FRM P1金融市場與產(chǎn)品重要知識點—債券的利息計算方法

金融市場與產(chǎn)品作為FRM P1考試當中占比百分之30的考試科目，可以說是我們備考的重中之重！正保會計網(wǎng)校的老師給大家整理了金融市場與產(chǎn)品科目里面的重要知識點，知識點搭配例題，幫助大家更好的吸收！今日一起來學習債券的利息計算方法吧！

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 ?知識點：債券的利息計算方法? 

Accrued Interest，Clean& dirty price

Accrued Interest (AI)

Clean price: The price of a coupon bond not including any accrued interest. Immediately following each coupon payment, the clean price will equal the dirty price

Dirty price: A bond pricing quote referring to the price of a coupon bond that includes the present value of all future cash flows, including interest accruing on the next coupon payment

Dirtyprice= Cleanprice+ Accruedinterest

?？贾R點：

1. 注意區(qū)分不同的債券品種計息方式不同，主要涉及到對計息時長的計算。

- 國債 actual/actual

- 公司債 30/360

- 貨幣市場票據(jù)actual/360

2. 可以畫出時間軸來標記計息時長。

3. 注意區(qū)分債券價格是否包含應計利息。

例題：

A corporate bond in the U.S. pays a coupon of 10% per year. Payment dates are February 15 and July 15. What is the accrued interest on a USD 1.000 bond on the start of trading on April 1 in a leap year?
A.12.22
B.12.50
C.12.30
D.12.63

【正確答案】B

【答案解析】Whether it is a leap year or not makes no difference. The day count convention for corporate bonds is 30/360 so that it is always assumed that there are 30 days in a month. In this case, there are 45 days in the accrual period, the interest is USD 100 per year and the accrued interest(USD) is
（45/360）×10%×1,000=12.5

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