问题
单项选择题
A floating-rate security is most likely to trade at a discount to its par value because the:（）
A. security has an interest rate floor.
B. next reset date is in three months.
C. security's yield premium for credit risk decreases.
答案
参考答案：B
解析：
Floating-rate securities are subject to interest rate risk because their coupon rates are not reset continuously. The longer the time until the security's next reset date, the greater its potential price fluctuation away from par value (to a discount or premium). A floor on the floating rate or a decrease in the yield premium for credit risk, however, would be likely to cause the security to trade at a premium, rather than a discount.