NO.PZ2023032703000054
问题如下:
Serena Soto is a risk management specialist with Liability Protection Advisors. Trey Hudgens, CFO of Kiest Manufacturing, enlists Soto’s help with three projects.
The second project for Soto is to help Hudgens immunize a $20 million portfolio of liabilities. Soto suggested employing a duration-matching strategy using one of the three AAA rated bond portfolios presented in Exhibit 2.
Based on Exhibit 2, relative to Portfolio C, Portfolio B:
选项:
A.has higher cash flow reinvestment risk.
is a more desirable portfolio for liquidity management.
provides less protection from yield curve shifts and twists.
解释:
B is correct. Portfolio B is a laddered portfolio with maturities spread more or less evenly over the yield curve. A desirable aspect of a laddered portfolio is liquidity management. Because there is always a bond close to redemption, the soon-to-mature bond can provide emergency liquidity needs. Barbell portfolios, such as Portfolio C, have maturities only at the short-term and long-term ends and thus are much less desirable for liquidity management.
这道题能帮忙解释下C吗