为什么 1. 发行人发行在外总债务规模越大；2. 此次发行债务的规模越大，流动性越好

问题如下：

Celia is chief investment officer for the Topanga Investors Fund, which invests in equities and fixed income. The clients in the fund are all taxable investors. The fixed-income allocation includes a domestic (US) bond portfolio and an externally managed global bond portfolio.

The domestic bond portfolio has a total return mandate, which specifies a long-term return objective of 25 basis points (bps) over the benchmark index. Relative to the benchmark, small deviations in sector weightings are permitted, such risk factors as duration must closely match, and tracking error is expected to be less than 50 bps per year.

The objectives for the domestic bond portfolio include the ability to fund future liabilities, protect interest income from short-term inflation, and minimize the correlation with the fund’s equity portfolio. The correlation between the fund’s domestic bond portfolio and equity portfolio is currently 0.14. Celia plans to reduce the fund’s equity allocation and increase the allocation to the domestic bond portfolio. She reviews two possible investment strategies.

• Strategy 1 Purchase AAA rated fixed-coupon corporate bonds with a modified duration of two years and a correlation coefficient with the equity portfolio of -0.15.
• Strategy 2 Purchase US government agency floating-coupon bonds with a modified duration of one month and a correlation coefficient with the equity portfolio of -0.10.

Celia realizes that the fund’s return may decrease if the equity allocation of the fund is reduced. Celia decides to liquidate $20 million of US Treasuries that are currently owned and to invest the proceeds in the US corporate bond sector. To fulfill this strategy, Celia asks Dan, a newly hired analyst for the fund, to recommend specific Treasuries to sell and corporate bonds to purchase.

Dan recommends Treasuries from the existing portfolio that he believes are over-valued and will generate capital gains. Celia asks Dan why he chose only overvalued bonds with capital gains and did not include any bonds with capital losses. Dan responds with two statements.

• Statement 1 Taxable investors should prioritize selling overvalued bonds and always sell them before selling bonds that are viewed as fairly valued or undervalued.
• Statement 2 Taxable investors should never intentionally realize capital losses.

Regarding the purchase of corporate bonds, Dan collects relevant data, which are presented in Exhibit 1.

Celia and Dan review the total expected 12-month return (assuming no reinvestment income) for the global bond portfolio. Selected financial data are presented in Exhibit 2.

Celia contemplates adding a new manager to the global bond portfolio. She reviews three proposals and determines that each manager uses the same index as its benchmark but pursues a different total return approach, as presented in Exhibit 3.

Based on Exhibit 1, which bond most likely has the highest liquidity premium?

选项：

A.

Bond 1

B.

Bond 2

C.

Bond 3

解释：

C is correct. Bond 3 is most likely to be the least liquid of the three bonds presented in Exhibit 1 and will thus most likely require the highest liquidity premium. Low credit ratings, longer time since issuance, smaller issuance size, smaller issuance outstanding, and longer time to maturity typically are associated with lower liquidity (and thus a higher liquidity premium).

Bond 3 has the lowest credit quality and the longest time since issuance of the three bonds. Bond 3 also has a smaller issue size and a longer time to maturity than Bond 1. The total issuance outstanding for Bond 3 is smaller than that of Bond 2 and equal to that of Bond 1.