刘同学2019-10-17 23:35:57
An analyst is evaluating the following two statements about putable bonds: Statement #1: As yields fall, the price of putable bonds will rise less quickly than similar option-free bonds (beyond a critical point) due to the decrease in value of the embedded put option. Statement #2: As yields rise, the price of putable bonds will fall more quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option. The analyst should: A disagree with both statements. B agree with both statements. C agree with only one statement. 观点2没听懂,能否详细将逻辑关系帮忙理清楚下?谢谢老师
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Vicky2019-10-18 11:41:34
同学你好,
观点2说当利率上升,那么债券价格下降,putable bond赋予持有人一个将债券售回的权利,因此它是有保底价格的,所以相比不含权债券,他下降的慢。
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