joygo asked in 商業與財經投資 · 1 decade ago

財務管理-債券問題

題目,如下:

各位高手麻煩提供我意見答案和翻譯,感恩^^

第一題:You just purchased a 15-year bond with an 11 percent annual coupon. The bond has a face value of $1,000 and a current yield of 10 percent. Assuming that the yield to maturity of 9.7072 percent remains constant, what will be the price of the bond 1 year from now?

第二題:Which of the following statements is most correct?

a. Other things held constant, a callable bond would have a lower required rate of return than a noncallable bond.

b. Other things held constant, a corporation would rather issue noncallable bonds than callable bonds.

c. Reinvestment rate risk is worse from a typical investor\'s standpoint than interest rate risk.

d. If a 10-year, $1,000 par, zero coupon bond were issued at a price which gave investors a 10 percent rate of return, and if interest rates then dropped to the point where kd=YTM=5%, we could be sure that the bond would sell at a premium over its $1,000 par value.

e. If a 10-year, $1,000 par, zero coupon bond were issued at a price which gave investors a 10 percent rate of return, and if interest rates then dropped to the point where kd=YTM=5%, we could be sure that the bond would sell at a discount below its $1,000 par value.

第三題:Which of the following statements is most correct?

a. The market value of a bond will always approach its par value as its maturity date approaches, provided the issuer of the bond does not go bankrupt.

b. If the Federal Reserve unexpectedly announces that they expect inflation to increase, then we would probably observe an immediate increase in bond prices.

c. The total yield on a bond is derived form interest payments and changes in the price of the bond.

d. Statements a and c are correct.

e. All of the statements above are correct.

2 Answers

Rating
  • ?
    Lv 4
    1 decade ago
    Favorite Answer

    1. 你剛買了一個15年期, 每年票面利率11%的債券, 這張債券的面額是1000元, 當期報酬率為10%. 假設這張債券的到期報酬率為固定9.7072%, 請問債券發行一年的價格為多少????

    P = 110*PVIFA (9.7072%, 14) + 1000*PVIF (9.7072%, 14)

    = 110*7.4858 + 1000*0.2733

    = 823.438 + 273.33

    = 1096.768

    2. 答案 E

    a. 其他條件不變的情形下, 可贖回債券的要求報酬率較不可贖回債券為低.

    錯, callable bond 的要求報酬率通常較高 (因為對投資者而言有風險)

    b. 其他條件不變的情形下, 公司較喜歡發行不可贖回債券 (而非可贖回債券)

    錯, 公司一般較喜歡可贖回債券 (利率低時可重新發行)

    c. 就投資者的觀點而言, 再投資風險較利率風險嚴重

    不一定, 若為長期債券, 利息風險較重要 ; 若為短期債券, 再投資風險較重要

    d. 10年期, 面額1000元的零息債券, 提供給投資者的報酬率為10%, 若要求報酬率=到期報酬率跌到5%, 我們可以確定債券將以超額(溢價)發行.

    錯, 零息債券無論市場利率為何, 一定是折價發行.

    e. 正確

    3. 答案 C

    a. 債券的市場價個越接近到期日會越接近面額, 以預防債券發行公司破產.

    錯, 此一現象是因為越接近到期日, 對投資者而言越無利可圖, 故會接近不賺不賠的面額, 應與公司破產無關.

    b. 若聯邦理事會無預警宣告他們預期通貨膨脹會上升, 我們可能看到債券價格立即上升.

    錯, 通貨膨脹上升, 通常隱含未來市場利率上升, 債券價格應會下降

    c. 債券的總報酬可分為利息 及 債券價差 (買賣價)

    正確

    d. AC是對的

    e. 以上都是對的

    Source(s): 自己的印象
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