NO.PZ201712110200000308
问题如下：
Which of the following conclusions regarding the bonds in Exhibit 4 is correct?
选项：
A.Bond 5 is relatively cheaper than Bond 6.
B.Bond 7 is relatively cheaper than Bond 6.
C.Bond 8 is relatively cheaper than Bond 7.
解释：
B is correct.
A bond with a larger option-adjusted spread (OAS) than that of a bond with similar characteristics and credit quality means that the bond is likely underpriced (cheap). Bond 7 (OAS 85 bps) is relatively cheaper than Bond 6 (OAS 65 bps).
C is incorrect because Bond 8 (CCC) has a lower credit rating than Bond 7 (B) and the OAS alone cannot be used for the relative value comparison. The larger OAS (105 bps) incorporates compensation for the difference between the B and CCC bond credit ratings. Therefore, there is not enough information to draw a conclusion about relative value.
就是对于同一评级的债券来说，OAS越大，这个债券价格越低，就是被低估；反之OAS越小，这个债券价格高，被高估？
如果我说的不对，还请老师指正。
