问题如下：
Regarding the purchase of corporate bonds, Foster collects relevant data, which are presented in Exhibit 1.
Based on Exhibit 1, which bond most likely has the highest liquidity premium?
选项：
A.Bond 1
Bond 2
Bond 3
解释：
C is correct.
Bond 3 is most likely to be the least liquid of the three bonds presented in Exhibit 2 and will thus most likely require the highest liquidity premium. Low credit ratings, longer time since issuance, smaller issuance size, smaller issuance outstanding, and longer time to maturity typically are associated with a lower liquidity (and thus a higher liquidity premium). Bond 3 has the lowest credit quality and the longest time since issuance of the three bonds. Bond 3 also has a smaller issue size and longer time to maturity than Bond 1. The total issuance outstanding for Bond 3 is smaller than that of Bond 2 and equal to that of Bond 1.
由 liquidity premium 联想到：
我们知道illiquidity bond，有补偿 - liquidity premium，所以yield更大，price更低，来吸引投资者。
但之前讲过，illiquidity cause transaction cost high. 但如果按照上面的逻辑， price低，transaction cost 低才对。这里貌似有矛盾。 请解惑
先谢过
