题干很奇怪，信息前后矛盾

问题如下：

Edge acknowledges the benefits of adding bonds to the portfolio but expresses concern about the liquidity of bonds relative to publicly traded stocks. Shield responds by advising that liquidity varies across various subsectors of the bond market and that the portfolio be structured such that it benefits from illiquid sectors.

In comparing bonds with publicly traded stocks, Shield should most likely suggest buying and holding: (2019 mock AM)

选项：

longer-maturity, smaller-issue, BBB rated corporate bonds.

recently issued sovereign government bonds.

shorter-maturity, larger-issue, AA rated corporate bonds.

解释：

A is correct. The liquidity premium represents the incremental yield that investors require to buy and hold illiquid bonds. Among bond market subsectors, recently issued sovereign bonds are more liquid than higher-rated corporate bonds. Higher-rated corporate bonds are more liquid than lower-rated corporate bonds. Across all credit spectrums, bonds of nearer-term maturity are more liquid than bonds of longer maturity. For corporate bonds, larger issues are more liquid than smaller issues.

B is incorrect. The liquidity premium relates to buying and holding illiquid bonds. Active trading is inconsistent with buy and hold. Sovereign government bonds are generally more liquid than either AA or BBB rated corporate bonds.

C is incorrect. Nearer-to-maturity, larger-issue, higher-rated corporate bonds are more liquid than longer-term, smaller-issue, lower-rated corporate bonds and thus have a smaller liquidity premium.