NO.PZ2019052801000104
问题如下：
Which of the following methods for retiring bonds before maturity is generally considered the most detrimental for the bondholders?
选项： Tender offers.
Call provision.
C.Sinking fund provision.
D.Maintenance and replacement funds.
解释：
B is correct.
The call provision gives the issuer the right to purchase the bonds at a given price, which the issuer would not do unless that price was below the market price. Sinking fund provisions can benefit bondholders because the issuer is obligated to purchase bonds, which improves the creditworthiness of the issue, and the issuer may have to do so at a price higher than the market price. There are no features in M&R funds or tender offers that would be detrimental to bondholders.
解析：以下哪种到期前退还债券的方法对债券持有人最不利？
call provision对bondholer最不利，因为call provision赋予了债券发行人可以在债券到期日之前就赎回的权利，这个赎回价格可能会很低，对于bondholder而言更不利。
D选项哪里不对
