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jay1180 · 2022年12月22日

B选项错在哪啊

  1. CFA I
  2. Alternative

NO.PZ2018053101000032

问题如下：

A collateralized loan obligation specialist is most likely to:

选项：

A.sell its debt at a single interest rate. B.cater to niche borrowers in specific situations. C.rely on diverse risk profiles to complete deals.

解释：

C is correct. A CLO manager will extend several loans to corporations (usually to firms involved in LBOs, corporate acquisitions, or other similar types of transactions), pool these loans, and then divide that pool into various tranches of debt and equity that range in seniority and security. The CLO manager will then sell each tranche to different investors according to their risk profiles; the most senior portion of the CLO will be the least risky, and the most junior portion of the CLO (i.e., equity) will be the riskiest.

A is incorrect because with the different CLO tranches having distinct risks varying with their seniority and security, they will be priced over a range of interest rates. In contrast, unitranche debt combines different tranches of secured and unsecured debt into a single loan with a single, blended interest rate.

B is incorrect because debt extended to niche borrowers in specific situations is more commonly offered through specialty loans. For example, in litigation finance, a specialist funding company provides debt to a client to finance the borrower’s legal fees and expenses in exchange for a portion of any case winnings.

讲讲B好么谢谢

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韩韩_品职助教 · 2022年12月26日

嗨，爱思考的PZer你好：


同学你好，举个例子：在诉讼融资中，一家专业融资公司向客户提供债务，用于资助借款人的法律费用和开支，但借款人需要分享案件获胜后的得利。

再重新组织一下语言：

题目问关于collateralized loan obligation，哪个说法是错误的。

本题的考点是CLO业务，为Private debt — other private debt strategy 的内容。

先介绍下CLO是什么？CLO(Collateralized Loan Obligation)是一种由众多企业贷款打包后发行的结构化证券组合，作为银行将杠杆贷款打包在一起的一种结构化方式，为投资者提供具有不同风险和收益的资产证券化产品。具体业务流程就是CLO 经理将向公司（通常是参与杠杆收购、公司收购或其他类似类型交易的公司）提供几笔贷款，将这些贷款集中起来，然后将这些贷款分成不同等级的债务和股权，这些债务和股权在资历和安全性上不等，然后CLO 经理将根据不同的投资者的风险状况将每一档出售给不同的投资者；CLO中最高级的部分风险最小，CLO中最初级的部分（即股权）风险最大。

那么来看具体的选项。

 

A选项说，因为不同的CLO级别，具有不同的风险，他们将按一系列利率定价。正如我们介绍的，因为风险不同，所以每种定价也不同。描述正确。与之类似的是单批债务(unitranche debt)将不同档次的，有担保和无担的保债务合并为具有单一混合利率的贷款。

 

B选项说，在特定情况下，向特定借款人提供的债务,通常是通过提供特殊贷款(specialty loans)实现的。如，在诉讼融资中，一家专业融资公司向客户提供债务，用于资助借款人的法律费用和开支，但借款人需要分享案件获胜后的得利。这个说法错误，这并不是CLO的做法，而是specialty loans。

 

C选项说，根据多样化的风险特征完成交易。这个说法也是正确的，正如我们之前介绍的，风险不同，也会对应出售给不同的投资者。

 

所以正确答案是B选项。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

韩韩_品职助教 · 2022年12月24日

嗨，从没放弃的小努力你好：


同学你好，本题的考点是CLO业务，为Private debt — other private debt strategy 的内容。

先介绍下CLO是什么？CLO(Collateralized Loan Obligation)是一种由众多企业贷款打包后发行的结构化证券组合，作为银行将杠杆贷款打包在一起的一种结构化方式，为投资者提供具有不同风险和收益的资产证券化产品。具体业务流程就是CLO 经理将向公司（通常是参与杠杆收购、公司收购或其他类似类型交易的公司）提供几笔贷款，将这些贷款集中起来，然后将这些贷款分成不同等级的债务和股权，这些债务和股权在资历和安全性上不等 . 然后，CLO 经理将根据不同的投资者的风险状况将每一档出售给不同的投资者； CLO 中最高级的部分风险最小，CLO 中最初级的部分（即股权）风险最大。

题目问，通常一个CLO专员会怎么做？

A选项是按统一利率销售贷款。不对，不同层级的CLO风险等级不同，贷款利率并不相同。

B选项是迎合特定情况下的小众借款人。这是描述是特殊目的贷款。也就是同学问的这个选项，specific loan不是属于CLO类别的，这是一种特别贷款。

C选项是说根据多样化的风险特征完成交易。正确。所以选C。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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