问题
单项选择题
Which of the following statements regarding zero-coupon bonds and spot interest rates is TRUE（）
A. Price appreciation creates all of the zero-coupon bond’s return.
B. Spot interest rates will never vary across the term structure.
C. If the yield to maturity on a 2-year zero coupon bond is 6%, then the 2-year spot rate is 3%.
答案
参考答案：A
解析：
Because zero-coupon bonds have no coupons (all of the bond’s return comes from price appreciation), investors have no uncertainty about the rate at which coupons will be invested. Spot rates are defined as interest rates used to discount a single cash flow to be received in the future. If the yield to maturity on a 2-year zero is 607o, we can say that the 2-year spot rate is 6%.