Question：

Holding all other characteristics the same, the bond exposed to the greatest level of reinvestment  risk is most likely the one selling at: 
A. a premium. 
B. a discount. 
C. par. 
 

Answer = A 
A bond selling at a premium has a higher coupon rate and, all else being equal, bonds with higher  coupon rates face higher reinvestment risk. The reason is that the higher the coupon rate, the more dependent the bond's total dollar return will be on the reinvestment of the coupon payments in order  to produce the yield to maturity at the time of purchase. 

CFA Level I 
"Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. Smith 
Section 2

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