Death put是什么期权？
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A death put is an option added to a bond that guarantees that the heirs of a deceased bondholder can sell it back to the issuer at par value. Another term for a death put is a survivor's option.
死亡看跌期权是添加在债券上的一种期权，保证已故债券持有人的继承人可以按票面价值将债券卖给发行人。这类期权也可称为“幸存者期权”。
As with any option, the death put gives the bondholder's estate the right, but not the obligation, to sell the bond back to the original issuer at face value in the event of the bondholder's death or legal incapacitation.
与任何期权一样，死亡看跌期权赋予债券持有人的遗产法人在债券持有人死亡或在法律上丧失行为能力的情况下按票面价值将债券卖给发行人的权利（并非义务）。
A death put is similar to a put option on a stock or other asset, in that the holder has the choice to exercise it if certain conditions are met. In this case, that condition is the death or the legal incapacitation of the bondholder. It is an optional redemption feature sold with the bond allowing the beneficiary of an estate to sell the bond back to the issuer. Proceeds from the sale become part of the estate funds.
死亡看跌期权类似于股票或其他资产的看跌期权，原因在于持有人可以在某些条件得到满足之时行使期权。在这种情况下，条件是指债券持有人死亡或在法律上丧失行为能力。随债券出售的任意偿还特性允许遗产的受益人将债券卖给发行人。 出售所得成为遗产基金的一部分。
Bond issuers may include the death put feature to make them more attractive to the bond buyer, although the holder may have to accept a lower interest rate in return. These types of redemption features put a floor under the price to protect the bondholder. Usually, it is protection from events that can have an adverse effect on the bond's value, like interest rate risk, but in this case, it is protection from interest rate risk if a very specific event—the bondholder's death—occurs.
债券发行人可能会将死亡看跌期权纳入债券，以此吸引债券购买人购买，虽然回报率较低。该等赎回设定了最低价格保护债券持有人。通常来说，是防止出现对债券价值产生不利影响的事件，比如，利率风险；但是在这种情况下，若债券持有人死亡，是为了规避利率风险。
The main benefit for the bondholder is that interest rate risk at the time of death is eliminated. Higher interest rates will not hurt the value of the bonds at the time of the bondholder's death.
对于债券持有人而言，这类期权的主要优点在于，能够在死亡时消除利率风险。较高的利率将不会对债券持有人死亡之时的债券价值产生不利影响。
If interest rates are lower than the coupon rate when the bondholder dies, then the price of the bond will be higher. Therefore, the estate can go into the open market to sell the bonds and receive a premium above the price that was paid (par value), just as with any bond.
如果债券持有人死亡时利率低于票面利率，则债券的价格将更高。因此，遗产法人可以进入公开市场出售债券，并获得高于票面价值的额外收益，就像任何债券一样。
If, on the other hand, interest rates are higher than the coupon rate, then the market value of the bond will be below par. This is when the estate can exercise the death put option, should they choose to, to sell the bond back to the issuer at par.
另一方面，如果利率高于票面利率，则债券的市值将低于票面价值。如果遗产法人选择按票面价值将债券卖给发行人，即可行使死亡看跌期权。
来源：
Investopedia
