A Dutch investor considering a 5-year EUR government bond purchase expects yields-to-maturity to decline by 25 bps in the next six months. Which of the following statements about the rolldown return is correct?

A. The rolldown return equals the difference between the price of the 5-year bond and that of a 4.5-year bond at the lower yield-to-maturity.

B. The rolldown return consists of the 5-year bond’s basis point value multiplied by the expected 25 bp yield-to-maturity change over the next six months.

C. The rolldown return will be negative if the 5-year bond has a zero coupon and is trading at a premium.