国开行新型含权债定价和投资简析

CDB option-embedded bonds: Pricing and investment

国开行近期发行的两只新型含投资人回售权的债券,受到市场热捧,不过其条款的复杂性也使市场对其定价出现了明显的分歧。该文从其条款入手,简单分析了这两期含权债的定价原理和思路,并结合目前债市的现状和趋势,对两只债券的投资策略和合理价值进行了探讨。

The two option-embedded bonds newly offered by China Development Bank are popular in the market. But the complexity of their terms has caused a marked divergence in their pricing. Starting with these terms, this paper examines the principles in the pricing of the two bonds, and, in light of the status quo and trends in China＇s bond market, discusses their investment strategy and reasonable value.