题目
Which of the following provisions is a benefit to the issuer?
选项
A.Put provision
B.Call provision
C.Conversion provision
答案
B
解析
： B is correct. A call provision (callable bond) gives the issuer the right to redeem all or part of the bond before the specified maturity date. If market interest rates decline or the issuer’s credit quality improves, the issuer of a callable bond can redeem it and replace it by a cheaper bond. Thus, the call provision is beneficial to the issuer. A is incorrect because a put provision (putable bond) is beneficial to the bondholders. If interest rates rise, thus lowering the bond’s price, the bondholders have the right to sell the bond back to the issuer at a predetermined price on specified dates. C is incorrect because a conversion provision (convertible bond) is beneficial to the bondholders. If the issuing company’s share price increases, the bondholders have the right to exchange the bond for a specified number of common shares in the issuing company. ： B是正确的。赎回条款（可赎回债券）赋予发行人在指定到期日前赎回全部或部分债券的权利。如果市场利率下降或发行人的信用质量提高，可赎回债券的发行人可以赎回并用更便宜的债券取代。因此，赎回条款对发行人有利。 A是不正确的，因为卖出条款（可售回债券）对债券持有人有利。如果利率上升，从而降低了债券价格，债券持有人有权在指定日期以预定价格将债券出售回发行人。C是不正确的，因为转换条款（可转换债券）对债券持有人有利。发行公司股价上涨的，债券持有人有权将债券换成发行公司一定数量的普通股。