investment- grade bond和high- yield bond

14. 注意答案中的一句话， In contrast, high-yield portfolio managers are more likely to focus on credit risk and less likely to focus on interest rate and yield curve dynamics.所以B选项它又说反了。

总结的说 投资级别的债券，我们更看重收益率，以及收益率改变对它的影响。

垃圾债，看重的是credit risk，credit spread对垃圾债的影响。

13. High-yield bonds, which tend to behave more like equities, are usually quoted in price terms.

Investment-grade bonds are usually quoted as spreads over benchmark government bonds.

所以B不正确

investment bond投资级别的债券，收益率给的一般都低，违约率也低，评级高。

high- yield bond投机级别的债券，也叫垃圾债，收益率给的高，违约率也高，评级低。

第12题的comment 2错误，是因为他说反了，新发的债券没有旧发行的spread 高，因为旧的债券会有liquidity issue，因此需要一个liquidity spread.