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A client is reviewing a year-end portfolio report.  Since the beginning of the year market yields
have increased slightly.  In comparing the
beginning-of-the-year price for the bonds selling at a discount from par value
to the end-of-year prices, the client observes that all the prices are
higher.  The client is perplexed since he
is expected that the price of all bonds should be lower since interest rates
increased. 

Explain to the client why the
prices of the bonds in the portfolio selling at discount have increased in
value.

网上看到的，感觉是bond pricing 那个部分的，要区分一下market yield（我把他翻译成市场生息率）和yield to maurity，麻烦各位了。

[此贴子已经被作者于2009-5-23 23:51:42编辑过]