无息债券 (Zero Coupon Bond) 是指债券无附设任何利息回报，发行机构以债券票面值在到期日偿还债券本金，故无息债券市价必定给予较票面值较大折让。基本定义 无息债券是指采用以复利计算的一次性付息方式付息的债券。无息债券又称“无息票债券”。按面值折扣发行，到期按面值十足还本的债券。主要被那些因此可以免缴...
Zero-coupon bond是零息票债券,特点是在整个持有期间不支付任何利息,以低于面值的价格发行,到期时按面值全额偿付本金。 Zero Coupon Bond是什么 Zero Coupon Bond的定义 Zero Coupon Bond,中文译为“零息票债券”,是一种特殊类型的债券,其特点是在整个持有期间不向投资者支付任何...
Polynomial spline function ; Zero-coupon bond's yield curve ; Term structure of interest rates 多项式样条函数;零息票收益率曲线;利率期限结构; www.airitilibrary.com 6. Theory Review and Practice Thinking on Zero Coupon Bond's Yield Curve for China 零息票债券收益率曲线的理论推导及在中国的实践 ww...
The par value of a bond is the stated value at issuance, usually $100 or $1,000. The coupon rate is largely dependent on federal interest rates. This means that, as interest rates go up or down, the market value of bonds fluctuates depending on if their coupon rates are higher or low...
Zero-CouponBonds(PureDiscountBonds) •Thepriceofazero-couponbondthatpaysFdollarsin nperiodsis F/(1+r) n , whereristheinterestrateperperiod. •Canmeetfutureobligationswithoutreinvestmentrisk. c2008Prof.Yuh-DauhLyuu,NationalTaiwanUniversityPage54 Example •Theinterestrateis8%compoundedsemiannually. ...
zero-coupon bond- a bond that is issued at a deep discount from its value at maturity and pays no interest during the life of the bond; the commonest form of zero-coupon security zero coupon bond governing,government activity,government,governance,administration- the act of governing; exercising...
Zero coupon bond pricesZeroPrices
duration可以看做是现金流以时间为权重的加权平均。对于同样期限的债券，coupon rate高，则现金流的重心就往前移，总体的duration就变短变小，所以，coupon rate越高，duration越低，呈负相关。例如，面值100元，5年期债券，每年年底付息，市场利率为10%，若coupon rate为8%，则债券价格为92.42元，...
Zero-coupon bonds are more volatile than coupon bonds, so speculators can use them to profit more from anticipated short-term price movements. All other things being equal, the price of a zero-coupon bond will increase more than the price of a regular coupon bond when interest rates fall. ...
Which of the following statements regarding zero-coupon bonds and spot interest rates is TRUE() A. Price appreciation creates all of the zero-coupon bond’s return. B. Spot interest rates will never vary across the term structure. C. If the yield to maturity on a 2-year zero coupon bond...