问题如下图:麻烦问下,公司债也有call protection,从而避免提前偿还吗?
选项:
A.
B.
C.
解释:
NO.PZ2016031001000104 问题如下 Whicommercimortgage-backesecurity (CMBS) characteristic causes a CMto tra more like a corporate bontha resintimortgage-backesecurity (RMBS)? A.Call protection B.Interncret enhancement C.bt-servicoverage ratio level A is correct.With CMBS, investors have consirable call protection. investor in a RMis exposeto consirable prepayment risk, but with CMBS, call protection is available to the investor the structure anlolevel. The call protection results in CMtrang in the market more like a corporate bontha RMBS. Both interncret enhancement anthe bt-servicoverage (ratio aress cret risk, not prepayment risk. 考点CMBS解析本题问的是CMBS有了下列哪个特性之后,更像公司债,而不是RMBS。公司债有cret risk,没有prepayment risk(没有特别强调是callable bon,而RMBS是有prepayment risk,同时,agenRMBS几乎不考虑cret risk。如果含有call protection的CMBS,就相当于把提前偿还的风险cover住了,所以此时更像公司债而不像RMBS。故A正确。 这个解析,并不能让人信服啊。agenRMBS不考虑cret risk,但是non-angeRM会考虑啊,而题目只是问的RMBS,解析却以agenRMBS为例,感觉有点强行靠答案的意思。希望可以严谨地解答一下。谢谢。
NO.PZ2016031001000104 我的理解是CMBS和RMBS哪个更像公司债取决于两者的CF来源 RMBS来源于房贷 是borrower本身的现金流 CMBS基于property经营所得的公司债也是基于公司经营所得的所以选的C C里面提到了net operating income 这个想法为啥不对?题目也没明说到底是公司债的什么性质 这题感觉没说明白
老师知识点有点混淆rmbs是有call option CMbs是有call protection么?
你好,这道题目为什么选A,谢谢