原文恕刪 上一篇中 Teng 大已經解釋過專業名詞了。這裡只做整理。 A client is reviewing a year-end portfolio report. Since the beginning of the year, market yields have increased slightly. 一名客戶正檢視其投資組合的年終報告，看到一年下來，市場收益率 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. 在對折價發行的各債券，比較其年初與年底價格時，卻發現到全數走 高。 The client is perplexed since he expected that the price of all bonds should be lower since interest rates increased. 由於原本預期利率走揚之際，債券價格應下跌，因而該客戶對此困惑 不已。 Explain to the client why the prices of the bonds in the portfolio selling at discount have increased in value. 請解釋，在投資組合中折價發行的債券，價格為何會上升。 --

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