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梦理实 · 2021年11月15日

这条题目的知识点是pd吗?

NO.PZ2018053101000032

问题如下:

A collateralized loan obligation specialist is most likely to:

选项:

A. sell its debt at a single interest rate.

B. cater to niche borrowers in specific situations.

C. rely on diverse risk profiles to complete deals.

解释:

C is correct. A CLO manager will extend several loans to corporations (usually to firms involved in LBOs, corporate acquisitions, or other similar types of transactions), pool these loans, and then divide that pool into various tranches of debt and equity that range in seniority and security. The CLO manager will then sell each tranche to different investors according to their risk profiles; the most senior portion of the CLO will be the least risky, and the most junior portion of the CLO (i.e., equity) will be the riskiest.

A is incorrect because with the different CLO tranches having distinct risks varying with their seniority and security, they will be priced over a range of interest rates. In contrast, unitranche debt combines different tranches of secured and unsecured debt into a single loan with a single, blended interest rate.

B is incorrect because debt extended to niche borrowers in specific situations is more commonly offered through specialty loans. For example, in litigation finance, a specialist funding company provides debt to a client to finance the borrower’s legal fees and expenses in exchange for a portion of any case winnings.

可以详细讲下,pd的知识吗?客户理解不是太好
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已采纳答案

lynn_品职助教 · 2021年11月17日

嗨,从没放弃的小努力你好:


本题的考点是CLO业务,为Private debt — other private debt strategy 的内容。

先介绍下CLO是什么?CLO(Collateralized Loan Obligation)是一种由众多企业贷款打包后发行的结构化证券组合,作为银行将杠杆贷款打包在一起的一种结构化方式,为投资者提供具有不同风险和收益的资产证券化产品。具体业务流程就是CLO 经理将向公司(通常是参与杠杆收购、公司收购或其他类似类型交易的公司)提供几笔贷款,将这些贷款集中起来,然后将这些贷款分成不同等级的债务和股权,这些债务和股权在资历和安全性上不等 . 然后,CLO 经理将根据不同的投资者的风险状况将每一档出售给不同的投资者; CLO 中最高级的部分风险最小,CLO 中最初级的部分(即股权)风险最大。

题目问,通常一个CLO专员会怎么做?A选项是按统一利率销售贷款。不对,不同层级的CLO风险等级不同,贷款利率并不相同。B选项是迎合特定情况下的小众借款人。这是描述是特殊目的贷款。C选项是说根据多样化的风险特征完成交易。正确。所以选C。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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