题目
Each of the following is necessarily true about a bond's yield (YTM) EXCEPT:
选项
A.If the term structure of spot rates is flat at X%, a bond's yield must be also be X%
B.Regardless of the slope of the term structure (e.g., upward- or downward-sloping) and number of spot rates, the yield (YTM) is a single value
C.The yield on a coupon-paying bond is sensitive to (i.e., will change in response to) a change in spot rates at specific maturities
D.For a given bond with a fixed coupon rate, an increase in the bond's maturity implies a decrease in the bond's yield (YTM)
答案
D
解析
This is only true for a discounted bond; in the case of a premium-priced bond, the yield increases with maturity. 这仅适用于折价债券； 对于高价债券，收益率随着到期日的增加而增加。