问题如下:
During a recession period, the price of investment grade corporate bonds will:
选项:
A.increase because of interest rate lower.
B.decrease because of credit risk premium higher than government bonds.
C.decrease because of interest rate higher.
解释:
B is correct.
考点:信用补偿与经济周期。
解析:在经济衰退期,?大家都会去买国债避险,因为违约风险低;?不会买公司债,因为违约风险高。
公司债credit risk premiums 变大,导致折现率的上涨,所以公司债的价格是下降的。
老师好~请问A选项中,During a recession 是否会导致short rates下降,这样不是会推高公司债的价格吗?谢谢~还是我理解错了?