题目
Bond dealers most often quote the:
选项
A.flat price.
B.full price.
C.full price plus accrued interest.
答案
A
解析
： A is correct. Bond dealers usually quote the flat price. When a trade takes place, the accrued interest is added to the flat price to obtain the full price paid by the buyer and received by the seller on the settlement date. The reason for using the flat price for quotation is to avoid misleading investors about the market price trend for the bond. If the full price were to be quoted by dealers, investors would see the price rise day after day even if the yield-to-maturity did not change. That is because the amount of accrued interest increases each day. Then after the coupon payment is made the quoted price would drop dramatically. Using the flat price for quotation avoids that misrepresentation. The full price, flat price plus accrued interest, is not usually quoted by bond dealers. Accrued interest is included in not added to the full price and bond dealers do not generally quote the full price. ： A是正确的。债券交易商通常报出净价。当交易发生时，应计利息加在净价上，以获得买方在结算日支付和卖方收到的全部价格。采用统一价格报价的原因是为了避免误导投资者对债券市场价格走势的认识。如果全价由交易商报价，即使到期收益率没有变化，投资者也会看到价格日复一日的上涨。那是因为应计利息的数额每天都在增加。然后，在支付优惠券后，报价将急剧下降。使用净价的报价方式避免了这种虚假陈述。债券交易商通常不报全价，即净价加上应计利息。应计利息包含在未加全价中，债券交易商一般不报全价。