经典题，3.1
3.1 Beatriz Maestre is a fixed-income consultant who has been retained by Filipe Ruelas, the CFO of Cavado Produtos Agricolas, SA(Cavado). Cavado is a manufacturer of prepared foods headquartered in Braga, Portugal.
At a second meeting, Ruelas tells Maestre about a EUR22million bond issue Cavado would like to retire.The issue is currently rated A-,and credit spreads for that rating are relatively high.Ruelas expects spreads to narrow in the future as the economy improves and as Cavado's performance for the coming year is factored into markets. The bond is closely held by two investment funds, and Ruelas feels they would be willig to sell their bond exposure at a small premium over the market price. Ruelas also feels Cavado's auditors would permit accounting defeasement if Cavado purchased a portfolio of high-quality government bonds whose cash flow characteristics closely matched the Cavado bonds or ifit purchased a portfolio of corporate bonds with similar duration and convexity characteristics and higher yields. Maestre recommends a strategy for retiring the bond.
Which of the following strategies would Maestre most likely recommend for retiring the Cavado
bond?
A.Bond tender offer
B. Cash flow matching with government bonds
C. Duration matching with corporate bonds
A is correct. Because the outstanding bond issue can likely be purchased for a small remium over market value, there is no reason to engage in a more complicated and likely more expensive retirement process using a cash flow-matching or duration-matching strategy.
【问题】这里经济预期变好，选Duration match不是可以拿到更好的收益吗，答案解释说duration match太复杂，但是复杂就不赚钱了么，好像不make sense，求大神解
