单选题
An analyst does research about fixed income products. A increase in expected yield volatility mo.st likely results in a price decrease of a(n)? A. Callable bond. B. Putable bond. C. Option-free bond.
【正确答案】
A
【答案解析】[解析] 预期收益率的波动性上升，会同时增加债券赎回权(call)和回售权(put)的价值。value of putable bond=value of option-free bond+value of put option value of callable bond=value of option-free bond-value of call option 所以，会导致callable bond价格下降，putable bond价格上升，而option-free bond价格不受影响。