根据答案，那么投资者持有的债券本金被迫降低了30%带来的损失就只能投资者自己 承担了，CDS没法给投资者赔付，是吧？
问题如下图：
选项：
A. 
B. 
C. 
解释：
吴昊_品职助教 · 2020年02月12日
首先这道题目答案解析中没有说本金被迫下降30%。本题CDS index的名义本金不变。
题目问的是M公司发生重组之后，CDS index的名义本金是否会发生变化？
CDS index里面每家公司都是等权重的，当某家公司发生信用事件之后，该公司就按照比例从index去除， index的名义本金也按照比例下降。关键就是要确定该公司的重组能否算作信用事件。重组要算作信用事件需要由债权人强制公司（Forced on the borrower），公司被动执行重组。这道题目是符合这个条件的。但是需要注意在美国Restructuring不能算作Credit event，而在欧洲Restructuring算作Credit event。因此本题的CDX HY notional不变。
德韵90 · 2020年02月15日
题干中不是说，as a result, all principal obligations will be reduced by 30%. 不是债券本金要降低30%的意思吗？
吴昊_品职助教 · 2020年02月15日
你说的这句话是作为重组的结果，但是重组这个事件在美国不能算作信用事件。因此本题的CDX HY notional不变。
NO.PZ201712110200000503 问题如下 Following the Maxx restructuring, the C HY notionwill closest to: A.€396.0 million. B.€398.8 million. C.$400.0 million. C is correct. When entity within inx faults, thentity is removefrom the inx ansettlea single-name C baseon its relative proportion in the inx. To qualify a cret event, the restructuring must involuntary anforceon the borrower the cretors. Although the Maxx restructuring woulconsirea cret event (fault) in the eurozone, in the UniteStates, restructuring is not consirea cret event; therefore, the notionamount of $400 million will not change. 希望小助手读一读，这道题涉及的部分没有出现。但我在经典题里做过这道题，那部分没在这个题目里。
NO.PZ201712110200000503 问题如下 Following the Maxx restructuring, the C HY notionwill closest to: A.€396.0 million. B.€398.8 million. C.$400.0 million. C is correct. When entity within inx faults, thentity is removefrom the inx ansettlea single-name C baseon its relative proportion in the inx. To qualify a cret event, the restructuring must involuntary anforceon the borrower the cretors. Although the Maxx restructuring woulconsirea cret event (fault) in the eurozone, in the UniteStates, restructuring is not consirea cret event; therefore, the notionamount of $400 million will not change. 题干中没有涉及到400million
NO.PZ201712110200000503 问题如下 Following the Maxx restructuring, the C HY notionwill closest to: A.€396.0 million. B.€398.8 million. C.$400.0 million. C is correct. When entity within inx faults, thentity is removefrom the inx ansettlea single-name C baseon its relative proportion in the inx. To qualify a cret event, the restructuring must involuntary anforceon the borrower the cretors. Although the Maxx restructuring woulconsirea cret event (fault) in the eurozone, in the UniteStates, restructuring is not consirea cret event; therefore, the notionamount of $400 million will not change. the notionamount of $400 million找不到？
NO.PZ201712110200000503问题如下Following the Maxx restructuring, the C HY notionwill closest to: A.€396.0 million. B.€398.8 million. C.$400.0 million. C is correct. When entity within inx faults, thentity is removefrom the inx ansettlea single-name C baseon its relative proportion in the inx. To qualify a cret event, the restructuring must involuntary anforceon the borrower the cretors. Although the Maxx restructuring woulconsirea cret event (fault) in the eurozone, in the UniteStates, restructuring is not consirea cret event; therefore, the notionamount of $400 million will not change.老师，这个题目原题是不是修改了，现在的题目中没有和题目相关的这一部分。
NO.PZ201712110200000503 €398.8 million. $400.0 million. C is correct. When entity within inx faults, thentity is removefrom the inx ansettlea single-name C baseon its relative proportion in the inx. To qualify a cret event, the restructuring must involuntary anforceon the borrower the cretors. Although the Maxx restructuring woulconsirea cret event (fault) in the eurozone, in the UniteStates, restructuring is not consirea cret event; therefore, the notionamount of $400 million will not change. 题干好像都没提过Maxx公司，也没有原名义本金的条件啊