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大瓶子 · 2023年09月08日

可否解释一下三个选项

NO.PZ2023010301000074

问题如下:

A goal of securitization is to:

选项:

A.

separate the seller’s collateral from its credit ratings.

B.

uphold the absolute priority rule in bankruptcy reorganizations.

C.

account for collateral’s primary influence on corporate bond credit spreads.

解释:

Correct Answer: A

A is correct. The legal implication of a special purpose entity (SPE), a prerequisite for securitization, is that investors contemplating the purchase of bond classes backed by the assets of the SPE will evaluate the credit risk of those assets independently from the credit rating of the entity that sold the assets to the SPE. This separation of the seller’s collateral from its credit rating provides the opportunity for the SPE to access a lower aggregate funding cost than what the seller might otherwise obtain.

B is incorrect because the absolute priority rule, under which senior creditors are paid in full before subordinated creditors, has not always been upheld in bankruptcy reorganizations. There is no assurance that if a corporate bond has collateral, the rights of the bondholders will be respected. It is this uncertainty that creates the dominant influence of credit ratings over collateral in credit spreads.

C is incorrect because corporate bond credit spreads will reflect the seller’s credit rating primarily and the collateral slightly. Securitization separates the seller’s collateral from its credit rating, effectively altering the influence of collateral on the credit spread.

可否解释一下三个选项

1 个答案

吴昊_品职助教 · 2023年09月08日

嗨,从没放弃的小努力你好:


A:将抵押物和信用评级相分离,这个其实说的就是SPV最大的特点,资产隔离。资产证券化相比普通公司债,有一个更低的融资成本,因为资产隔离,和母公司的财务困境就不挂钩了,更少受到母公司破产的影响,所以其信用质量较高,融资成本较低。所以A选项正确。

B:当破产重组时保证绝对优先规则。

C: 主要决定公司债credit spread的大小,公司债credit spreads主要影响的是信用评级而非抵押物。

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