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🌊Yuri🌊 · 2023年04月25日

问

  1. CFA I
  2. Fixed Income

NO.PZ2018062020000032

问题如下：

In auto loan ABSs, the form of credit enhancement that most likely serves as the first line of loss protection is the:

选项：

A.

excess spread account.

B.

sequential pay structure.

C.

proceeds from repossession sales.

解释：

A is correct. In addition to a senior/subordinated (sequential pay) structure, many auto loan ABSs are structured with additional credit enhancement in the form of overcollateralization and a reserve account, often an excess spread account. The excess spread is an amount that can be retained and deposited into a reserve account that can serve as a first line of protection against losses.

B is incorrect because in an auto loan ABS, losses are typically applied against the excess spread account and the amount of overcollateralization before the waterfall loss absorption of the sequential pay structure.

C is incorrect because in auto loan ABSs, proceeds from the repossession and resale of autos are prepayment cash flows rather than a form of credit enhancement for loss protection.

考点：auto loan ABSs

解析：车贷有很多信用增级方式，能够作为第一道防线的是excess spread。

这道题怎么理解，老师好像没讲这个知识点吧

还有b选项是啥意思来着？突然忘记了

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1 个答案

吴昊_品职助教 · 2023年04月25日

嗨，从没放弃的小努力你好：


B选项：sequential pay就是指按顺序偿还。也就是说本金的归还是有顺序的，当A的本金都偿还完之后，才会归还B的本金。

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sequentipaystructure. procee fromrepossession sales. A is correct.In aition to a senior/subornate(sequentipay) structure, many auto loABSs are structurewithaitioncret enhancement in the form of overcollateralization an reserve account, often excess spreaccount. The excess spreis amount thcretaineanepositeinto a reserve account thcserve a firstline of protection against losses. B isincorrebecause in auto loABS, losses are typically applieagainst the excess spreaccount anthe amount ofovercollateralization before the waterfall loss absorption of thesequentipstructure. C is incorrebecause in auto loABSs,procee from the repossession anresale of autos are prepayment cash flows rather tha form ofcret enhancement for loss protection. 老师为什么b不对？ 谢谢

2020-10-04 11:44 1 · 回答

sequentipaystructure. procee fromrepossession sales. A is correct.In aition to a senior/subornate(sequentipay) structure, many auto loABSs are structurewithaitioncret enhancement in the form of overcollateralization an reserve account, often excess spreaccount. The excess spreis amount thcretaineanepositeinto a reserve account thcserve a firstline of protection against losses. B isincorrebecause in auto loABS, losses are typically applieagainst the excess spreaccount anthe amount ofovercollateralization before the waterfall loss absorption of thesequentipstructure. C is incorrebecause in auto loABSs,procee from the repossession anresale of autos are prepayment cash flows rather tha form ofcret enhancement for loss protection. 想请老师把几个的帮忙翻译一下。

2020-08-20 19:16 1 · 回答

老师 这道题怎么理解

2020-02-09 23:45 1 · 回答