NO.PZ2021120102000032
问题如下：
Which of the following statements about the role of structured products in an active credit portfolio is most accurate?
选项：
A.Covered bonds perform relatively well in a downturn versus other
fixed income bonds with real estate exposure because a covered bond investor also
has recourse to the issuer.
Higher-rated ABS tranches are attractive for active investors seeking to overweight default risk when the credit cycle is in recovery.
CLO tranches are more advantageous than CDO tranches with similar ratings under an economic slowdown scenario.
解释：
A is correct. Covered bonds perform relatively well in a downturn versus other fixed-income bonds with real estate exposure because the investor also has recourse to the issuer.
是的，预期经济复苏，预期债券的违约概率会下降，应该提前布局High-yield bond（Lower-rated bond）。
上面这段句子能解释下吗？
为啥high yield bond是lower-rate bond， 不是high coupon rate bond 吗？
