NO.PZ202411040100001102
问题如下：
Q. Which one of the following statements most correctly describes Bardstown’s strategy to prepay Peerland’s debt?选项：
A.A.Prepay the high-yield bonds first to avoid their higher coupon payments B.B.Prepay the leveraged loans first only if benchmark yields decline C.C.Prepay the leveraged loans first because the call provision has a very short lockup period.解释：
C is correct. Leveraged loans allow for the debt to be prepaid shortly after issuance at a price of par value. As a result of the low call price and the short lock-up period, leveraged loans can be prepaid almost immediately. Response A is incorrect as high-yield bonds have a longer lock-up period such that they cannot be prepaid in the first year after issuance. Response B is incorrect as declines in benchmark yields have little or no effect on the price of the floating-rate callable leveraged loans, so conditioning the prepayment on benchmark yields declining is not a necessary condition.
high-yield bonds have a longer lock-up period，这个结论在哪里有