单选题 Which of the following statements about bond call features is least likely correct? Embedded call options in callable bonds: A. can be valued using the difference between the zero-volatility spread and the nominal spread. B. expose investors to reduced capital appreciation potential. C. create risk because they add uncertainty to the bond's cash flow pattern.
【正确答案】 A
【答案解析】The embedded option can be valued by analyzing the difference between the zero-volatility spread and the option-adjusted spread.