NO.PZ2017121002000019
问题如下：
Credit spreads are most likely to widen:
选项：
A.
in a strengthening economy.
B.
as the credit cycle improves.
C.
in periods of high supply and low demand of bonds.
解释：
C is correct.
In periods of high supply, credit spreads will widen if demand is insufficient.
考点：credit spread
解析：当公司债供给很高，而需求很少的时候，即供大于求。债券价格变低，对应利率变高，其spread widen。故选项C正确。
请解释B选项，这和周期有什么关系？
