FRM考生注意！划重点啦！今日整理要点：FRM二级市场风险重点知识-含权债券。市场风险计量与管理在FRM考试科目中可以算是一个要点较多的板块，且在整个考试中的占比为20%，分数占比还是非常高的，大伙必须要重点进行学习！！
正保会计网校的老师不光给大伙概要了要点，还结合了甄选例题，给大伙做了细致的解说，一块儿学习一下吧！
先来看看Alex老师的整体要点介绍，更好理解呦！
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●要点：含权债券●
Bonds with embedded options（callable bonds）
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Bonds With Embedded Options (puttable bonds)
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常考试知识点：
1. 可召回债券价格有上限，上限为召回价格，召回的权力在债券发行方。
2. 可回售债券价格有下限，下限为回价格格，回售的权力在投资者。
3. 可召回债券有负的凸性。
例题：
Which of the following statements about callable bonds compared to noncallable bonds is false?
A. They have less price volatility.
B. They have negative convexity.
C. Capital gains are capped as yields rise.
D. At low yields, reinvestment rate risk rises
【正确答案】C
【答案分析】Callable bonds have the following characteristics:
✧ Less price volatility.
✧ Negative convexity.
✧ Capital gains are capped as yields fall.
✧ Exhibit increased reinvestment rate risk when yields fall.
以上就是FRM二级市场风险重点知识-含权债券的有关内容，后期我们会持续给大伙更新有关重点知识，小伙伴们可以关注【备考经验】栏目查询！