所以如果问的是payoff的话，也是40%？那1-40%=60%是什么？

NO.PZ2019011002000013 问题如下 Ais a Frenwealth management company. It investe$10 million in Corporation s 10-yesenior unsecurebon Being afraithcompany woulfault, Apurchasea $10 million C on company with a stanrzecoupon rate of 5%. 3 months later, company files for bankruptcy, triggering various C contracts. Awealth company assesses the cret quality of the corporate bonthey investeanthe value of the C on the bon The following is the relevant information on Corporation s bon currently trang in the market: Bon1: A 5-yesenior unsecurebontrang 40% of par. Bon2: A 10-yesenior unsecurebontrang 50% of p Bon3: A 6-yesubornateunsecurebontrang 30% of par. Accorng to the information above, whis the cheapest-to-liver obligation for a senior C contract? 30% 40% 50% B is correct.考点C cheapest-to-liver的理解解析从Senior债券里面找Cheapest-to-liver，Bon1符合条件。注意，尽管Bon3的价格更低，但是他是Subornate不在Senior C的保护范围里。 这里问的obligation 感觉应该是60%

NO.PZ2019011002000013 问题如下 Ais a Frenwealth management company. It investe$10 million in Corporation s 10-yesenior unsecurebon Being afraithcompany woulfault, Apurchasea $10 million C on company with a stanrzecoupon rate of 5%. 3 months later, company files for bankruptcy, triggering various C contracts. Awealth company assesses the cret quality of the corporate bonthey investeanthe value of the C on the bon The following is the relevant information on Corporation s bon currently trang in the market: Bon1: A 5-yesenior unsecurebontrang 40% of par. Bon2: A 10-yesenior unsecurebontrang 50% of p Bon3: A 6-yesubornateunsecurebontrang 30% of par. Accorng to the information above, whis the cheapest-to-liver obligation for a senior C contract? 30% 40% 50% B is correct.考点C cheapest-to-liver的理解解析从Senior债券里面找Cheapest-to-liver，Bon1符合条件。注意，尽管Bon3的价格更低，但是他是Subornate不在Senior C的保护范围里。 这题是看1-30% 1-40% 1-50%吗，然后因为C不在senor里只看A和B，然后A是60% B是50%， A怎么就更便宜了呀。

NO.PZ2019011002000013 问题如下 Ais a Frenwealth management company. It investe$10 million in Corporation s 10-yesenior unsecurebon Being afraithcompany woulfault, Apurchasea $10 million C on company with a stanrzecoupon rate of 5%. 3 months later, company files for bankruptcy, triggering various C contracts. Awealth company assesses the cret quality of the corporate bonthey investeanthe value of the C on the bon The following is the relevant information on Corporation s bon currently trang in the market: Bon1: A 5-yesenior unsecurebontrang 40% of par. Bon2: A 10-yesenior unsecurebontrang 50% of p Bon3: A 6-yesubornateunsecurebontrang 30% of par. Accorng to the information above, whis the cheapest-to-liver obligation for a senior C contract? 30% 40% 50% B is correct.考点C cheapest-to-liver的理解解析从Senior债券里面找Cheapest-to-liver，Bon1符合条件。注意，尽管Bon3的价格更低，但是他是Subornate不在Senior C的保护范围里。 请问题干只在最后的问题处提了a senior C contract，如果改为a C contract选哪个答案？

NO.PZ2019011002000013 问题如下 Ais a Frenwealth management company. It investe$10 million in Corporation s 10-yesenior unsecurebon Being afraithcompany woulfault, Apurchasea $10 million C on company with a stanrzecoupon rate of 5%. 3 months later, company files for bankruptcy, triggering various C contracts. Awealth company assesses the cret quality of the corporate bonthey investeanthe value of the C on the bon The following is the relevant information on Corporation s bon currently trang in the market: Bon1: A 5-yesenior unsecurebontrang 40% of par. Bon2: A 10-yesenior unsecurebontrang 50% of p Bon3: A 6-yesubornateunsecurebontrang 30% of par. Accorng to the information above, whis the cheapest-to-liver obligation for a senior C contract? 30% 40% 50% B is correct.考点C cheapest-to-liver的理解解析从Senior债券里面找Cheapest-to-liver，Bon1符合条件。注意，尽管Bon3的价格更低，但是他是Subornate不在Senior C的保护范围里。 题目中提到“It investe$10 million in Corporation s 10-yesenior unsecurebon，B对应的是10-yesenior unsecurebon为什么选择5-yesenior unsecurebon应的rate?

NO.PZ2019011002000013 问题如下 Ais a Frenwealth management company. It investe$10 million in Corporation s 10-yesenior unsecurebon Being afraithcompany woulfault, Apurchasea $10 million C on company with a stanrzecoupon rate of 5%. 3 months later, company files for bankruptcy, triggering various C contracts. Awealth company assesses the cret quality of the corporate bonthey investeanthe value of the C on the bon The following is the relevant information on Corporation s bon currently trang in the market: Bon1: A 5-yesenior unsecurebontrang 40% of par. Bon2: A 10-yesenior unsecurebontrang 50% of p Bon3: A 6-yesubornateunsecurebontrang 30% of par. Accorng to the information above, whis the cheapest-to-liver obligation for a senior C contract? 30% 40% 50% B is correct.考点C cheapest-to-liver的理解解析从Senior债券里面找Cheapest-to-liver，Bon1符合条件。注意，尽管Bon3的价格更低，但是他是Subornate不在Senior C的保护范围里。 问的是CTobligation，不应该是1-40%=60%么？