Reading 56 理解收益率利差Understanding Yield Spreads-CFA-东方华尔.pdf

东方华尔CFA一级培训课程 尔 华 Fixed Income 方 东 Instructor: 郭文涛, CFA What’s Ahead? Yield spreads: difference bw the yields of any two debts. 尔 Theories of the term structure 华 Different types of yield spread Taxable vs.after-tax yield 方 Tax-free and taxable equivalent yields 东 Why spread 尔 Yield spreads: why there is a difference Credit risk 华 Embedded option 方 Liquidity premium 东 尔 学习要点 56. a: 明确中央银行使用的利率政策工具。 华 （Identify the interest rate policy tools available to a central bank. ） 方 东 Interest rate policy tools available to a central bank Discount rate: Bank can borrow reserves from the Fed 尔 Open market operation:trading Treasury securities by the Fed in the open market (2009-3-18) 华 Bank reserves requirement: the percentage of deposits that banks must retain( not loan out ) 方 Persuading banks to tighten or loosen their credit policies. Which one is the most effective policy 东 尔 学习要点 56. b: 叙述收益率曲线以及收益率曲线的各