能把解析再给翻译下吗，没看懂。-有问必答-品职教育专注CFA ESG FRM CPA 考研等财经培训课程

能把解析再给翻译下吗，没看懂。

* 问题详情，请查看题干

NO.PZ202209060200004501

问题如下：

Which of West’s comments regarding risk considerations in corporate bonds is least likely correct?

选项：

A.Comment 1

B.Comment 3

C.Comment 2

解释：

Solution

B is correct. West is incorrect in Comment 3. Spread duration is a useful measure for determining a portfolio’s sensitivity to changes in credit spreads. Because credit spread volatility—as opposed to outright credit default loss—is more relevant for investment-grade bonds than for high-yield bonds, the risk in a portfolio of investment-grade bonds is typically measured in terms of spread duration.

A is incorrect because Comment 1 is correct. Investment-grade bonds are quoted as a spread to Treasuries and move lockstep in price with changes in interest rates. High-yield bonds are typically quoted in dollar prices or yields and may not move with rates as frequently.

C is incorrect because Comment 2 is correct. The 4 Cs of credit are used to assess creditworthiness and, as a result, can be applied to determine the probability that a borrower will default and the severity of the loss.

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嗨，爱思考的PZer你好：

B说的是，spread duration是用来衡量portfolio对credit spread改变敏感程度的指标，投资级债券更适合用SD来衡量，而高收益债更多是直接用违约损失来衡量。（因为高收益债非常容易违约，尤其是当违约可能性提高时，HYB表现的更像一只股票，而不像债券。）

A说的是投资级债券更多是用spread来报价，价格随利率变动。高收益债更多是以价格或收益率来报价，并不随利率频繁变动。（对于HYB，不用过多关注credit spread曲线形状的变化，所以直接以price形式报价。IG以benchmark+spread来报价，更多关注credit spread的变化。）

C说的是4C原则可以用来评估信用状况，可以用来确定违约率和损失率。

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能把解析再给翻译下吗，没看懂。

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