Other variations of the plain vanilla bonds include zero cou - pon bonds which does not pay out interest but interest accrues and is paid in a lump sum at maturity 其他特殊种类债券还包括“无息债券” ，它在有效期内不付利息，而是累积起来在到期时一次偿还。
It is encouraging that retail investors are receptive to our new product zero coupon bonds with longer investment horizon for long - term savings and portfolio diversification 对于一般投资者能接受较长投资年期的零息债券，作长期储蓄及分散投资之用，我们感到非常鼓舞。
This is the first time that a zero coupon bond product has been offered to the retail public in hong kong and it is also the first time hkmc issues retail bond with 10 - year tenor 这不仅是首次在零售市场推出零息债券，亦是按揭证券公司首次发行的10年期零售债券。投资者可认购超过一系列的债券。
This paper reaches a conclusion that the three methods of term structure estimation lead to the difference of the pricing of irdp and that the cubic interpolation is the best method when these methods are applied to construction of zero - yield curve and evaluation of coup bond , zero - bond option and interest rate swap 立方插值法在零息收益曲线的构造时以及在对附息债券、债券期权、利率互换定价时优于三次样条插值法和线性插值法，是三种插值方法中最好的方法。
Through applying the three methods of term structure estimation to the construction of zero - yield curve and to the pricing of zero - bond , zero - bond option , coup bond , interest rate swap , interest rate swap option , interest rate cap , interest rate floor , forward rate agreement . comparing the calculation errors of the three methods of term structure estimation 通过将这三种期限结构估测方法应用于零息收益曲线构造，应用于零息国债及其期权、附息债券、利率互换、利率互换期权、远期利率协议、利率上限、利率下限等利率衍生产品价格的估测，并比较所估测结果的误差，得出的结论是：三种期限结构估测方法会导致在计算不同利率衍生产品价格时产生差异。
And the unbelievable increase happened in the filed of derivatives , the issued financial derivatives in 1996 is totally around 3 . 5 trillion u . s . dollars , and among these transactions , about 2 . 5 trillion u . s . dollars was otc , and the rest was happened in the official exchange Vasicek根据vasicek随机模型推导出零息债券的平均价格,奥托在其1998年的论文中用统计物理学中的路径积分方法重新推导了基于vasicek随机模型的零息债券平均价格的定价公式,并得到了相同的结论。
By end of 1998 , the nominal value of derivatives transactions had happened in the official exchange within 5 years increased from 7 . 7 trillion u . s . dollars to 13 . 5 trillion u . s . dollars , meanwhile , the nominal value of derivative securities ( otc ) increased from 8 . 7 trillion u . s . dollars to 51 trillion u . s . dollars , then , the nominal value of unliquidated derivatives was total about 64 trillion u . s . dollars , and the academic field also emerged frontier science borrowing for the financial science , physics financial science , financial engineering , etc . 1973 , black and scholes put forward the differential equation that any derivative securities prices based on any non - dividend paying stock must be satisfied , that is black - scholes differential equation Jamshidian . f在其1989年的文章中推导出零息债券的期权价格。奥托同样在其1998年的论文中用统计物理学中的路径积分方法推导出了基于零息债券为基础的期权定价模型。本文在这些学者研究成果的基础上,进行了更深层次的研究,在vasicek随机模型的基础上,打破上述学者及著名的black - scholes期权定价模型只能求解证券及其衍生产品价格平均值的限制,对零息债券和基于零息债券的期权的价格求解,并推导证券瞬时价格的分布函数。
