We use BDT model to price the callable and puttable bonds issued by China Development Bank since 2001. It is found out that callable bonds are overvalued, while puttable bonds are undervalued.

• 本文使用BDT模型对国家开发银行自2001年以来发行的可赎回债券和可回售债券定价,结果发现可赎回债券被高估,而可回售债券被低估。