单选题 An analyst does research about interest rate risk of fixed income securities and gathers the following information about three option-free bonds selling at par:
Bond Coupon Rate Maturity (Years)
1 5% 4
9 5% 9
3 7% 9
The bond with the lowest interest rate risk is:
A. Bond 1.
B. Bond 2.
C. Bond 3.

【正确答案】 B
【答案解析】[解析] 息票率(Coupon Rate)越低,利率风险越大,因为大部分比例的现金流在未来造成价格变动的可能性增加。期限(Maturity)越长,利率风险越大,因为未来面临的不确定性增加。由于利率变动,折现值也会比较波动。