单选题

Compared with investment-grade bonds, the spread movements on high-yield bonds are influenced:

A、 less by interest rate changes and exhibit a greater correlation with movements in equity markets.
B、 more by interest rate changes and exhibit a greater correlation with movements in equity markets.
C、 less by interest rate changes and exhibit a lower correlation with movements in equity markets.

【正确答案】 A

【答案解析】

High-yield bonds can be thought of as a hybrid between investment-grade bonds and equity securities. Their spread movements are less influenced by interest rate changes than are investment-grade bonds and they exhibit greater correlation with movements in equity markets.