CFA｜

问题如下：

Government agencies issue debt that is:

选项：

A.

at a yield-to-maturity equal to that of its sovereign guarantor.

B.

primarily repaid by cash flows related to its underlying activities.

C.

short term, only to meet working capital and capital investment needs.

解释：

Correct Answer: B

For the Airport Authority of Hong Kong, for example, the primary source of repayment is cash flows from airport operations, while its sovereign government backing is a secondary source of repayment. Similarly, the primary source of repayment for Ginnie Mae is mortgage-based guaranty fees and other cash flows, with its sovereign government backing as a secondary source of repayment. A is incorrect because while sovereign agencies typically borrow at a yield-to-maturity near that of their sovereign guarantor, they do not benefit from the full liquidity premium associated with sovereign debt. C is incorrect because agencies issue a combination of short- and long-term debt to meet specific working capital and capital investment needs.