NO.PZ2018123101000103
问题如下：
Steele Ferguson, a senior analyst at Samuel, is reviewing three fixed-rate bonds issued by a local firm, Pro Star, Inc.
The bond that would most likely protect investors against a significant increase in interest rates is:
选项：
A.Bond #1.
B.Bond #2.
C.Bond #3.
解释：
The bond that would most likely protect investors
against a significant increase in interest rates is the putable bond, i.e.,
Bond #3. When interest rates have risen and higher-yield bonds are available, a
put option allows the bondholders to put back the bonds to the issuer prior to
maturity and to reinvest the proceeds of the retired bonds in higher-yielding
bonds.
When interest rates have risen and higher-yield bonds are available，不理解，为什么利率上升次级债就available了？是怎么推理出来的？利率的变动方向不是应该和bond吸引投资者的程度是相反的吗？
