NO.PZ2023052301000072
问题如下:
Which of the following benefits of securitization is most likely to be important for investors?
选项:
A.
Increased efficiency
B.
Reduced liquidity risk
C.
The ability to tailor interest rate and credit risk exposures
解释:
The correct answer is C. Securitization provides a direct conduit between borrowers and investors. It also allows investors to tailor interest rate and credit risk exposures to suit their specific risk, return, and maturity needs.
A is incorrect because securitization creates efficiency for issuers and financial markets more directly than for investors. Securitization allows issuers to sell illiquid assets and operate more efficiently on a risk-adjusted basis. Moreover, because securitization creates tradable securities with higher liquidity than the original underlying assets, it makes financial markets more efficient.
B is incorrect because securitization improves overall liquidity in the financial system and reduces liquidity risk, which benefits participants in financial markets.
老师可以解释一下C选项吗?我的理解是C选项说资产证券化可以让投资者定制风险敞口等,这是和ABS的内部分层有关吗?