题目
Which of the following statements describing a par curve is incorrect?
选项
A.A par curve is obtained from a spot curve.
B.All bonds on a par curve are assumed to have different credit risk.
C.A par curve is a sequence of yields-to-maturity such that each bond is priced at par value.
答案
B
解析
： B is correct. All bonds on a par curve are assumed to have similar, not different, credit risk. Par curves are obtained from spot curves and all bonds used to derive the par curve are assumed to have the same credit risk, as well as the same periodicity, currency, liquidity, tax status, and annual yields. A par curve is a sequence of yields-to-maturity such that each bond is priced at par value. ： B是正确的。假设平价收益率曲线上的所有债券都有相似而非不同的信用风险。平价收益率曲线是从即期收益率曲线中获得的，所有用于获得平价收益率曲线的债券都假定具有相同的信用风险，以及相同的周期、货币、流动性、税务状况和年收益率。平价收益率曲线中每一种债券都是按票面价值定价的。