题目
Which of the following bonds offers the highest yield (YTM)?
选项
A.7-year bond with a 3% coupon trading at par
B.20-year bond with a 4% coupon trading at a 15% premium to par
C.10-year bond with 4% coupon trading at a 15% discount to par
D.15-year bond with a 4% coupon trading at a 15% discount to par
答案
C
解析
10-year bond with 4% coupon trading at a 15% discount to par In regard to (A), this bond trades at par so its yield must equal its coupon of 3% In regard to (B), this bond trades at a premium, so it's yield must be less than its coupon of 4%. The bonds in both (C) and (D) must have yields greater than their 4% coupon; however, the 10-year bond returns the 15% discount faster, so its yield is higher. 10年期债券，票面利率为15％的折扣，票面利率为4％ 关于（A），该债券按面值交易，因此其收益率必须等于其票面利率的3％ 关于（B），该债券以溢价交易，因此其收益率必须低于其票面利率的4％。 （C）和（D）中的债券的收益率必须大于其4％的息票； 但是，10年期债券的折价收益率提高了15％，因此收益率更高。