The lowest yield to maturity and, correspondingly, the highest bond price.

问题如下：

Based on the data in Exhibit 2, the most profitable arbitrage opportunity would be to buy the bond in:

选项：

Mumbai and sell it in Hong Kong.

Hong Kong and sell it in New York.

New York and sell it in Hong Kong.

解释：

B is correct.

Of the three markets, the New York bond has the lowest yield to maturity and, correspondingly, the highest bond price. Similarly, the Hong Kong bond has the highest yield to maturity and the lowest bond price of the three markets. Therefore, the most profitable arbitrage trade would be to buy the bond in Hong Kong and sell it in New York.