题目
An investment bank that underwrites a bond issue most likely:
选项
A.buys and resells the newly issued bonds to investors or dealers.
B.acts as a broker and receives a commission for selling the bonds to investors.
C.incurs less risk associated with selling the bonds than in a best efforts offering.
答案
A
解析
： A is correct. In an underwritten offering (also called firm commitment offering), the investment bank (called the underwriter) guarantees the sale of the bond issue at an offering price that is negotiated with the issuer. Thus, the underwriter takes the risk of buying the newly issued bonds from the issuer, and then reselling them to investors or to dealers who then sell them to investors. B and C are incorrect because the bond issuing mechanism where an investment bank acts as a broker and receives a commission for selling the bonds to investors, and incurs less risk associated with selling the bonds, is a best efforts offering (not an underwritten offering). ： A是正确的。在承销发行（也称为确定承诺发行）中，投资银行（称为承销商）保证以与发行人协商的发行价格出售债券。因此，承销商承担风险，从发行人处购买新发行的债券，然后再将其转售给投资者或经销商，接着再将其出售给投资者。B和C是不正确的，因为在债券发行机制中，投资银行作为经纪人，收取向投资者出售债券的佣金，并且与出售债券相关的风险较小，这是代销（而不是承销发行）。