问一道题：NO.PZ201710100100000307

问题如下：

7 Based on Exhibit 2, if Carlisle’s prediction for Country #3 is realized, then over the next 12 months:

选项：

Bond A would be expected to outperform Bond C.

Bond B would be expected to outperform Bond A.

Bond C would be expected to outperform Bond B.

解释：

A is correct.

If Country #3 experiences a recession over the next 12 months, the credit spreads for corporate bonds would be expected to widen as investors sell the low-quality debt of issuers with high default risk and trade up to the higher-quality debt of issuers with low default risk. The issuers with a good credit rating (like Aaa rated Bond A) tend to outperform those with lower ratings (like B3 rated Bond C) as the spread between low and higher quality issuers widens. As a result, Bond A would be expected to outperform Bond C over the next 12 months

考点：Credit Premiums and The Business Cycle

解析: 当经济衰退时，评级高的债券表现更好。表中bond A评级最高，因此选A。