Welwet. Whan 3 Which one of the foliewings describes "patl-to-par' phenomencon? a. Tendency foe bond price to fall near its face value when the market liquidity tisk escalates b. Tondency for bond price to approach is face value when it appraaches to is maturity dates C. Tendency for imvestors to puli their imvestments ouf of junk bonds when market risk increases d. Tendency for bond price fo move in tha kame direction of the market interest rates. e. None of the above