题目
Relative to an otherwise similar option-free bond, a:
选项
A.putable bond will trade at a higher price.
B.callable bond will trade at a higher price.
C.convertible bond will trade at a lower price.
答案
A
解析
： A is correct. A put feature is beneficial to the bondholders. Thus, the price of a putable bond will typically be higher than the price of an otherwise similar non-putable bond. B is incorrect because a call feature is beneficial to the issuer. Thus, the price of a callable bond will typically be lower, not higher, than the price of an otherwise similar non-callable bond. C is incorrect because a conversion feature is beneficial to the bondholders. Thus, the price of a convertible bond will typically be higher, not lower, than the price of an otherwise similar non-convertible bond. ： A是正确的。看跌期权有利于债券持有人。因此，可售回债券的价格通常高于其他类似的不可赎回债券的价格。 B是不正确的，因为看涨期权对发行人有利。因此，可赎回债券的价格通常比其他类似的不可赎回债券的价格低，而不是高。C是不正确的，因为可转换有利于债券持有人。因此，可转换债券的价格通常比其他类似的不可转换债券的价格高，而不是低。