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。