NO.PZ2021120102000032
问题如下:
Which of the following statements about the role of structured products in an active credit portfolio is most accurate?
选项:
A.Covered bonds perform relatively well in a downturn versus other
fixed income bonds with real estate exposure because a covered bond investor also
has recourse to the issuer.
Higher-rated ABS tranches are attractive for active investors seeking to overweight default risk when the credit cycle is in recovery.
CLO tranches are more advantageous than CDO tranches with similar ratings under an economic slowdown scenario.
解释:
A is correct. Covered bonds perform relatively well in a downturn versus other fixed-income bonds with real estate exposure because the investor also has recourse to the issuer.
三选项都有点疑问
a当中的recourse是指什麽的追索? 银行还不上不是本来就是银行的责任吗? 投资人对银行有追索是什么意思?
b是错在经济复苏应该投资低级别债券吗?
c是错在经济衰退时, 利率下降, 所以CLO收到的利息收入减少, 不如CDO吗?