kathy sham
2020-10-05 07:54Call on bond is offer to 發(fā)行人，so in this case to investor isn’t it should be a short on call option of bond?
所屬：FRM Part II > Credit Risk Measurement and Management 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
Cindy助教
2020-10-10 14:16
該回答已被題主采納
同學(xué)你好，對(duì)于可贖回債券，看漲期權(quán)是賦予給發(fā)行人的，那么投資者就是看漲期權(quán)的空頭方，相當(dāng)于賣出了一個(gè)看漲期權(quán)
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追問(wèn)
So convertible bond = short call + long normal bond ?
How about contingent convertible ? = long call + long normal bond? -
追答
同學(xué)你好，convertible bond = short call + long normal bond
contingent convertible，沒(méi)有什么等式，經(jīng)濟(jì)好的時(shí)候是債券，經(jīng)濟(jì)差的時(shí)候就是股東，知道含義就可以了，不屬于重點(diǎn)掌握的內(nèi)容 -
追問(wèn)
Separately how about callable bond? Is it equal to long bond plus short call?
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追答
同學(xué)你好，你的理解完全正確，優(yōu)秀
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