问题
单项选择题
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.
答案
参考答案：A
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。