单项选择题

Which of the following statements concerning arbitrage-free bond prices is FALSE（）

A. The riskier the bond, the greater is its credit spread.
B. It is not possible to strip coupons from U. S. Treasuries and resell them.
C. The determination of spot rates is usually done using risk-free securities.

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单项选择题An analyst has gathered the following information: Bond A is an 11 percent annual coupon bond currently trading at 106. 385 and matures in 3 years. The yield-to-maturity (YTM) for Bond A is 8.50 percent. The YTM for a Treasury bond that matures in 3 - years is 7.65 percent. 1, 2, and 3 - year spot rates are 5.0 percent, 6.5 percent and 8.25 percent, respectively. Which of the following statements regarding spreads on bond A is TRUE（）

A. The nominal spread is approximately 85 basis points.
B. The Z-spread is approximately 85 basis points.
C. The option-adjusted spread is approximately 75 basis points.

单项选择题Jayce Arnold, a CFA candidate, is studying how the market yield environment affects bond prices. She considers a $1000 face value, option-free bond issued at par. Which of the following statements about the bond’s dollar price behavior is most likely accurate when yields rise and fall by 200 basis points, respectively Price will:（）

A. decrease by $124, price will increase by $149.
B. increase by $124, price will decrease by $149.
C. decrease by $149, price will increase by $124.