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Which of the following actions is most likely to lead to a lower yield of a companys existing bonds? I. Merge with an all-equity firm

Which of the following actions is most likely to lead to a lower yield of a companys existing bonds? I. Merge with an all-equity firm and do not issue new bonds. II. An upgrade in credit ratings. III. Issue new debt and use the proceeds to buy back stock

		I only
		II Only
		III only
		I and II Only
		All above

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