮动利率债券的风险将增加。如果参考利率上升的足够大而超过了利率上限，利率的进一步上升将降低浮动债券的价格。当市场利率高于利率上限时，浮动利率债券以折价进行交易。只要利率上限固定了浮动利率债券的票面利率，浮动利率债券对市场收益率的敏感性上升，这就是利率上限风险。

我就回两个，其余人继续