NO.PZ2023032703000076
问题如下：
Which of the following regarding the shape of the credit spread curve for high-yield issuers is most accurate?
选项：
A.High-yield credit spread curves change shape more over the cycle than investment-grade ones do and usually invert during the peak phase.
Investors should exercise caution in interpreting credit spread curve shape for distressed debt issuers because their bonds tend to trade on a price rather than credit spread basis as the likelihood of default increases.
High-yield credit spread curves often invert because of the empirical observation that DTS is the best way to measure high-yield bond price changes
解释：
B is correct. Investors should exercise caution in interpreting credit spread curve shape for distressed debt issuers because their bonds tend to trade at a price close to the recovery rate. A is incorrect because the high-yield spread curve tends to invert during a contraction, while C is incorrect because a high-yield curve inversion is related to the relationship between near-term and long-term default as opposed to DTS.
我记得听原版书习题课or经典题习题课的时候老师说dts对于high yiled不适用，因为用price来衡量垃圾债更合适，但是助教给别的回答里说dts可以衡量high yield，请问到底dts用于衡量什么类型债券合适
