袁同学2021-05-07 22:32:15
袁同学原版书reading21的课后题的第12题，comment 1 和2错误在哪里？ Comment 1 Comment 2 Comment 3 Callable debt has a smaller option-adjusted spread than compara- ble non-callable debt. Benchmark corporate bond issues normally have wider spreads than older bonds of the same issuer. The announcement of a new corporate bond issue often leads to an increase in the credit spread on the existing bonds.
回答（1）
Nicholas2021-05-08 15:52:48
Nicholas同学，下午好。
这里有勘误，勘误如下：
In the information for practice problems 10–15 (page 299 of print), Comment 1 should say “Callable debt has a smaller z-spread than comparable non-callable debt.”
comment 1他搞错了，正确的应该是Callable debt has a smaller z-spread than comparable non-callable debt。
Comment 1是错的，因为callable bond的z-spread大于OAS，所以这句说的是错的。
Commnet 2是错的，因为发行时间比较久的债券，流动性更差一些，所以他的spread是更wider一些的。
致正在努力的你，望能解答你的疑惑~
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