NO.PZ2019103001000071
问题如下：
Exhibit 1 shows information for three BBB rated bonds issued by a large automotive company. Gerber asks Petit to interpret the data in the table and notes that the current interest rate environment is characterized by a positively sloped yield curve
Petit makes three observations about these bonds.
Observation 1 We should buy Bond 1 because the difference between its Z-spread and OAS is the largest.
Observation 2 We prefer Bond 1 to Bond 3 because Bond 1 has a greater Z-spread.
Observation 3 Bond 2 is a non-callable bond because its option-adjusted spread (OAS) is similar to the bond’s other three spread levels.
Which of Petit’s observations about the three BBB rated bonds is most likely correct?
选项：
A. Observation 1
B. Observation 2
C. Observation 3
解释：
C is correct.
The OAS for Bond 2 is close to the bond’s other spread levels and thus indicates that there is little embedded optionality in the bond. As a result, Bond 2 is most likely not callable.
