C 选项不明白

问题如下：

Which of the following statements about high yield is correct?

选项：

A.

High-yield investors benefit from higher bond prices as issuer-specific credit spreads fall, but in the case of callable debt, these gains are capped at the original purchase price.

B.

Issuers in the high-yield market seek to retain financial flexibility by borrowing under leveraged loans with prepayment features or issuing bonds with contingency features.

C.

Issuers who believe that their creditworthiness will decline frequently choose to issue callable debt, because the value of this contingency feature rises as a firm’s borrowing costs rise.

解释：

Correct Answer: B

Issuers in the high-yield market often seek to retain financial flexibility by borrowing under leveraged loans with prepayment features or issuing bonds with contingency features, such as callable debt. A is incorrect because high-yield investors benefit from higher bond prices as issuer-specific credit spreads fall, but in the case of callable debt, these gains are capped at the call price and not the original purchase price. C is incorrect because issuers who believe that their creditworthiness will not decline frequently choose to issue callable debt, because the value of this contingency feature rises as a firm’s borrowing costs fall.