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xiaotian · 2020年02月29日

问一道题:NO.PZ2019103001000081 [ CFA III ]

问题如下:

Dynamo is changing the bond portfolio’s investment constraints so that it can invest up to 20% of the assets in high-yield corporate bonds and 20% in structured financial instruments. Easton makes the following statement about these changes:

Liquidity and trading issues for high-yield bonds, such as investment-grade bonds, will be a key consideration in our security selection. Although both high-yield and investment-grade bonds are quoted as spreads over benchmark government bonds, we must be aware that dealers are likely to hold larger inventories of high-yield bonds and their bid–offer spreads will be larger.

Which of Easton’s statements about the liquidity and trading characteristics of high-yield and investment-grade bonds is most correct?

选项:

A.

Dealers generally hold larger inventories of high-yield bonds than investment-grade bonds.

B.

Both high-yield and investment-grade bonds are quoted as spreads over benchmark government bonds.

C.

The bid–offer spread of high-yield bonds is normally larger than that of investment-grade bonds with similar maturities.

解释:

C is correct.

Bid–offer spreads are larger for high-yield bonds than for investment-grade bonds of similar maturity.

A在哪错的 麻烦解释一下

1 个答案

WallE_品职答疑助手 · 2020年03月02日

同学你好,

A选项错在 Dealer会更愿意持有投资级别的债券而不是垃圾债。因为投资级别的债券流动性高。

您也可以类比生活中的例子,餐馆更愿意卖大家都认为好吃的,而不是只有几个人觉得好吃的东西。