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eaglexps · 2022年07月27日

你好

  1. CFA I
  2. Fixed Income

NO.PZ2018062020000033

问题如下：

In credit card receivable ABSs, principal cash flows can be altered only when the:

选项：

A.

lockout period expires.

B.

excess spread account is depleted.

C.

early amortization provision is triggered.

解释：

C is correct. In credit card receivable ABSs, the only way the principal cash flows can be altered is by triggering the early amortization provision. Such provisions are included in the ABS structure to safeguard the credit quality of the issue.

A is incorrect because expiration of the lockout period does not result in the alteration of principal cash flows but instead defines when principal repayments are distributed to the ABS investors. During the lockout period, principal repayments by cardholders are reinvested. When the lockout period expires, principal repayments by cardholders are distributed to investors.

B is incorrect because the excess spread account is a credit enhancement for loss absorption. When the excess spread account is depleted, losses are applied against the overcollateralization amount followed by the senior/subordinated structure. The only way principal cash flows can be altered is by triggering the early amortization provision.

考点：信用卡贷款ABS

解析：本金现金流只有在触发了提前摊还机制时才会发生改变。本金的现金流在锁定期之后交到投资者手里，并不是现金流发生变化，这只是信用卡贷款ABS运营中正常的一个流程。这里说的触发了提前摊还机制是指遇到了一些特殊事件，本金才会提前还给投资者。特殊事件比如，很多信用卡持有人没有按期还款导致资产池出了问题，或者SPV出现了问题等等，才会触发提前摊销机制。故C正确。

老师，这道题有些不理解，能不能解释一下，不太明白知识点和题目再问什么，谢谢

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1 个答案

吴昊_品职助教 · 2022年07月27日

嗨，努力学习的PZer你好：


题干的意思是，信用卡贷款ABS中，本金现金流在什么情况下会发生改变？

这个就是原版书上的一句结论：本金现金流会发生改变，当且仅当触发了提前摊销的机制，所以选C。

这里说的触发了提前摊还机制是指遇到了一些特殊事件，本金才会提前还给投资者。特殊事件比如，很多信用卡持有人没有按期还款导致资产池出了问题，或者SPV出现了问题等等，才会触发提前摊销机制。


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NO.PZ2018062020000033 excess spreaccountis plete early amortization provisionis triggere C is correct.In cret carreceivable ABSs, the only wthe principcash flows caltereis triggering the earlyamortization provision. Suprovisions are incluin the Astructure tosafeguarthe cret quality of the issue. A isincorrebecause expiration of the lockout perioes not result in the alteration of principcash flows but insteaefines when principrepayments are stributeto the Ainvestors. ringthe lockout perio principrepayments carolrs arereinveste When the lockout perioexpires, principrepayments carolrs are stributeto investors. B is incorrebecause the excess spreaccountis a cret enhancement for loss absorption. When the excess spreaccount is pletelosses are applieagainst the overcollateralizationamount followethe senior/subornatestructure. The only wprincipcash flows caltereis bytriggering the early amortization provision. In cret carreceivable ABSs, principcash flows caltereonly when the: A.lockout perioexpires. B.excess spreaccount is plete C.early amortization provision is triggere C is correct. In cret carreceivable ABSs, the only wthe principcash flows caltereis triggering the early amortization provision. Suprovisions are incluin the Astructure to safeguarthe cret quality of the issue.A is incorrebecause expiration of the lockout perioes not result in the alteration of principcash flows but instefines when principrepayments are stributeto the Ainvestors. ring the lockout perio principrepayments carolrs are reinveste When the lockout perioexpires, principrepayments carolrs are stributeto investors.B is incorrebecause the excess spreaccount is a cret enhancement for loss absorption. When the excess spreaccount is plete losses are applieagainst the overcollateralization amount followethe senior/subornatestructure. The only wprincipcash flows caltereis triggering the early amortization provision. 

2021-05-18 12:28 1 · 回答

NO.PZ2018062020000033 请问真正考试会出到这种细节的问题吗？

2021-03-13 11:21 2 · 回答

老师 这道题怎么理解？

2020-11-03 22:51 1 · 回答

为什么A不对？ ring the lockout perio principal repayments carolrs are reinveste When the lockout perioexpires, principrepayments carolrs are stributeto investors. 锁定期前，只有fees和charges，但是锁定期后有本金的归还，这不是改变吗

2020-03-02 07:27 1 · 回答