单选题 Which of the following statements regarding zero-coupon bonds and spot interest rates is TRUE? A. A coupon bond can be viewed as a collection of zero-coupon bonds. B. Spot interest rates will never vary across time. C. Zero-coupon bonds have at least two coupon payments.

【正确答案】 A

【答案解析】Because zero-coupon bonds have no coupons (all of the bond's return comes from price appreciation), investors have no uncertainty about the rate at which coupons will be invested. Spot rates are defined as interest rates used to discount a single cash flow to be received in the future. Any bond can be viewed as the sum of the present value of its individual cash flows where each of those cash flows are discounted at the appropriate zero-coupon bond spot rate.