In this paper, we will not do this and take use of a binomial tree to predict the interest rate path, with which pricing callable bond being listed in intra-bank bond market of China.

• 本文并不采用分拆可赎回债券的方法，而是采用一种二叉树利率图方法对利率路径进行估计，并利用中国银行间债券市场的交易数据进行实证分析。