为什么是embedded call option 而不是embedded put option？和callable bond 有关系吗？

问题如下：

Wang, a credit analyst in a securities firm, collects the following financial data for 3 different BBB-Rated bonds

According to the information above, Wang made the following statements:

Statement 1: because the bond B’s OAS and its other spreads are more or less the same, the bond B is most likely an option-free bond.

Statement 2: because Bond A’s Z-spread is much larger than its OAS, bond A is most likely a callable bond, and the difference between z-spread and OAS (118.6 - 85) is the premium for the embedded call options.

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

选项：

Statement 1 is correct.

Statement 2 is correct.

Both statement 1 and 2 are correct.

解释：

C is correct.

考点：考察对各Spread的理解

解析：两个Statement都是正确的。对于第一个Statement，因为Bond B的Z-spread和其OAS非常相近，意味着对持有风险债券的补偿，和风险债券剔除Option之后的补偿相近，则Bond B很有可能是一支option-free bond。对于第二个Statement，Z-spread和OAS之差，是对embedded call option的补偿。