题目
An investment in a callable bond can be analytically decomposed into a:
选项
A.Long position in a non-callable bond and a short position in a put option
B.Short position in a non-callable bond and a long position in a call option
C.Long position in a non-callable bond and a long position in a call option
D.Long position in a non-callable bond and a short position in a call option
答案
D
解析
Answer: D A callable bond includes an embedded option for the issuer to call the bond at a stated redemption or call price. If the issuer is long the call option, then the holder of a callable bond is short the call option.可赎回债券包括一个内含期权，允许发行方按规定的赎回价格赎回债券。如果发行者持有看涨期权，那么可赎回债券的持有者就卖空看涨期权。