32. A low coupon corporate bond will likely (a) have a higher intrinsic value than a similar high-coupon bond. (b) have a lower rating. (c) be selling at a premium. (d) have no tax liability on eventual capital gains.

33. An actively traded corporate bond will likely (a) have a large bid-ask spread. (b) be rated lower by Moody's. (c) pose a large risk for the dealer (d) have a lower yield-to-maturity than a less liquid bond.