The yield to maturity on a bond is______.

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问题 The yield to maturity on a bond is______.

选项 A、below the coupon rate when the bond sells at a discount, and above the coupon rate when the bond sells at a premium
B、the discount rate that set the present value of the payments equal to the bond price
C、the current yield plus the average annual capital gain rate
D、based on the assumption that any payments received are reinvested at the coupon rate

答案B

解析 答案为B项。A项意思有误。因为当债券折价出售时,到期收益率会超过息票率,而当债券溢价出售时,则会低于息票率。C项内容也错误。因为当前收益率加上平均年资本利得并不等于到期收益率。D项的念意更错。因为到期收益率的基本假设是任何获得的利息支付都可以按到期收益率再投资而不是按息票率再投资。本题中只有B项涉及的“债券的到期收益率是使未来支付的现值等于当前市场价格的贴现率”正确,故选B项。
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