【每日一练】CFA 一级（2015年）

Question：

Given two otherwise identical bonds, when interest rates rise, the price of Bond A declines more  than the price of Bond B. Compared with Bond B, Bond A most likely: 
A. has a shorter maturity. 
B. is callable. 
C. has a lower coupon. 
 

Answer = C 
The lower the coupon rate, the more sensitive the bond's price is to changes in interest rates. 

CFA Level 1 
"Introduction to Fixed-Income Valuation," James F. Adams and Donald J. Smith 
Section 2.3 

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