利率

问题如下：

Which of the following bonds is most likely to offer a higher yield to bondholders relative to an otherwise identical option-free bond?

选项：

A.Putable bond

B.Convertible bond

C.Callable bond

解释：

A is incorrect because a putable bond gives the bondholder the right to sell the bonds back to the issuer prior to maturity. As a result, a putable bond will offer a lower yield compared with a similar non-putable bond.

B is incorrect because a convertible bond gives the bondholder the right to convert the bond into the common stock of the issuer. As a result, a convertible bond will offer a lower yield compared with a similar non-convertible bond.

C is correct. A callable bond gives the issuer the right to buy back the bond prior to maturity. This feature increases the reinvestment risk faced by bondholders, causing them to require a higher yield than for a similar non-callable bond.