NO.PZ202105270100000405
问题如下：
Based on the building block approach to fixed-income returns, the dominant source of the yield spread for Country XYZ is most likely the:
选项：
A.term premium.
B.credit premium.
C.liquidity premium.
解释：
A is correct. From the building block approach to fixed-income returns, the required return for fixed-income asset classes has four components: the one-period default-free rate, the term premium, the credit premium, and the liquidity premium. Since sovereign bonds are considered the highest-quality bonds, they likely do not have a significant credit premium nor are they likely to have a significant premium for illiquidity. The slope of the yield curve is useful information on which to base forecasts of the term premium. Therefore, the dominant source of the yield spread is most likely the term premium for XYZ’s sovereign bond.
这道题认为主权债的主要溢价是期限溢价（直接一个定性结论？题目其余条件是干扰项？），那如果题目告政府机构债券，高信用等级债券，高收益债券呢？是否可以直接分别理解主要溢价分别是期限，期限，信用？还是说后面几种类型的债券需要题目更多条件来计算才能得到结论？谢谢！
