NO.PZ2018123101000085
问题如下：
In light of recent poor employment figures and two consecutive quarters of negative GDP growth, the consensus forecast among economists is that the central bank, at its next meeting this month, will take actions that will lead to lower interest rates.
Exhibit below shows four fixed-rate investment-grade bonds issued by Alpha Corporation which are being considered for investment.
Note: All bonds in Exhibit 2 have remaining maturities of exactly three years
Assuming the forecast for interest rates is proven accurate, which bond in Exhibit above will likely experience the smallest price increase?
选项：
A.Bond 1
B.Bond 3
C.Bond 4
解释：
C is correct.
考点：考察对含权债券的理解
解析 ： 经济预测是利率下降 。 在利率下降的环境中 ， 任何债券的价值都应该上升 ， 只不过当利率下降时 ， 不同含权债券的表现不同 。
当利率下降时 ， 债券4 （ Callable ） 中的Embedded call option的价值会增加 ， 由于该期权为发行人持有的期权 ， 因此Embedded option价值的上升会对Callable bond的价格产生相反的影响 ， 会抵消掉部分利率上升带来的债券价格上涨 。 因此Callable bond在利率下降时 ， 上升的幅度最小。
老师我想问下，这题中利率上升，所以是不是可以理解为bond1和bond3 最后价值是相等的，value of put option因为利率上升会下降。value of putable bond=vlaue of stright bond，这样理解对么，谢谢。
