"Fixed Income": bond
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Questions 1:
Given two otherwise identical bonds, when interest rates rise, the price of Bond A declines more than the price of Bond B. Compared with Bond B, Bond A most likely:
A 、has a shorter maturity.
B、 is callable.
C、 has a lower coupon.
Questions 2:
If the yield to maturity on an annual-pay bond is 7.75%, the bond-equivalent yield is closest to:
A、 8.05%.
B、 7.90%.
C 、7.61%.
C is correct. The lower the coupon rate, the more sensitive the bond’s price is to changes in interest rates.
A is incorrect because the maturity would have to be longer for Bond A relative to Bond B.
B is incorrect because when interest rates rise, the price of a callable bond will not fall as much as an otherwise option-free bond.
C is correct.
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