tranche 1和tranche 3是不是说反了

问题如下：

A CDO has three tranches with corporate bonds as its underlying assets. The total principal of the bonds is USD 100 million. Tranche 1 has USD 10 million bonds and absorbs the first 10% of the default losses. Tranche 2 has USD 20 million bonds and absorbs the next 20% of default losses. The final Tranche 3 has USD 70 million bonds and absorbs the residual default loss. Which of the following statement least accurately describe the tranches?

选项：

A.

Tranche 1 has the highest yield.

B.

Tranche 1 is usually called "toxic waste."

C.

Tranche 1 would typically be rated as AAA by S&P.

D.

Tranche 3 has the lowest yield

解释：

C is correct.

考点：CDS

解析：

The equity tranche, tranche 1, must have the highest yield, and is sometimes called "toxic waste" because it has the highest risk. Conversely, tranche 3 would have the highest credit rating and the lowest yield.