题目
The benefit to the issuer of a deferred coupon bond is most likely related to:
选项
A.tax management.
B.cash flow management.
C.original issue discount price.
答案
B
解析
： B is correct. Deferred coupon bonds pay no coupon for their first few years but then pay higher coupons than they otherwise normally would for the remainder of their life. Deferred coupon bonds are common in project financing when the assets being developed may not generate any income during the development phase, thus not providing cash flows to make interest payments. A deferred coupon bond allows the issuer to delay interest payments until the project is completed and the cash flows generated by the assets can be used to service the debt. ： B是正确的。递延息票债券最初几年不支付息票，但随后支付的息票要比通常情况下在其余生中支付的要高。递延息票债券在项目融资中很常见，因为开发中的资产在开发阶段可能不会产生任何收入，因此不会提供现金流来支付利息。递延息票债券允许发行人延迟支付利息，直到项目完成，资产产生的现金流可用于偿还债务。