单选题
As compared to an equivalent non-callable bond, a callable bond's yield should be:
A、
A. lower.
B、
B. higher.
C、
C. the same.
【正确答案】
B
【答案解析】
A callable bond favors the issuer. Hence, the value of the bond is discounted by the value of the option, which means the yield will be higher.
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