【每日一练】CFA 一级（2015年）

Question：

The option-free bonds issued by ALS Corp. are currently priced at 108.50. Based on a portfolio  manager's valuation model, a 1bp increase in interest rates will result in the bond price falling to  108.40, whereas a 1bp decrease in interest rates will result in the bond price rising to 108.59. The  price value of a basis point (PVBP) for the bonds is closest to:
A. 0.190. 
B. 0.095. 
C. 0.088. 
 

Answer = B 
The bond's PVBP is computed using 

so, 

CFA Level 1 
"Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. Smith 
Section 3.5 

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