如题

问题如下：

How does the call feature of high - yield bonds typically work?

选项：

A.

The issuer can call the bonds at any time at par value.

B.

After a period of call protection, the issuer can call the bonds at a fixed price over par.

C.

The bonds are automatically called when the issuer's credit rating improves.

解释：

B is the correct answer. High - yield bonds usually have a call feature that gives the issuer the right to call outstanding bonds after a period of investor call protection. The issuer can then call the bonds at a fixed price over par. This feature is embedded in the price of the bond, and as a result, the issuer pays a higher coupon than for a non - callable bond of the same maturity.

高收益债券通常具有赎回条款，在一段投资者赎回保护期后，发行人有权以高于票面价值的固定价格赎回未偿还债券。此条款嵌入债券价格中，因此发行人支付的票面利率高于相同期限的不可赎回债券。