问

问题如下：

Which of the following investments is least subject to prepayment risk?

选项：

A.

Auto loan receivable–backed securities

B.

Commercial mortgage-backed securities (CMBSs)

C.

Non-agency residential mortgage-backed securities (RMBSs)

解释：

B is correct.

A critical feature that differentiates CMBSs from RMBSs is the call protection provided to investors. An investor in a RMBS is exposed to considerable prepayment risk because the borrower has the right to prepay the loan before maturity. CMBSs provide investors with considerable call protection that comes either at the structure level or at the loan level.

考点：prepayment risk

解析：选项A车贷，选项C房贷都属于amortizing loan，即本金摊销在中间各期，以月供的形式进行归还的。这样就会有本金的偿付，会面临prepayment risk。

CMBS为投资者提供了call protection，避免投资者受到提前还款带来的风险。题目要我们选择最不会遭受prepayment risk的投资方式，所以选择CMBS。故选项B正确。