NO.PZ2021120102000032
问题如下：
Which of the following statements about the role of structured products in an active credit portfolio is most accurate?
选项：
A.Covered bonds perform relatively well in a downturn versus other
fixed income bonds with real estate exposure because a covered bond investor also
has recourse to the issuer.
Higher-rated ABS tranches are attractive for active investors seeking to overweight default risk when the credit cycle is in recovery.
CLO tranches are more advantageous than CDO tranches with similar ratings under an economic slowdown scenario.
解释：
A is correct. Covered bonds perform relatively well in a downturn versus other fixed-income bonds with real estate exposure because the investor also has recourse to the issuer.
CLO这里的Loan都是Floating Rate leveraged Loan，和短期利率相关，Downturn的时候会降息，所以CLO的收益率更低了？
