Answer: Both the credit spread and the benchmark yield.

The yield-to-maturity of a corporate bond includes a government benchmark yield and a credit spread. Changes in the bond's yield-to-maturity can arise from either component or a combination of both. For an option-free fixed-rate bond, the same duration and convexity statistics apply to changes in the benchmark yield as well as changes in the credit spread. This makes option C the correct answer, as both components are relevant.

Author: LeetQuiz Editorial Team