关于BC选项

问题如下：

In which situation, sovereign bonds are described as benchmark?

选项：

Sovereign bonds are the most recent issue in a specific maturity.

Sovereign bonds receive greater-than-expected demand from auction bidders.

Sovereign bonds' price have risen drastically since they were issued.

解释：

A is correct.

Sovereign bonds that were most recently issued in a specific maturity are described as on-the-run or benchmark.

考点：Sovereign bonds

解析：题目问的是，在何种情况下，国债可以被作为benchmark。

对于benchmark的选择，我们首先需要保证maturity和目标债券相匹配，（这道题没有涉及）。其次要考虑流动性，而国债在刚发行的时候，其流动性最好。 因为国债通常都是持有至到期的，发行了一段时间的国债其交易很少，流动性较差。所以我们要选择刚刚发行的国债作为benchmark，故选项A正确。