"Fixed Income":current yield
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Questions 1:
The current yield for a 4.5% coupon, 10-year bond, with a maturity par value of $100 and currently priced at $85.70 is closest to:
A 、4.50%.
B 、5.93%.
C 、5.25%.
Questions 2:
Assume the yields to maturity on four-year and five-year zero-coupon bonds are 4.67% and 5.35%, respectively, stated on a semiannual bond basis. The “4y1y” implied forward rate is closest to:
A 、8.092%.
B 、8.114%.
C、 4.046%
C is correct. Current yield is calculated as ($4.5/$85.70) = 5.25%.
A is incorrect because it is the coupon of the bond.
B is incorrect because it is calculated as follows:
100 – 85.70 = 14.30
14.30/10 = 1.43.
4.5 + 1.43 = 5.93
A is correct. By applying inputs to the formula for a forward rate calculation,
Applying a factor of 2 annualizes for a periodicity of 2, for a forward rate of 8.092%. B is incorrect because it uses the following formula without considering the semiannual bond basis:
C is incorrect because it does not apply an annualized factor for a period of two.
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