问题
单项选择题
Negative convexity is most likely to be observed in:（）
A. callable bonds.
B. zero coupon bonds.
C. municipal bonds.
答案
参考答案：A
解析：
All noncallable bonds exhibit the trait of being positively convex and callable bonds have a negative convexity. Callable bonds have a negative convexity because once the yield falls below a certain point, as yields fall, prices will rise at a decreasing rate, thus giving the curve a negative convex shape.