单选题 Which of the following statements is least accurate? Nonrefundable bonds:
A. holder is protected only if interest rates decline.
B. holder is protected from obtaining lower-cost money to pay off the debt.
C. provide greater assurance against premature and unwanted redemption than callable bonds.

【正确答案】 C

【答案解析】[解析] 不可再融资债券保护债券持有人，避免发行人通过再次发行低成本的债券把高成本的债券提前偿还，只有当利率下降时，持有人才能得到保护，同时该条款避免持有人获得更低成本的资金来偿还之前的债务。当利率下降时，也有可能触发可赎回机制，可赎回条款仍然比不可再融资条款会提供更多的确定性，以防止提前到期和不需要的赎回，所以选项C是错的。