c

问题如下：

Given a 75 bps change in the yields-to-maturity for Bonds Y and Z, the convexity adjustment for Bond Z would be greater than the convexity adjustment of Bond Y:

选项：

if the YTM change is positive.

if the YTM change is negative.

regardless of the direction of the change in YTM.

解释：

C is correct. Since the convexity adjustment uses the square of the change in yield, it is always positive regardless of the direction of the change in yield-to-maturity. As a result, the convexity adjustment for Bond Z will always be greater than the convexity adjustment for Bond Y, given the same change in yields-to-maturity.