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We study the fundamental solution of bond-pricing in the HoLee stochastic interest rate model under the invariant crit eria. We obtain transformations between Ho-Lee model with the cor responding linear (1+1) partial differential equation and the first Lie canonical form which is identical to the classical heat equa tion. These transformations help us to generate the fundame nt l solution for the Ho-Lee model with respect to the fundamental solution of the classical heat equation sense. Moreover, as a financial a pplic tion of the Ho-Lee model, we choose the drift term from power funct ions and perform simulations via Milstein method. Furtherm o e, we obtain important results for the parameter calibration of t he corresponding drift term by using the simulation results .

Fundamental solution of bond pricing in the Ho-Lee stochastic interest rate model under the invariant criteria