Consider three corporate bonds that are identical in all respects except as noted: Bond F has $100 million face value outstanding. On average, 200 bonds trade per day.Bond G has $ 300 million face value outstanding. On average, 200 bonds trade per day. Bond H has $100 million face value outstanding. On average, 500 bonds trade per day. Will the yield spreads to Treasuries of Bond G and Bond H be higher or lower than the yield spread to Treasuries of Bond FBond G Bond H （）①A. Higher Higher②B. Higher Lower③C. Lower Lower
A. ①
B. ②
C. ③
参考答案：C
解析：
Liquidity is attractive to investors, so they will pay a higher price (demand a lower yield) for a more liquid bond than for an identical bond that is less liquid. Bond G is more liquid than Bond F because of its greater size. Bond H is more liquid than Bond F because it trades in greater volume. Therefore both Bond G and Bond H will tend to have lower yield spreads to Treasuries than Bond F.