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Esther🏵🎠🗝招财🐱 · 2023年02月03日

structured financial instruments

 “The credit cycle is expected to improve. For purposes of diversification, both collateralized debt obligations (CDOs) and their underlying corporate bonds should be included in the portfolio. AA rated CDOs currently offer significant relative value for long-term investors as the yield spread reflects a BB default rate expectation for the underlying collateral. Moreover, the value of the senior tranches should increase by more than the value of the mezzanine tranches since default correlations are expected to increase.”

老师,请问以上标红字体的具体意思吗?只知道其他两个错在哪里,不知道这个为什么对?

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pzqa015 · 2023年02月04日

嗨,从没放弃的小努力你好:


AA评级的债券的spread反映的是BB评级违约预期下的,说明AA评级的债券spread被高估了,也就是价格被低估了,所以,有更好的relative value。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

pzqa015 · 2023年02月05日

嗨,爱思考的PZer你好:


是的

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努力的时光都是限量版,加油!

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