NO.PZ201602270200002101
问题如下：
1. Based on Exhibit 1, Rayes would most likely conclude that relative to Bond #1, Bond #2 is:
选项：
A.overpriced.
B.fairly priced.
C.underpriced.
解释：
C is correct.
The option-adjusted spread (OAS) is the constant spread added to all the one-period forward rates that makes the arbitrage-free value of a risky bond equal to its market price. The OAS approach is often used to assess bond relative values. If two bonds have the same characteristics and credit quality, they should have the same OAS. If this is not the case, the bond with the largest OAS (i.e., Bond #2) is likely to be underpriced (cheap) relative to the bond with the smallest OAS (Bond #1).
callable bond的分母不是r-oas吗，oas越大，分母越小，bondprice 更高，更overpriced？
