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高洁 · 2021年11月13日

CFA三级2021Mock固定收益PMQ32

麻烦老师解释下B问 为什么流动性变好了却有了更高的风险补偿?一般流动性溢价补偿的都是流动性更差的资产。 With the US corporate index spreads close to all-time historic lows, Newman discus adding exposure to emerging markets corporates for those portfolios that allow for th inclusion from prospectus guidelines. Newman makes the following statements in favor emerging markets corporate bonds within the context of the current environment: ystatement 1: Commodity prices should rise and support the credit profiles of emergi markets corporates more than US corporates, all else being equal. Statement 2: Trading liquidity in emerging markets corporate bonds is improving. an investors are being compensated for this risk with the additional spread. Statement 3: The higher degree of government ownership in emerging markets corporation provides downside protection for international bondholders in the event that defaults rise Newman and Jones believe that global interest rates will remain stable over the next si months and are discussing inter-market carry trades in the sovereign debt market as a way to augment portfolio performance for their US clients. Bonita's trading desks provide the data shown in Exhibit 1.
1 个答案

pzqa015 · 2021年11月14日

嗨,爱思考的PZer你好:


Trading liquidity in emerging markets corporate bonds is improving. an investors are being compensated for this risk with the additional spread

你说的是这句话吧,这句话并不是说流动性好了却给补偿,意思是emerging market流动性变好了,投资者投资emerging market承担的流动性风险比美国大,所以要给与额外的风险补偿,这段话表述的不是特别好,同学要结合上下文来判断。

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