问题如下：
Assuming the forecast for interest rates is proven accurate, which bond in Exhibit 2 will likely experience the smallest price increase?
选项：
A.Bond 1
B.Bond 3
C.Bond 4
解释：
C is correct.
The consensus economic forecast is for interest rates to decrease. In an environment of decreasing interest rates, all bond prices should rise ignoring any price impact resulting from any embedded options. When interest rates fall, the value of the embedded call option in Bond 4 (callable) increases, causing an opposing effect on price. The put option of putable bonds, by contrast, increases in value when interest rates rise rather than decline.
- 老师，这个题目答案什么意思？感觉答案是从估值的角度讲的
2.我看了答案，感觉我也有点乱。 用option估值想法来想好像不太对。
利率下降，所以callable bond的option value更值钱了，所以callable bond被估值更高。
但是，这里不能用估值的角度，对么？ 因为这个optiono是包含在债卷里面只是针对初始发行者的，不是当一个option在交易，里面附加的option如果有利于初始发行者，他就执行这个option。 而不是从衍生品里面的option value估值角度看，对么？
