题目
When underwriting new corporate bonds, matrix pricing is used to get an estimate of the:
选项
A.required yield spread over the benchmark rate.
B.market discount rate of other comparable corporate bonds.
C.yield-to-maturity on a government bond having a similar time-to-maturity.
答案
A
解析
： A is correct. Matrix pricing is used in underwriting new bonds to get an estimate of the required yield spread over the benchmark rate. The benchmark rate is typically the yield-to-maturity on a government bond having the same, or close to the same, time-to-maturity. The spread is the difference between the yield-to-maturity on the new bond and the benchmark rate. The yield spread is the additional compensation required by investors for the difference in the credit risk, liquidity risk, and tax status of the bond relative to the government bond. In matrix pricing, the market discount rates of comparable bonds and the yield-to-maturity on a government bond having a similar time-to-maturity are not estimated. Rather they are known and used to estimate the required yield spread of a new bond. ： A是正确的。矩阵定价用于承销新债券，以获得所需收益率与基准利率之差的估计值。基准利率通常是具有相同或接近相同到期时间的政府债券的到期收益率。利差是新债券到期收益率与基准利率之间的差额。利差是投资者对债券相对于政府债券的信用风险、流动性风险和税收状况差异所要求的额外补偿。 在矩阵定价中，可比债券的市场贴现率和具有类似到期时间的政府债券的到期收益率是不估计的。相反，它们是已知的，用于估计新债券所需的收益率差。