问题如下：
Li, a credit analyst in a securities firm, recommended his client to increase investments in high-yield bond. which of the following is most likely to be the reason for this recommendation?
选项：
A. Li’s expectation about the economic growth will be much better than that of the market.
B. The interest rate is expected to decrease.
C. By adding more high-yield bonds, the portfolio’s liquidity will be improved.
解释：
A is correct.
考点：考察High-yield bond投资的考虑因素
解析：Li建议其客户增加High-yield bond的头寸。三个选择中A是最有可能成为该推荐的原因。因为Li认为的经济增长要好于整个市场的预期，则当前整个市场给了High-yield bond一个更大的Credit Spread，换句话说Li认为合理的Credit spread要小于当前市场上给出的Spread，因此Li认为当前High-yield bond是被低估的，应该买入。对于B选项，如果预期Interest rate会下跌，应该至少投investment-grade bond，因为high-yield bond对利率的敏感度小于investment-grade bond；对于C选项，high-yield bond 的流动性通常比起investment-grade bond更差。
B选项的理解是不是这样：利率下降，而利率和spread有抵消作用。HYB的spread占比大抵消大，所以HYB价格上升小，所以如果预期利率下降应该多买IG Bond？
