题目
You just purchased a ten-year bond at a discount to par. The bond pays a quarterly coupon with a coupon rate of 4.0% per annum; i.e., 1% each quarter. The bond's yield is 8.0% per annum. Your broker says to you, "The 8% yield-to-maturity represents the return you will realize--that is, your realized return--on this bond." Which qualifier or caveat is BEST attached to this assertion?
选项
A.This statement is already true: realized return will equal yield (YTM)
B.The statement is only true if there is no shift in the term structure of spot rates
C.This statement is true if you (the bondholder) hold the bond to maturity: realized return will equal yield (YTM) if the bond is held to maturity
D.This statement is true only if both the bond is held to maturity and the coupons (interim cash flows) are reinvested at the same yield (YTM)
答案
D
解析
We don't expect the ex-post realized return to equal the ex-ante yield (YTM); it is only the case if both the bond is held to maturity and the coupons are reinvested at the same rate.In regard (B), a static zero rate terms structure will not give a realized return equal to yield if the bond is sold before maturity.我们不期望已实现收益等于到期收益率(YTM);只有在债券到期和息票以相同的利率再投资的情况下，才会出现这种情况。如果债券在到期前出售，实现收益率与收益率不等。