原文恕删 上一篇中 Teng 大已经解释过专业名词了。这里只做整理。 A client is reviewing a year-end portfolio report. Since the beginning of the year, market yields have increased slightly. 一名客户正检视其投资组合的年终报告，看到一年下来，市场收益率 微幅增加。 In comparing the beginning-of-the-year price for the bonds selling at a discount from par value to the end-of-year prices, the client observes that all the prices are higher. 在对折价发行的各债券，比较其年初与年底价格时，却发现到全数走 高。 The client is perplexed since he expected that the price of all bonds should be lower since interest rates increased. 由於原本预期利率走扬之际，债券价格应下跌，因而该客户对此困惑 不已。 Explain to the client why the prices of the bonds in the portfolio selling at discount have increased in value. 请解释，在投资组合中折价发行的债券，价格为何会上升。 --

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