老师，这道题考查的什么知识点，答案看不明白。

问题如下：

Exhibit 1 shows the current government spot rates for Countries A, B, and C.

Tyo presents her market views on the respective yield curves for a five-year investment horizon.

Country A: -The government yield curve has changed little in terms of its level and shape during the last few years, and I expect this trend to continue. We assume that future spot rates reflect the current forward curve for all maturities.-

Country B: -Because of recent economic trends, I expect a reversal in the slope of the current yield curve. We assume that future spot rates will be higher than current forward rates for all maturities.-

Country C: -To improve liquidity, Country C’s central bank is expected to intervene, leading to a reversal in the slope of the existing yield curve. We assume that future spot rates will be lower than today’s forward rates for all maturities.-

Based on Exhibit 1 and Tyo’s expectations for the yield curves, Tyo most likely perceives the bonds of which country to be fairly valued?

选项：

A.

Country A

B.

Country B

C.

Country C

解释：

A is correct.

考点：Forward Curve: Forward Pricing Model

解析：对于A国收益率曲线的变动，Tyo预测未来的spot rate，即Future spot rate等于现在时刻的Forward rate。即未来的利率将会实现当前时刻的Forward rate。这一预期意味着A国的债券估值合理，因为当前市场，对债券未来现金流使用的折现率，与Tyo预期的折现率一致，因此债券价格定价合理。

B和C不正确，因为Tyo对两个国家的spot rate曲线的预期与当前时刻反映的Forward rate不同。

对于B国，她预计未来的Spot rate，即Future spot rate将高于当前市场用来折现债券现金流的Forward rate，因此在Tyo眼中，当前的债券价格使用了过低的折现率，债券价格是被高估的。

对于C国，她预计未来的Spot rate将低于当前forward rate；因此，她认为C国债券市场当前使用了过大的折现率，因此C国债券被低估。