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金融民工阿聪 · 2021年05月02日

投资级债券的利差是扩大的,杠杆增加了而不是减少的。

NO.PZ2021030502000017

问题如下:

which of the following statements about Corporate Credit Markets in the time of COVID-19 is incorrect?

选项:

A.Conditions in the corporate credit markets have deteriorated sharply since late February on the back of rising credit and liquidity risks. B.Investment grade bond spreads narrowed, as investors started to focus on a large share of BBB credits that are at risk of downgrades and reduce leverage in this market segment. C.Several central banks rolled out new facilities and expanded existing programs to support issuance and liquidity in corporate debt and commercial paper markets. D.Strains in the risky credit market segments—high-yield bonds, leveraged loans, and private debt—continued to be evident through early April.

解释:

B is correct

Investment grade bond spreads widened, as investors started to focus on a large share of BBB credits that are at risk of downgrades and elevated leverage in this market segment.B选项错在两个地方,投资级债券的利差是扩大的,杠杆增加了而不是减少的。

B中为什么杠杆会增加呢?

1 个答案
已采纳答案

品职答疑小助手雍 · 2021年05月02日

嗨,努力学习的PZer你好:


利差增大债券价格下跌亏钱,比如你拿1的equity买了2的asset那杠杆率是2倍,当你2的asset亏30%时候,asset剩1.4,equity剩0.4,杠杆倍数增加。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!