Add-on rates是附加利率，你对这个知识点了解多少呢？要知道CFA考试是全英文的，如果看不懂英文是不能做对题的，那是如何呢？小编给你说说！

Bank certificates of deposit, repos, and indices such as Libor and Euribor are quoted on an add-on rate basis (bond equivalent yield basis).


附加利率一般用在存款证和回购协议中。

举个例子说明两者的算法差异，一个期限90天的债券，面值是1000元，目前价格时950元，它的贴现率的算法是，附加利率的算法为，所以两者的差异为贴现的分母是面值，而附加利率的分母为价格。

Which of the following is most likely regarding the bond equivalent

yield?

A. It is stated on a 360-day year and on an add-on yield basis.

B. It is stated on a 365-day year and on an add-on yield basis.

C. It is stated on a 365-day year and on a discount rate basis.

Answer: B is correct，The bond equivalent yield is a money market yield stated on a 365-day year on an add-on rate basis.