NO.PZ2023052301000013
问题如下：
Which of the following statements about high yield is correct?
选项：
A.High-yield investors benefit from higher bond prices as issuer-specific credit spreads fall, but in the case of callable debt, these gains are capped at the original purchase price.
B.Issuers in the high-yield market seek to retain financial flexibility by borrowing under leveraged loans with prepayment features or issuing bonds with contingency features.
C.Issuers who believe that their creditworthiness will decline frequently choose to issue callable debt, because the value of this contingency feature rises as a firm’s borrowing costs rise.
解释：
B is correct. Issuers in the high-yield market often seek to retain financial flexibility by borrowing under leveraged loans with prepayment features or issuing bonds with contingency features, such as callable debt. A is incorrect because high-yield investors benefit from higher bond prices as issuer-specific credit spreads fall, but in the case of callable debt, these gains are capped at the call price and not the original purchase price. C is incorrect because issuers who believe that their creditworthiness will not decline frequently choose to issue callable debt, because the value of this contingency feature rises as a firm’s borrowing costs fall.
A选项和C选项都是在callable bond这里不理解。
A选项中，callable bond其实是购买初期，issuer就有一个权利可以以指定价格赎回。我可以理解这个指定价格不应该为当初购买价格，不然investor不就空忙活一场，连一分钱利息都没赚。
另一个解释中说“callable一般以Par赎回，所以应该是capped at par。”为什么为par呢？这我不明白。
C选项中我的理issuer认为自己信用会急速下滑，那么它发行的bond只会越来越不值钱，更不会发行一个callable bond了，因为callable bond是bond涨价时候才行权。信用急速下降，bond价格越来越低，始终不可能行权，这个发行是无意义的。