问题如下：
Avelyn makes the following statements about the differences between investment-grade and high-yield bonds.
Statement 1 When default losses are low and credit spreads are relatively tight, high-yield bonds tend to perform more like investment-grade bonds.
Statement 2 Investment-grade bonds have greater exposure to credit risk than high-yield bonds.
Statement 3 High-yield bonds have more exposure to interest rate risk than investment-grade bonds.
Which of Avelyn’s statements about the differences between investment-grade and high-yield bonds is accurate?
选项：
A.Statement 1
Statement 2
Statement 3
解释：
A is correct.
Investment-grade corporate bonds have meaningful interest rate sensitivity, and therefore, investment-grade portfolio managers usually manage their portfolio durations and yield curve exposures closely. In contrast, high-yield portfolio managers are more likely to focus on credit risk and less likely to focus on interest rate and yield curve dynamics. When default losses are low and credit spreads are relatively tight, however, high-yield bonds tend to behave more like investment-grade bonds—that is, with greater interest rate sensitivity.
老师，tight代表‘credit spread 小’是吗？
