问题
单项选择题
The price value of a basis point (PVBP) for a bond is most accurately described as:（）
A. the product of a bond’ s value and its duration.
B. the change in the price of the bond when its yield changes by 0.01%.
C. an estimate of the curvature of the price-yield relationship for a small change in yield.
答案
参考答案：B
解析：
PVBP represents the change in the price of the bond when its yield changes by one basis point, or 0.01%. PVBP=duration×0.0001×bond value. This calculation ignores convexity because for a small change in yield, the curvature of the price-yield relationship typically has no material effect on the PVBP.