关键词: 期权调整利差, 含权债券, 利率风险管理

Abstract: Recently,OAS, which has caught the effect of term structure and optionality,has been more and more important in the analysis of option-embedded bonds and has influenced the interest rate risk management of some financial institutions.But the complexity and the non-standard feature of OAS often lead inappropriate understanding and use.This article analyses the definition, computation and the main use of OAS and discusses the pros and cons of OAS, which will help the pricing and risk management of option-embedded bonds