B获得金融资产也是对债权人的保护啊，为什么与题干不符呢？

问题如下：

Which of the following type of debt obligation most likely protects bondholders when the assets serving as collateral are non-performing?

选项：

A.

Covered bonds

B.

Collateral trust bonds

C.

Mortgage-backed securities

解释：

A is correct.

A covered bond is a debt obligation backed by a segregated pool of assets called a "cover pool." When the assets that are included in the cover pool become nonperforming(i.e., the assets are not generating the promised cash flows), the issuer must replace them with performing assets.

考点：covered bond

解析：题目问的是作为抵押品的资产本身表现不好的时候，哪一个还能保护投资者。

C选项：MBS对于投资者的保护只有mortgage本身，如果homeowner不还月供了，银行和SPV都不会帮着还。MBS投资者就遭受了巨大的风险。故选项C不正确。

而covered bond和MBS相比，有双重保护，除了mortgage产生的收益可以归还投资者以外，银行也会归还现金流给投资者。假如mortgage表现不好（non-performing），那么银行就会提供第二重保护，将自己经营收益拿出来归还投资者。故选项A正确。

B选择的担保物是金融资产。一旦债券发行人违约，债券投资者将会获得这些金融资产。和题干描述不符。故选项B不正确。