Optimal Bond Selection in a Bull Market for High-Yield Bonds

A fixed income portfolio manager is evaluating three corporate bonds, each of different credit qualities and maturities, in order to adjust the portfolio's exposure to credit risk. The bonds are as follows:

• Bond A: A 10-year bond issued by a well-established company with a credit rating of AA.
• Bond B: A 5-year bond from a mid-tier firm, which has a credit rating of B.
• Bond C: A 15-year bond issued by a high-yield issuer and rated CCC.

Market conditions indicate increasing interest in speculative-grade debt, and the portfolio manager is considering a restructuring strategy to take advantage of potential spreads. The manager anticipates a bull market for high-yield bonds, which could enhance total returns from credit risk.

Which bond should the portfolio manager focus on in this environment to optimize credit exposure while balancing the associated risks?