题目
Which of the following sources of return is most likely exposed to interest rate risk for an investor of a fixed-rate bond who holds the bond until maturity?
选项
A.Capital gain or loss
B.Redemption of principal
C.Reinvestment of coupon payments
答案
C
解析
： C is correct. Because the fixed-rate bond is held to maturity (a “buy-and-hold” investor), interest rate risk arises entirely from changes in coupon reinvestment rates. Higher interest rates increase income from reinvestment of coupon payments, and lower rates decrease income from coupon reinvestment. There will not be a capital gain or loss because the bond is held until maturity. The carrying value at the maturity date is par value, the same as the redemption amount. The redemption of principal does not expose the investor to interest rate risk. The risk to a bond’s principal is credit risk. ： 这道题目问的是对于持有债券至到期的固定利率债券的投资者而言，下列哪种收益来源最有可能面临利率风险？ C是正确的。由于固定利率债券是持有至到期，利率风险完全由息票再投资利率的变化引起。较高的利率增加了息票支付的再投资收益，较低的利率减少了息票再投资收益。不会有资本利得或损失，因为债券一直持有至到期。到期日的账面价值为票面价值，与赎回金额相同。赎回本金不会使投资者面临利率风险。债券本金的风险是信用风险。