NO.PZ2023052301000079
问题如下：
Upon a bankruptcy affecting a covered bond, the first available safeguards to protect against potential losses are the:
选项：
A.
ringfenced loans.
B.
unencumbered assets of the issuer.
C.
assets added by the collateral manager during ramp-up.
解释：
The correct answer is A. In the case of bankruptcy covered bond investors, they have dual recourse with the first safeguard being the ringfenced loans in the cover pool that underlie the covered bond transaction.
B is incorrect because while investors also have recourse to the unencumbered assets of the issuer, those serve as a subsequent safeguard.
C is incorrect because this post-transaction contribution is characteristic of the non-amortizing structure of a CDO (collateralized debt obligation).
c句如何翻译和理解 麻烦看下
