NO.PZ2019011002000027
问题如下：
TXT is a derivatives trading company. It anticipates that Alpha Corporation may make an unsolicited bid at a premium to the market price for all of the publicly traded shares of Foodsdelivery, Inc.
Alpha is already a highly-leveraged company, and it may issue more senior unsecured debt to fund the acquisition, which would increase the company debt ratio significantly.
TXT wants to capitalize this expectation. According to the information above, a profitable equity-versus-credit trade involving Alpha and Foodsdelivery is to:
选项：
A. Long Foodsdelivery
shares and Long Alpha CDS.
B. Long Foodsdelivery
shares and short Alpha CDS.
C. Short Foodsdelivery
shares and short Alpha CDS.
解释：
B is correct.
考点：CDS的应用
解析：
因为Alpha公司会发行更多的债来支持收购项目，因此Alpha公司的违约概率会上升，所以要对Alpha公司买入Protection，即转移其Credit risk，所以为Short Alpha CDS；同时，Foodsdelivery作为被收购的一方，且其股票是被溢价收购，因此Long Foodsdelivery shares。
老师 alpha违约概率上升 主动承担风险 不是long alpha cds吗？