题目
Which type of sovereign bond has the lowest interest rate risk for an investor?
选项
A.Floaters
B.Coupon bonds
C.Discount bonds
答案
A
解析
： A is correct. Floaters are bonds with a floating rate of interest that resets periodically based on changes in the level of a reference rate, such as Libor. Because changes in the reference rate reflect changes in market interest rates, price changes of floaters are far less pronounced than those of fixed-rate bonds, such as coupon bonds and discount bonds. Thus, investors holding floaters are less exposed to interest rate risk than investors holding fixed-rate discount or coupon bonds. ： A是正确的。Floaters是一种浮动利率债券，根据参考利率水平的变化（如伦敦银行同业拆借利率）定期重置。由于参考利率的变化反映了市场利率的变化，所以浮动利率债券的价格变化远不如固定利率债券，如息票债券和贴现债券的价格变化明显。因此，持有浮动利率债券的投资者比持有固定利率贴现债券或息票债券的投资者面临的利率风险要小。