现有按年收益率15%每年付息一次的100元债券，期限10年，试分析债券定价。
债券交易价格与利率的关系是（）
A．当市场利率上升时，债券交易价格下跌
B．当市场利率上升时，债券交易价格上涨
C．当市场利率下跌时，债券将交易价格上涨
D．当市场利率下降时，债券交易价格下跌
E．市场利率与债券交易价格呈负相关关系
参考答案：A, C, E
解析：
如果市场利率(或债券预期收益率高于债券收益率(息票利率)时，债券的市场价格(购买价)低于债券面值，即债券为折价发行；如果市场利率(或债券预期收益率)低于债券收益率。(息票利率)时，债券的市场价格(购买价)高于债券面值，即债券为溢价发行；如果市场利率(或债券预期收益率)等于债券收益率(息票利率)时，债券的市场价格(购买价)等于债券面值，即债券为平价发行。
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