单选题
Which of the following will result in the lowest debt-to-total-capital ratio, assuming that all issues raise the same amount of funds?
【正确答案】
A
【答案解析】Bonds with warrants attached will result in a lower debt-to-total-capital ratio than the other three because part of the funds raised will be allocated to equity and the balance sheet liability will be smaller by that amount. The other three choices all result in the same initial balance sheet liability.