Bond Option

英文名称：Bond Option 中文名称：债券期权
以债券为标的物的期权。债券期权的买入者有权在期权到期日或之前，按事先约定的价格和数量买卖某种债券；而债券期权的卖出者必须无条件接受期权买入者的选择。

An option contract in which the underlying asset is a bond. Other than the different characteristics of the underlying assets, there is no significant difference between stock and bond options. Just as with other options, a bond option allows investors the ability to hedge the risk of their bond portfolios or speculate on the direction of bond prices with limited risk. 

A buyer of a bond call option is expecting a decline in interest rates and an increase in bond prices. The buyer of a put bond option is expecting an increase in interest rates and a decrease in bond prices.