问题如下：
Which of the following descriptions on privately placed bonds is least correct?
选项：
A. Private placed bonds are underwritten and registered offering bonds sold only towards an investor or a small group of investors.
B. Private placed bonds are not really active on secondary trading.
C. Private placed bonds typically have lower liquidity than public issued bonds.
解释：
A is correct.
Private placed bonds are typically non-underwritten, unregistered which are sold only to an investor or a small group of investors. Because private placed bonds are unregistered and can only be purchased by some type of investors, they don't have active secondary transactions.
Private placed bonds are typically non-underwritten.这个不能理解
