可回售债券

问题如下：

If the interest rate is expected to increase, which of the following provision is most likely to benefit the bondholders?

选项：

A.

a sinking fund provision

B.

a call provision

C.

a put provision

解释：

C is correct.

If interest rates rise, bondholders can sell the bond back to the issuer and get cash. The proceeds can be reinvested at a higher interest rate.

考点：含权债券

解析：putable bond，即可回售债券。当利率上升的时候，putable bond的债券持有人以提前约定好的put price回售给发行人，所以putable bond的价格跌不下去，会有一个价格下限。putable bond在利率上升的时候对债券持有人有利，故C选项正确。