22 Consider the following four debt securities, which are identical in every characteristic except as noted:

W: A corporate bond rated Aaa X: A corporate bond rate Baa Y: A corporate bond rated Aaa with a shorter time to maturity than bonds W and X Z: A corporate bond rated Aaa with the same time to maturity as bond Y that trades in a more liquid market than bonds W, X, or Y List the bonds in the most likely order of the interest rates (yields to maturity) of the bonds from highest to lowest. Explain your work.