单选题 An analyst does research about yield spreads difference between a callable bond and a putable bond. Compared to an otherwise identical option-free bond, market participants would most likely require that yield spreads be:
A. larger for both a callable bond and a putable bond.
B. larger for a callable bond and smaller for a putable bond.
C. smaller for a callable bond and larger for a putable bond.

【正确答案】 B
【答案解析】[解析] 可赎回权利属于发行人,当价格上升到一定程度时,发行人可以赎回该债券,这对持有人不利,增加了其风险,所以相对于不含权的债券必须要有更高的收益率溢价作为补偿。可回售权利属于持有人,对持有人有利,所以相对于不含权的债券,必须要有更低的收益率折价作为该权利的代价。