NO.PZ2018062012000009
问题如下：
In a sequential-pay CMO, the longer-term tranche investors will have the lowest:
选项：
A.
extension risk.
B.
average life.
C.
contraction risk.
解释：
C is correct.
For a sequential-pay CMO, the longer tranche term will lead to a lower contraction risk because of the protection against this risk offered by the other tranches. The longer-term tranche investor is likely to have a higher average life and extension risk because it is the last tranche repaid in a sequential-pay tranche.
考点：sequential-pay CMO
解析：contraction risk是缩期风险，extension risk是延期风险。长期tranche，是最后一个还款的层级，存续期最长，面临的也是延期风险。本题问的是长期tranche的投资者什么最低，所以C正确。
视频课上老师给A写了一个contraction risk
c 写了一个extension risk
层级一是long term
层级三是short term
顺序支付是每个层级同时收到利息，本金先给层级一，直到层级一收到全部本金后，才开始归还层级二，最后归还层级三。
这么理解有什么问题？谢谢老师
我看了那个问题解释还是没懂。
