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[单选题]

An analyst is comparing two bonds and has collected the following data:
·Bond P: Nominal spread of 125 basis points, zero-volatility spread of 125 basis points, and option-adjusted spread of 65 basis points.
·Bond Q: Nominal spread of 95 basis points, zero-volatility spread of 95 basis points, and option-adjusted spread of 95 basis points.
Each bond is similar in all respects except that Bond P is a mortgage passthrough security and Bond Q is a noncallable corporate bond. Based only on this information, which of the following statements is most accurate?

A.The yield curve is flat.

B.Bond P is preferred to Bond Q because its nominal spread is 30 basis points higher.

C.Bond P is preferred to Bond Q because the embedded option in Bond P returns the investor an additional 65 basis points.

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