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WJY- · 2024年08月04日

可以不可以解释一下这个ABS rapid amortization provision

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000083

问题如下：

An action affecting the cash flow received by a credit card ABS holder during its revolving period is the:

选项：

A.

early repayment of principal by cardholders.

B.

card’s floating-rate cap exceeding the periodic rate.

C.

triggering of an ABS rapid amortization provision.

解释：

The correct answer is C. Triggering rapid amortization provisions accelerates and alters principal cash flows. Noteholders will receive their investments earlier, which they can then reallocate to other investments offering more attractive risk/return characteristics.

A is incorrect because typically during the revolving period, as credit cards are non-amortizing loans, the security holders receive only payments from the finance charges and fees the lender collects. Returned principal is reinvested in the collateral pool.

B is incorrect because when floating-rate cap exceeds the rate cardholders must pay, there is no related binding limit on finance payments.

可以不可以解释一下这个ABS rapid amortization provision？没有印象这个知识点

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1 个答案

品职答疑小助手雍 · 2024年08月04日

同学你好，本金现金流只有在触发了提前摊销机制时才会发生改变。这里说的触发了提前摊销机制是指遇到了一些特殊事件，本金才会提前还给投资者。所谓提前摊销，就是提前将部分或者全部本金归还给投资者。特殊事件比如，很多信用卡持有人没有按期还款导致资产池出了问题，或者SPV出现了问题等等，才会触发提前摊销机制。

这道题考的就是原版书正文一个小结论，原版书上也没有过多的展开和相关的举例。简单了解记忆即可。

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