套利（低买高卖）什么时候spread站在补偿的角度，什么时候用price的角度

问题如下：

A bond is a five-year annual pay bond with a coupon rate of 2%. It trades in three different markets in the same currency, shown as below:

The most profitable arbitrage opportunity would be to buy the bond in:

选项：

A.

Mumbai and sell it in Hong Kong.

B.

Hong Kong and sell it in New York.

C.

New York and sell it in Hong Kong.

解释：

B is correct.

考点：Arbitrage Opportunity

解析：在这三个市场中，纽约债券的到期收益率最低，相应地，债券价格最高。 同样，香港债券的到期收益率最高，三个市场的债券价格最低。 因此，套利交易可以在香港购买债券并在纽约出售。