老师这个麻烦解释一下选项

问题如下：

选项：

A.less by interest rate changes and exhibit a greater correlation with movements in equity markets.

B.less by interest rate changes and exhibit a lower correlation with movements in equity markets.

C.more by interest rate changes and exhibit a greater correlation with movements in equity markets.

解释：

A is correct. High-yield bonds can be thought of as a hybrid between investment-grade bonds and equity securities. Their spread movements are less influenced by interest rate changes than are investment-grade bonds, and they exhibit greater correlation with movements in equity markets.

B is incorrect because the spread movement on high-yield bonds is less influenced by interest rate changes than are investment-grade bonds, and they exhibit greater, not lower, correlation with movements in equity markets.

C is incorrect because the spread movements on high-yield bonds are less, not more, influenced by interest rate changes than are investment-grade bonds, and they exhibit greater correlation with movements in equity markets.

考点：high-yield bond

解析：1.相比投资级别债券，垃圾债更像equity，所以受到股票市场的影响更大，与股市走势的相关性更强。

2.相比垃圾债，投资级别债券就更像bond，所以受到债券市场的影响更大，也就是受到利率变化的影响更大。反之，垃圾债受到利率变化的影响较小。