请问 statement 2哪里错了？

问题如下：

Li, a junior analyst in a wealth management firm, is discussing the considerations in bottom-up approach with his client. Li made the following statements:

Statement 1: Subordinated debt offers lower credit spread than senior debt.

Statement 2: Callable debt has a larger Z-Spread than comparable non-callable debt.

Statement 3: When a new corporate bond issued, the issuer’s existing bonds often decline in value, and their spreads widen.

According to the information above, which of the following is correct?

选项：

statement 1 and statement 2 are correct.

statement 1 and statement 3 are correct.

statement 2 and statement 3 are correct.

解释：

C is correct.

考点：bottom-up分析时给定的一些结论

解析：三个Statements中Statement 1是错误的，因为Subordinated debt的Credit spread比senior debt要高。

对于Statement 2，Callable bond的Z-spread要大于可比不含权债券的Z-spread。这是因为Z-spread是一个“All in” Spread，能够反映债券投资的所有风险，相比Comparable non-callable bond的投资者，Callable bond的投资者还需要额外承担债券被提前赎回的风险，即Embedded call option带来的风险，因此，相比Comparable non-callable bond，Callable bond的Z-spread多出一块对Option风险补偿，使得：Callable bond Z-spread > Comparable non-callable bond Z-spread

对于statement 3是正确的，有以下解释，为了使得新债顺利发行出去，发行人会在价格上给与一定的"折扣"，因此Spread变大；更多的债务，意味着发行人信用质量的下降，因此投资者的要求回报率更高，spread上升。债券的供给增加，使得价格下降，对应spread上升。