题目
If interest rates are expected to increase, the coupon payment structure most likely to benefit the issuer is a:
选项
A.step-up coupon.
B.inflation-linked coupon.
C.cap in a floating-rate note.
答案
C
解析
： C is correct. A cap in a floating-rate note (capped FRN) prevents the coupon rate from increasing above a specified maximum rate. This feature benefits the issuer in a rising interest rate environment because it sets a limit to the interest rate paid on the debt. A is incorrect because a bond with a step-up coupon is one in which the coupon, which may be fixed or floating, increases by specified margins at specified dates. This feature benefits the bondholders, not the issuer, in a rising interest rate environment because it allows bondholders to receive a higher coupon in line with the higher market interest rates. B is incorrect because inflation-linked bonds have their coupon payments and/or principal repayment linked to an index of consumer prices. If interest rates increase as a result of inflation, this feature is a benefit for the bondholders, not the issuer. ： C是正确的。浮动利率票据（封顶FRN）中的上限防止息票利率增加到指定的最高利率以上。在利率不断上升的环境下，这一特点有利于发行人，因为它对债务支付的利率设定了限制。 A是不正确的，因为具有递增息票的债券是指息票（可以是固定息票或浮动息票）在指定日期增加的债券。在利率上升的环境下，这一功能使债券持有人而非发行人受益，因为它允许债券持有人获得与较高市场利率一致的较高票面利率。B是不正确的，因为与通货膨胀挂钩的债券的息票支付和/或本金偿还与消费价格指数挂钩。如果通胀导致利率上升，这一特征对债券持有人而非发行人有利。