单选题

Which of the following statements about how various embedded options benefit the issuers or the bondholders is least accurate? The（）。

A、 accelerated sinking fund provision favors the issuers.
B、 option-adjusted spread directly measures the value of the spread inclusive of the embedded option.
C、 conversion provision favors the bondholders if the stock price rises.

【正确答案】 B

【答案解析】

The OAS is a measure of the yield spread over Treasury spot rates without the option.