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徐威廉 · 2021年10月19日

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NO.PZ2018120301000059

问题如下:

Li is a fixed-income portfolio manager based in London. As the relatively low returns in the developed markets, Li wants to explore opportunities in emerging markets. Song, a junior analyst in the firm made the following statements about the emerging bond markets:

Statement 1: Commodity producers and banks represent a much higher proportion of emerging market indexes.

Statement 2: Many emerging market bond issuers are government owned. These bonds can get explicit or implicit support in the event of a perilous financial situation.

Statement 3: Historically, recovery rates for emerging market bonds in default are lower than in developed markets.

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

选项:

A.

Statement 1 is wrong.

B.

Statement 3 is wrong.

C.

All the statements are correct.

解释:

C is correct.

考点:考察Emerging markets的特点

解析:三个statement都正确。Emerging bond index表现为较高的Commodity producers and banks权重;并且很多发行人具有政府背景,可以获得显性以及隐形的政府支持。从历史数据上看,emerging market的Recovery rates低于developed markets.

Statement 2:后半句These bonds can get explicit or implicit support in the event of a perilous financial situation.什么意思?这些债卷可以在财务状况糟糕的时候得到支持?不对啊,应该得不到支持才满足书上EM市场国有企业recovery rate低的结论啊

1 个答案
已采纳答案

pzqa015 · 2021年10月19日

嗨,努力学习的PZer你好:


同学你好,你记混了,这三句话都是固定结论,记住即可。

新兴市场国家的债券在危机时,是可以得到政府显性或隐性支持的,但是由于政府信用评级低,有时候这些支持不一定对投资人有好的效果。

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努力的时光都是限量版,加油!