Iris
2018-07-31 22:51請問下老師關于可轉債的理解，下面2道題不太懂。。 1.The option-adjusted duration of a callable bond will be close to the duration of a similar non-callable bond when the :A.Bond trades above the call price. B.Bond has a high volitality. C.Bond trades much lower than the call price. D.Bond trades above parity. 2.The option-adjusted duration of a convertible bond will be close to the duration of a straight bond, which is similar in all other respects, when the: A.Stock price is extremely low. B.Stock price is extremely high. C.Interest rates are extremely low. D. Interest rate volatility is extremely high. 最好老師能結合圖形解釋下謝謝！
所屬：FRM Part I 視頻位置 相關試題
來源： 視頻位置 相關試題
1個回答
金程教育吳老師助教
2018-08-01 09:59
該回答已被題主采納
學員你好。callable bond=bond-call 在利率下降，債券價格上升的時候，發(fā)行人行權以低于市場價格的執(zhí)行價贖回債券。（目的是重新以低利率發(fā)行債券）
convertible bond=bond+call 在股價上升的時候，投資者以較低的執(zhí)行價行權，將債券轉化成股票。
callable bond如圖
convertible bond它的橫坐標是股票價格 不是利率（不是FRM考試內容）
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