问题
单项选择题
An analyst does research about yield spread. Which of the following embedded options in a bond is most likely t0 result in the highest yield spread over a comparable option-free Treasury security（）
A. Call option.
B. Floor on a floater.
C. Conversion option.
答案
参考答案：A
解析：
可赎回的权利(Call option)对于发行人有利，所以要提高收益率作为对投资者的补偿，因而可赎回债券有更高的收益率溢价(yield spread)；另外两个选项都是对于持有人有利。