NO.PZ2023032703000030
问题如下：
Beatriz Maestre is a fixed-income consultant who has been retained by Filipe Ruelas, the CFO of Cávado Produtos Agricolas, SA (Cávado). Cávado is a manufacturer of prepared foods headquartered in Braga, Portugal.
At a second meeting, Ruelas tells Maestre about a EUR22 million bond issue Cávado would like to retire. The issue is currently rated A–, and credit spreads for that rating are relatively high. Ruelas expects spreads to narrow in the future as the economy improves and as Cávado’s performance for the coming year is factored into markets. The bond is closely held by two investment funds, and Ruelas feels they would be willing to sell their bond exposure at a small premium over the market price. Ruelas also feels Cávado’s auditors would permit accounting defeasement if Cávado purchased a portfolio of high-quality government bonds whose cash flow characteristics closely matched the Cávado bonds or if it purchased a portfolio of corporate bonds with similar duration and convexity characteristics and higher yields. Maestre recommends a strategy for retiring the bond.
Which of the following strategies would Maestre most likely recommend for retiring the Cávado bond?
选项：
A.Bond tender offer
Cash flow matching with government bonds
Duration matching with corporate bonds
解释：
A is correct. Because the outstanding bond issue can likely be purchased for a small premium over market value, there is no reason to engage in a more complicated and likely more expensive retirement process using a cash flow-matching or duration-matching strategy.
提干提到要实现accounting defeasement, cashflow matching就行啊，bond tend offer （his is accomplished by making an offer to its debt holders to repurchase a predetermined number of bondsat a specified price and during a set period of time. ）是不是就是债券回购，但是题目说这些bond 目前只有两个基金在持有，溢价很高的，回购的话不会太不合算么？
