问题如下：
A four-year corporate bond with a 7% coupon has a Z-spread of 200 bps. Assume a flat yield curve with an interest rate for all maturities of 5% and annual compounding. The bond will most likely sell:
选项：
A.close to par.
B.at a premium to par.
C.at a discount to par.
解释：
A is correct.
The 200bps Z-spread can be added to the 5% rates from the yield curve to price the bond. The resulting 7% discount rate will be the same for all of the bond's cash-flows, since the yield curve is flat. A 7% coupon bond yielding 7% will be priced at par.
请问这道题是不是说的不是很清楚，没有说是benchmark的yield curve，如果5%是bond本身的yield rate就不需要加z spread了？
