NO.PZ2015121810000038
问题如下：
During an economic period where spreads between corporate and government bonds are narrowing, and spreads between higher and lower rated corporate bond categories are also narrowing, it can be expected that:
选项：
A.government bonds will outperform corporate bonds.
B.lower rated corporate bonds will outperform higher rated corporate bonds.
C.higher rated corporate bonds will outperform lower rated corporate bonds.
解释：
B is correct.
When spreads are narrowing, investors seem to be less discerning between issues with weak versus strong credit, and the rate of improvement will tend to be greater for those bonds issued by entities with a relatively weaker ability to pay. Thus, during times when corporate bond spreads are narrowing relative to government bonds, and the spreads between higher and lower rated bond categories also narrowing, corporate bonds will generally outperform government bonds, and lower rated corporate bonds will tend to outperform higher rated corporate bonds.
考点：Credit-risky bonds
解析：公司债与国债spread变小、评级高的债券与评级低的债券的spread变小，都可以推断出经济正在变好。经济变好时，公司债的业绩好于国债，低评级债券的业绩好于高评级债券。
备注：rated-评级，rate-利率。所以high rated bond指的是高评级债券，high rate bond/ high yield bond指的是高利率债券（又叫垃圾债）。
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