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Pina · 2022年04月27日

记忆

NO.PZ2021120102000027

问题如下:

Which of the following regarding the shape of the credit spread curve for high-yield issuers is most accurate?

选项:

A.

High-yield credit spread curves change shape more over the cycle than investment-grade ones do and usually invert during the peak phase.

B.

Investors should exercise caution in interpreting credit spread curve shape for distressed debt issuers because their bonds tend to trade on a price rather than credit spread basis as the likelihood of default increases.

C.

High-yield credit spread curves often invert because of the empirical observation that DTS is the best way to measure high-yield bond price changes.

解释:

B is correct. Investors should exercise caution in interpreting credit spread curve shape for distressed debt issuers because their bonds tend to trade at a price close to the recovery rate.

A is incorrect because the high-yield spread curve tends to invert during a contraction, while C is incorrect because a high-yield curve inversion is related to the relationship between near-term and long-term default as opposed to DTS.

老师好 这题类似结论有什么记忆方法? 谢谢。

1 个答案

pzqa015 · 2022年04月28日

嗨,努力学习的PZer你好:


是需要理解着记忆,把HYB与IG的知识点串到一起理解记忆,建议同学可以多听几次强化班R14的第一个知识点来加深理解。

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