NO.PZ2023052301000019
问题如下：
Government agencies issue debt that is:
选项：
A.at a yield-to-maturity equal to that of its sovereign guarantor.
primarily repaid by cash flows related to its underlying activities.
short term, only to meet working capital and capital investment needs.
解释：
B is correct. For the Airport Authority of Hong Kong, for example, the primary source of repayment is cash flows from airport operations, while its sovereign government backing is a secondary source of repayment. Similarly, the primary source of repayment for Ginnie Mae is mortgage-based guaranty fees and other cash flows, with its sovereign government backing as a secondary source of repayment. A is incorrect because while sovereign agencies typically borrow at a yield-to-maturity near that of their sovereign guarantor, they do not benefit from the full liquidity premium associated with sovereign debt. C is incorrect because agencies issue a combination of short- and long-term debt to meet specific working capital and capital investment needs.
a为什么不对。。。
