关于利率下降明确

问题如下：

Which of the following bond types provides the most benefit to a bondholder when bond prices are declining?

选项：

A.

Callable

B.

Plain vanilla

C.

Multiple put

解释：

C is correct.

A putable bond is beneficial for the bondholder by guaranteeing a prespecified selling price at the redemption date, thus offering protection when interest rates rise and bond prices decline. Relative to a one-time put bond that incorporates a single sellback opportunity, a multiple put bond offers more frequent sell back opportunities, thus providing the most benefit to bondholders.

考点：含权债券

解析：callable bond，即可赎回债券。当利率下降的时候，callable bond会被债券发行人提前以call price赎回，所以callable bond的价格涨不上去，会有一个上限。callable bond是对发行人有利的，而不是对债券持有人（bondholder）有利的。故A选项不正确。

plain vanilla bond，即固定利率债券，期间支付固定的票息，到期归还本金。当债券价格下降，即利率上升的时候，价格就正常跌下去了，不会对bondholder有利。故B选项不正确。

putable bond，即可回售债券。当利率上升的时候，putable bond的债券持有人以提前约定好的put price回售给发行人，所以putable bond的价格跌不下去，会有一个价格下限。putable bond在债券价格下降的时候对债券持有人有利。故C选项正确。