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Spencer · 2023年11月09日

老师可以继续详解C选项吗

NO.PZ2022120703000079

问题如下:

Which of the following statements about green bonds is most accurate?

选项:

A.There is global consensus on the definition of green bonds

B.Green bonds often have some form of verification from third party organizations

C.Even after sustainability criteria are met, the credit risk of green bonds is assessed differently from traditional bonds

解释:

B is correct because “Often a green bond has some form of verification or assurance from a third party organisation. This organisation assures that the financing meets the criteria set out in the bond although the covenants related to this will vary by different bonds.”

A is incorrect because "there is still debate about what makes a bond ‘green’ as there is no global consensus on the types of capital projects that fit within the scope of green bonds. There are, however, several frameworks, which may start to standardise with the publication of the EU Green Taxonomy and with the EU Green Bond Standard potentially evolving in 2021." Therefore, this statement is not?most?accurate.

C is incorrect because "Green bonds... are sometimes considered a different class of credit. Once certain ESG or sustainability criteria are met, a green bond’s credit risk is often assessed in the same manner as a standard credit", not assessed differently from standard credits. Therefore, this statement is not?most?accurate.

老师请问,标准债券一般是如何评估的呢?



“C选项是不正确的。因为绿色债券虽然有时被视为一种不同类别的债券。但在满足某些ESG或可持续性标准后,绿色债券的信用风险通常会像标准债券一样进行评估,而不是与标准债券的评估有所不同。”

1 个答案

王岑 · 2023年11月10日

嗨,爱思考的PZer你好:


债券的评估过程较为复杂,一般而言需要考虑到这些因素:

  1. 信用评级:专业评级机构(如穆迪、标准普尔和惠誉)会根据发行方的信用状况给予债券一个评级,从AAA(最高)到D(违约)不等。评级越高,被认为违约风险越低。
  2. 利率环境:当前的利率水平会影响债券的市场价值。一般来说,当市场利率上升时,固定利率债券的价格会下降;相反,当市场利率下降时,固定利率债券的价格会上升。
  3. 到期期限:债券的期限越长,其价格对利率变动的敏感性越高。长期债券通常比短期债券有更高的利率风险。
  4. 票息率:债券的票息率即债券的名义利率,它决定了投资者每年从债券中获得的定期利息收入。票息率与市场利率的比较会影响债券的市场价值。
  5. 供求关系:市场上对于特定债券的需求也会影响其价格。如果投资者寻求安全资产,如美国国债,需求增加可能会推高价格。
  6. 预期通货膨胀率:预期的通货膨胀率上升会降低债券的吸引力,因为固定利息支付的实际购买力会下降,导致债券价格下降。
  7. 流动性:流动性较高的债券(即容易买卖的债券)通常会有更低的收益率,因为投资者愿意为能够更容易地买卖的便利支付溢价。
  8. 发行方的财务状况:发行方的贡献能力、收入流和财务状况的变化都会影响其债券的评估。
  9. 宏观经济条件:经济增长、货币政策和政治稳定性等因素都可能影响债券的价值。

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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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