问题
单项选择题
An analyst does research about asemiannual-pay callable bond. The bond with a face value of $1000 and a coupon rate of 5% is callable in 4 years at 1020. If the bond matures in 7 years and is currently priced as $980, the yield to worst is closest to:（）
A. 3.01%
B. 5.35%
C. 6.02%
答案
参考答案：B
解析：
先计算持有到期收益率(yield to maturity，简称YTM)：N=14，PV=980，PMT=1000×5%/2=25,FV=1000，CPTI/Y=2.6731，YTM=2.6731%×2=5.3463%。
再算持有到赎回收益率(yield to call，简称YTC)：N=8，PV=980，PMT=1000×5%/2=25，FV=1020,CPTI/Y=3.0099，YTC=3.0099%×2=6.0197%。
最后计算最差收益率(yield to worst，简称WTW)，这是上述两者中较小的，所以WTW=5.3463%。