固收

问题如下：

Which of the following is not a reason why issuers elect to issue long-term debt as opposed to short-term debt?

选项：

A.

More stable funding for short-term activities

B.

Lower interest rates for longer maturities for a given issuer

C.

More stable funding for long-term needs, such as capital investments

解释：

B is correct. Under normal market conditions, longer maturities are associated with both higher interest rates (yields-to-maturity on government bonds) and higher credit spreads for a given issuer. A is incorrect because long-term debt provides more stable funding for short-term activities. C is incorrect because long-term debt provides more stable funding for long-term needs, such as capital investments.