step up bond是什么样的 债券啊？

问题如下：

If interest rates are expected to increase, the coupon payment structure most likely to benefit the issuer is a:

选项：

A.

step-up coupon.

B.

inflation-linked coupon.

C.

cap in a floating-rate note.

解释：

C is correct.

A cap in a floating-rate note (capped FRN) prevents the coupon rate from increasing above a specified maximum rate. This feature benefits the issuer in a rising interest rate environment because it sets a limit to the interest rate paid on the debt.

A is incorrect because a bond with a step-up coupon is one in which the coupon, which may be fixed or floating, increases by specified margins at specified dates. This feature benefits the bondholders, not the issuer, in a rising interest rate environment because it allows bondholders to receive a higher coupon in line with the higher market interest rates. B is incorrect because inflation-linked bonds have their coupon payments and/or principal repayment linked to an index of consumer prices. If interest rates increase as a result of inflation, this feature is a benefit for the bondholders, not the issuer.

考点：cash flow structure

解析：题目问的是当利率上升的时候，对发行人有利的是哪一类债券？

A选项，coupon逐年递增，对债券持有人有利，而非债券发行人，故不正确。

B选项，在利率上升的时候，coupon增加，对债券持有人有利，对于债券发行人，每一期给出去的coupon增加了，对他们来说不是好事，故不正确。

C选项，发行一个有利率上限的浮动利率债券，利率有一个上限，能够控制住发行人的成本，对发行人有利，故选项C正确。