郭同學(xué)
2020-08-03 09:37老師，annual coupon 到底包不包括Reinvestment income呀？current yield公式不也是annual coupon嘛？這里又說annual coupon包括RI
所屬：CFA Level III > Fixed-Income Portfolio Management 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Chris Lan助教
2020-08-03 10:29
該回答已被題主采納
同學(xué)你好
annual coupon是包含coupon和conpon再投資兩部分的。
下面這個(gè)公式說的是當(dāng)reinvement income=0的時(shí)候，也就是只有coupon的時(shí)候相當(dāng)于current yield，只是有個(gè)前提條件，即再投資收益為0的時(shí)候。
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追問
之前學(xué)的current yield分子也是annual coupon payment呀，包不包括Coupon RI呢？
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追答
同學(xué)你好
在一級中我們學(xué)的Current yield=annual coupon/price，這里面是不包含再投資回報(bào)的。下面是一級原版書的例子，他是半年一付coupon，計(jì)算的時(shí)候沒考慮再投資。
Another yield measure that is commonly quoted for fixed-income bonds is the current yield, also called the income or running yield. The current yield is the sum of the coupon payments received over the year divided by the flat price. For example, a 10-year, 2% semiannual coupon payment bond is priced at 95 per 100 of par value. Its current yield is 2.105%.
2/95=2.105% -
追答
但在三級中，yield income是這么定義的。
Yield income is the income that an investor receives from coupon payments relative to the bond’s price as well as interest on reinvestment income. Assuming there is no reinvestment income, yield income equals a bond’s annual current yield.
Yield income (or Current yield) = Annual coupon payment/Current bond price
所以沒有再投資回報(bào)的時(shí)候yield income就等于current yield
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