题目
The following chart plots two prices for a 6.0% coupon bond that matures on January 1st, 2019:「huixue_img/importSubject/1564170384222326784.png」Each of the following statements is necessarily true EXCEPT which is not?
选项
A.The dotted blue line is the dirty (aka, full, invoice) price
B.The solid green line is the clean (aka, flat, quoted) price
C.The solid green line represents the money that changes hands in a buy/sell transaction
D.This bond's yield must be less than 6.0% such that the solid green line slopes downward throughout
答案
C
解析
The dotted blue line (which is the invoice price; aka, dirty or full price) represents the money that changes hands in a buy/sell transaction.In regard to (A), (B), and (C), each is true.In regard to (D), this is an actual plot of a bond with a flat 4.0% yield, such that, since its coupon rate is greater than its yield, it's price must exceed par; but as maturity approaches, the bond's price is pulled to par therefore decreases. Do you see how we can infer that yield (YTM) must be less than the coupon rate from the downward (pulling to par) slope of the solid green line? 蓝点虚线（即发票价格；又称脏价或全价）表示在买卖交易中易手的钱。 关于（A），（B）和（C），每个都是正确的。 关于（D），这是收益率为4.0％的债券的实际图，因此，由于其息票率大于收益率，其价格必须超过面值； 但是随着到期日的临近，债券的价格被拉低至同等水平。