雞同學
2024-07-15 05:042022B下午case10。Statement2和3怎么理解？
所屬：CFA Level III > Derivatives and Currency Management 視頻位置 相關試題
來源： 視頻位置 相關試題
1個回答
Simon助教
2024-07-17 16:17
該回答已被題主采納
同學，下午好。
statement 1 描述是正確的，國債和高質(zhì)量債券的流動性要優(yōu)于低評級債券。
statement 2 描述是正確的，含權(quán)債券的流動性要低于不含權(quán)債券。
statement 3 描述是錯誤的，在剛發(fā)行時，債券的流動性是最好的。而題目中描述的是在發(fā)行時，流動性會減少。
Statement 1: During times of higher volatility, government bonds and higher-quality US corporate bonds are much more liquid when compared to lower-rated counterparts, especially those with smaller capital structures.
Statement 2: Relative to a conventional bond, a bond with embedded options will trade with lower liquidity in the market.
Statement 3: Liquidity is reduced when a significant new supply of bonds is issued. Consequently, buyers are unwilling to take on additional exposure for the issuer.
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追問
如果statement3說在流動性增強的情況下，buyers are unwilling to take on additional exposure for the issuer. 就是對的吧？
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追答
3錯在Liquidity is reduced when a significant new supply of bonds is issued，發(fā)行時流動性好。
而且，流動好的債券，風險補償就低，收益率就低，價格就貴，這樣的債券也是要賣出的。
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