开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

elwin · 2024年06月03日

美国的强制重组不是破产时才会发生的吗?

NO.PZ2019011002000021

问题如下:

Foodsdelivery is a US company. The bonds issued by this company are included in the on-the-run CDX high yield (HY) index. TXT, a derivatives trading company sold $200 million of protection on this CDX index and the index contains 100 entities. Recently, Foodsdelivery is forced by its creditors to involuntarily restructure on its debt, and as a result, all outstanding principal obligations will be reduced by 50%.

According to the information above, following Foodsdelivery restructuring, the CDX HY notional will be closest to:

选项:

A.

200 million

B.

198 million

C.

194 million

解释:

A is correct.

考点:对CDS index的理解,以及对Restructuring的理解

解析:

CDS index里面每一个成份都是等权重的,当某家公司发生Credit events之后,该公司就按照比例从该Index去除,index的Notional principal也按照比例下降。所以关键就是要确定该公司的Restructuring能否算作Credit event。Restructuring要算作Credit event需要满足两点,第一是由债权人强制公司 ( Forced on the borrower ),即公司被动地执行 ( involuntarily )。本题信息满足这两点,但是需要注意在美国Restructuring不能算作Credit event,而在欧洲Restructuring算作Credit event。因此本题的CDX HY notional不变。

美国重组不是算在破产里面的吗?只有破产才会发生强制重组。这道题说强制重组那说明公司破产了咯?那既然破产了,难道不算发生信用事件吗?

2 个答案

pzqa31 · 2024年06月12日

嗨,从没放弃的小努力你好:


课上只是说“在美国,重组不能算作信用事件。

二级固收中,信用事件有三类:

重组和破产是其中的两类,重组都不能算作信用事件了,怎么可能归到破产里。

----------------------------------------------
努力的时光都是限量版,加油!

pzqa31 · 2024年06月04日

嗨,努力学习的PZer你好:


美国重组不是算在破产里面的吗?---同学,这个是哪里讲到的?

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

  • 2

    回答
  • 0

    关注
  • 202

    浏览
相关问题

NO.PZ2019011002000021 问题如下 Foolivery is a US company. The bon issuethis company are incluin the on-the-run C high yiel(HY) inx. TXT, a rivatives trang company sol$200 million of protection on this C inx anthe inx contains 100 entities. Recently, Foolivery is forceits cretors to involuntarily restructure on its bt, ana result, all outstanng principobligations will rece50%. Accorng to the information above, following Foolivery restructuring, the C HY notionwill closest to: 200 million 198 million 194 million A is correct.考点对C inx的理解,以及对Restructuring的理解解析C inx里面每一个成份都是等权重的,当某家公司发生Cret events之后,该公司就按照比例从该Inx去除,inx的Notionprincipal也按照比例下降。所以关键就是要确定该公司的Restructuring能否算作Cret event。Restructuring要算作Cret event需要满足两点,第一是由债权人强制公司 ( Forceon the borrower ),即公司被动地执行 ( involuntarily )。本题信息满足这两点,但是需要注意在美国Restructuring不能算作Cret event,而在欧洲Restructuring算作Cret event。因此本题的C HY notional不变。 Foolivery is a US company. The bon issuethis company are incluin the on-the-run C high yiel(HY) inx. TXT, a rivatives trang company sol$200 million of protection on this C inx anthe inx contains 100 entities. Recently, Foolivery is forceits cretors to involuntarily restructure on its bt, ana result, all outstanng principobligations will rece50%.Accorng to the information above, following Foolivery restructuring, the C HY notionwill closest to:老师您好,请问下这题sol$200 million of protection on this C inx anthe inx contains 100 entities,有个问题不是太懂,就是这个200 million是FOO家公司支付的保费吗?还有就是这题这个我和那个赔付的金额有点混在一起,请问这个赔付的金额是200/100*0.5吗?

2023-04-21 17:06 1 · 回答

NO.PZ2019011002000021 问题如下 Foolivery is a US company. The bon issuethis company are incluin the on-the-run C high yiel(HY) inx. TXT, a rivatives trang company sol$200 million of protection on this C inx anthe inx contains 100 entities. Recently, Foolivery is forceits cretors to involuntarily restructure on its bt, ana result, all outstanng principobligations will rece50%. Accorng to the information above, following Foolivery restructuring, the C HY notionwill closest to: 200 million 198 million 194 million A is correct.考点对C inx的理解,以及对Restructuring的理解解析C inx里面每一个成份都是等权重的,当某家公司发生Cret events之后,该公司就按照比例从该Inx去除,inx的Notionprincipal也按照比例下降。所以关键就是要确定该公司的Restructuring能否算作Cret event。Restructuring要算作Cret event需要满足两点,第一是由债权人强制公司 ( Forceon the borrower ),即公司被动地执行 ( involuntarily )。本题信息满足这两点,但是需要注意在美国Restructuring不能算作Cret event,而在欧洲Restructuring算作Cret event。因此本题的C HY notional不变。 答案是不是198?

2023-02-02 16:41 1 · 回答

请问是不是不管自愿还是非自愿的重组在US都不算信用事件,而只要是重组,不管自愿非自愿在欧洲都是信用事件?

2020-11-27 07:35 1 · 回答

Restructuring要算作Cret event需要满足两点,第一是由债权人强制公司 ( Forceon the borrower ),即公司被动地执行 ( involuntarily )答案只说了一点,还有另一点呢?

2020-07-25 20:53 1 · 回答