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玛卡巴卡 · 2021年09月11日

如下

* 问题详情,请 查看题干

NO.PZ201812020100001104

问题如下:

Which of Easton’s statements about the liquidity and trading characteristics of high-yield and investment-grade bonds is most correct?

选项:

A.

Dealers generally hold larger inventories of high-yield bonds than investment-grade bonds.

B.

Both high-yield and investment-grade bonds are quoted as spreads over benchmark government bonds.

C.

The bid–offer spread of high-yield bonds is normally larger than that of investment-grade bonds with similar maturities.

解释:

C is correct.

Bid–offer spreads are larger for high-yield bonds than for investment-grade bonds of similar maturity

请问A为什么不对,HYB流动性不好,dealer是不是应该储存更多来满足客户流动性呢?或者说接了很多在手上,很难卖出去?
1 个答案

pzqa015 · 2021年09月12日

嗨,从没放弃的小努力你好:



dealer也是投资者,他们做市的目的是为了有利可图,dealer在选择做市的债券时会权衡风险和收益,如果认为风险大于收益,就不会为它做市。

HYB的流动性不好,市场上很少有dealer愿意为HYB做市,因为很容易亏损,所以不存在因为流动性不好就多囤HYB的情形。


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