问题如下：
Regarding the purchase of corporate bonds, Foster collects relevant data, which are presented in Exhibit 1.
Based on Exhibit 1, which bond most likely has the highest liquidity premium?
选项：
A. Bond 1
B. Bond 2
C. Bond 3
解释：
C is correct.
Bond 3 is most likely to be the least liquid of the three bonds presented in Exhibit 2 and will thus most likely require the highest liquidity premium. Low credit ratings, longer time since issuance, smaller issuance size, smaller issuance outstanding, and longer time to maturity typically are associated with a lower liquidity (and thus a higher liquidity premium). Bond 3 has the lowest credit quality and the longest time since issuance of the three bonds. Bond 3 also has a smaller issue size and longer time to maturity than Bond 1. The total issuance outstanding for Bond 3 is smaller than that of Bond 2 and equal to that of Bond 1.
