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YolandaQ · 2023年09月20日

credit spread是什么意思

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NO.PZ202210140100000204

问题如下:

After integrating the ESG factors, the credit spread on BR Hotels’ bonds is most likely to:

选项:

A.

decrease.

B.

remain unchanged

C.

increase.

解释:

C is correct. BR Hotels faces significant corporate governance and social risk. Corporate governance risk is high due to a low number of independent board members (1 out of 15 members), lack of gender diversity (2 women out of 15 members), and low percentage of board members with hotel industry experience (20%). These factors are likely to increase investors’ perception of the corporation’s risk. The social risk for BR Hotels is also high. BR Hotels has a high labor turnover rate, pays most of its workforce at or near the minimum wage, and offers no health benefits. Legislation raising the minimum wage and the growing pressure on BR Hotels to offer benefits would increase operating costs. This could have a negative impact on future cash flows, which would be detrimental to the bond holders. The valuation of BR Hotels’ bonds could be adversely affected by the higher ESG risk. To account for the higher ESG risk, the credit spread on BR Hotels’ bonds is likely to increase.

A is incorrect since the credit spread on BR Hotels’ bonds is likely to increase and not decrease.

B is incorrect since the credit spread on BR Hotels’ bonds is likely to increase and not remain unchanged.

credit spread是什么意思

1 个答案
已采纳答案

王琛_品职助教 · 2023年09月21日

嗨,从没放弃的小努力你好:


1

credit spread 体现公司的非系统性风险,或者公司层面的风险

公司层面的风险越大,spread 越大

也请参考基础班讲义墨迹版 P86

2

那么 BR 酒店,到底面临哪些风险,这些风险又是高是低呢?

这就要结合本题的案例背景了

通过分析案例背景,不难发现

E 风险较低,对应第一段前半部分

S 的风险较高,对应第二段

G 的风险较高,对应第一段后半部分

3

所以 S 和 G 的风险较高,我们在评估 BR 酒店的债券时,要考虑到这些风险对债券的影响

所以要增加其 credit spread

类似案例,也请参考基础班讲义墨迹版 P300 的 Case 1

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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