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逢考必过过过过过过 · 2020年09月21日

问一道题:NO.PZ2018062007000064 [ CFA I ]

问题如下:

For a given CDO, which of the following tranches is most likely to have the highest expected return?

选项:

A.

Equity.

B.

Senior.

C.

Mezzanine.

解释:

A is correct. The expected returns of the tranches vary according to the perceived credit risk, with the senior tranches having the highest credit quality and the junior tranches the lowest. Thus, the senior tranches have the lowest expected returns and the junior tranches have the highest. The most junior tranche is sometimes called the “equity tranche.”

B is incorrect because the senior tranches in a CDO have the lowest expected returns and the junior (or equity) tranches have the highest.

C is incorrect because the senior tranches in a CDO have the lowest expected returns and the junior (or equity) tranches have the highest. A mezzanine tranche is intermediate between the senior and junior tranches.

equity是什么?junior?
1 个答案

丹丹_品职答疑助手 · 2020年09月22日

嗨,从没放弃的小努力你好:


同学你好,junior可以当做equity理解,它是债券劣后级,承担着经济状况不好的时候最大亏损风险以及经济状况好的时候除了senior和mezzanine(如有)的超额收益


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NO.PZ2018062007000064问题如下For a given C, whiof the following tranches is most likely to have the highest expectereturn?A.Equity.B.Senior. C.Mezzanine. A is correct. The expectereturns of the tranches vary accorng to the perceivecret risk, with the senior tranches having the highest cret quality anthe junior tranches the lowest. Thus, the senior tranches have the lowest expectereturns anthe junior tranches have the highest. The most junior tranche is sometimes callethe “equity tranche.” B is incorrebecause the senior tranches in a C have the lowest expectereturns anthe junior (or equity) tranches have the highest. C is incorrebecause the senior tranches in a C have the lowest expectereturns anthe junior (or equity) tranches have the highest. A mezzanine tranche is intermeate between the senior anjunior tranches. 中文解析A对,各等级的预期收益面临的风险不同而不同,其中最高等级的信用质量最高,次级等级的信用质量最低。因此,优先级的预期收益最低,次级级的预期收益最高。最次要的部分有时被称为“权益部分”。B错,因为C中的高级部分有最低的预期回报,而次级(或股权)部分有最高的。C错,因为C中的高级部分具有最低的预期回报,而次级(或股权)部分具有最高的预期回报。夹层级是介于优先级和次级级之间的。 A为什么说 equity 就可以理解为Junior的层级

2022-04-13 01:32 1 · 回答

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2020-09-14 03:41 1 · 回答