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Tututu · 2024年10月12日

C为什么错

NO.PZ2023090801000003

问题如下:

Which of the following statements about fallen angels is correct?

选项:

A.

Their outstanding debt has high-yield bond features.

B.

Their likelihood of financial distress is similar to that of other high-yield issuers.

C.

The improvement in issuer credit quality results in gains to the original investors.

解释:

B is correct.

Fallen angels’ likelihood of financial distress is similar to that of other high-yield issuers. A is incorrect because their outstanding debt has investment-grade (not high-yield) bond features; they are typically non-callable, with few restrictions and covenants and longer maturities. C is incorrect because the deterioration (not improvement) in issuer credit quality results in losses (not gains) to the original investors, many of whom must divest these bonds because they no longer meet minimum rating requirements. This can result in significant price deterioration because the high-yield bond market is a fraction of the size of the investment-grade bond market.

C为什么错

1 个答案

笛子_品职助教 · 2024年10月12日

嗨,从没放弃的小努力你好:


C为什么错

Hello,亲爱的同学~

这里涉及到一个名词解释: fallen angels(堕落天使)。

堕落天使可以从字面来记忆,含义是:这个公司的债券,原来是投资级别,但后来这个公司不行了,债券从投资级变成垃圾债。


例如:

恒大地产在2017年发行的债券,当时是投资级债券,信用很高。后来恒大地产遇到经营危机,恒大在2017年发行的投资债券,也就变成了垃圾债。这就是堕落天使。


对于堕落天使,它的信用质量下降了,恒大2017年的债券投资者,用投资级债券的成本买的债券,但现在只能以垃圾债的价格卖出,因此是遭遇了损失的。


C选项说:发行人信用质量的提高为原始投资者带来了收益。这个说法不正确。


知识点可以看基础班视频:Long term corportate Debt,以下划线的内容。


对以上答疑服务,同学只要有任何不理解的地方,都是可以随时继续追问的。

祝学习顺利,逢考必过~



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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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