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圆圆0 · 2020年03月14日

问一道题:NO.PZ2018120301000066 [ CFA III ]

问题如下:

Zhang is a credit analyst in a securities company. For the CDOs and covered bonds, Zhang made the following statements?

Statement 1: Because covered bonds provide dual protection for creditors, they usually carry lower credit risks and offer lower yields.

Statement 2: Compared with investment in corporate bonds, CDOs do not offer unique exposure to a sector or market factor.

Statement 3: Mezzanine and equity tranches of CDOs provide a mechanism for investors to gain additional return if the underlying collateral has strong returns.

According to the information above, which of the following is correct?

选项:

A.

Statement 1 and Statement 2 are correct

B.

Statement 2 and Statement 3 are correct

C.

All the statement are correct

解释:

C is correct.

考点:Structured Financial Instruments概念理解

解析:三个Statements都是正确的,为原版书和讲义给出的结论。

statement 2 怎么理解?为什么是对的?

1 个答案

WallE_品职答疑助手 · 2020年03月15日

同学你好,

CDO就是由许多公司债券组成的资产池,和公司债券的特性一样,所以do not offer unique exposure to a sector or market factor.

比夏 · 2020年11月18日

请问CDS有没有可能只汇集某个行业的债券,这样是不是就可以只表现某个行业的exposure?