单选题 Which of the following does NOT represent a secondary market offering? When bonds are sold:

A. in a Rule 144A offering.
B. in an over-the-counter dealer market.
C. on an electronic trading network.

【正确答案】 A

【答案解析】When bonds are sold in a Rule 144A offering, they are sold privately to a small number of investors or institutions. This offering does not require registration with the SEC and this is valuable to the issuer. The investor will require a slightly higher yield because the bonds cannot be resold to the public unless they are registered with the SEC.