As banks usually embed a redeemable right on the publicly issued bonds, this article tries to evaluate the price of the right by using the H-J-M model.

• 本文采用H-J-M模型,分别以国债利率和政策性金融债利率为样本对此期权的价值进行了计算,并得出了风险与利率期权的价值同向变化的结论。