relative value啥意思呀

NO.PZ202209060200004206 问题如下 Whiof Larent’s statements about structurefinanciinstruments is most likely correct? The statement about: A.relative value. B.versification. C.the value of the senior tranches. SolutionA is correct. Laurent’s statement about relative value is correct. Cs are securities whose unrlying cash flows are the interest anprincipof the unrlying instruments thare pleecollateral. Whenever the value of a C is fferent from the value of its unrlying collater(in this example, the C value is lower impliethe rating of its unrlying instruments), arbitrage opportunity exists. In this example, the tra opportunity is to (1) short (alternatively, purchase cret fault swaps on) the unrlying bon an(2) purchase the unrvalueC. B is incorrebecause the collaterfor a C consists of its unrlying corporate bon. Accorngly, there is no versification benefit.C is incorrebecause the mezzanine tranche of a C increases more ththe senior tranche whenever correlations increase. 老师好，关于这道题的A和B我的理解是这样的，您看对不对“The cret cycle is expecteto improve. For purposes of versification, both collateralizeobligations (Cs) antheir unrlying corporate bon shoulincluin the portfolio. rateCs currently offer significant relative value for long-term investors the yielsprereflects a fault rate expectation for the unrlying collateral.”大背景环境会变好为了做分散化，要同时买C和C底层的corporate bon—这个应该不太对，要么只买C要么只买底层，同时买肯定不是分散化。现在AA的C提供的相对价值比BB的预期违约率要高“rateCs currently offer significant relative value for long-term investors the yielsprereflects a fault rate expectation for the unrlying collateral.”——这句话是什么意思我没太明白，意思是说AA的C现在比BB的C值钱么？

NO.PZ202209060200004206 问题如下 Whiof Larent’s statements about structurefinanciinstruments is most likely correct? The statement about: A.relative value. B.versification. C.the value of the senior tranches. SolutionA is correct. Laurent’s statement about relative value is correct. Cs are securities whose unrlying cash flows are the interest anprincipof the unrlying instruments thare pleecollateral. Whenever the value of a C is fferent from the value of its unrlying collater(in this example, the C value is lower impliethe rating of its unrlying instruments), arbitrage opportunity exists. In this example, the tra opportunity is to (1) short (alternatively, purchase cret fault swaps on) the unrlying bon an(2) purchase the unrvalueC. B is incorrebecause the collaterfor a C consists of its unrlying corporate bon. Accorngly, there is no versification benefit.C is incorrebecause the mezzanine tranche of a C increases more ththe senior tranche whenever correlations increase. rateCs currently offer significant relative value for long-term investors the yielsprereflects a fault rate expectation for the unrlying collateral.这句话怎么理解？谢谢

NO.PZ202209060200004206 问题如下 Whiof Larent’s statements about structurefinanciinstruments is most likely correct? The statement about: A.relative value. B.versification. C.the value of the senior tranches. SolutionA is correct. Laurent’s statement about relative value is correct. Cs are securities whose unrlying cash flows are the interest anprincipof the unrlying instruments thare pleecollateral. Whenever the value of a C is fferent from the value of its unrlying collater(in this example, the C value is lower impliethe rating of its unrlying instruments), arbitrage opportunity exists. In this example, the tra opportunity is to (1) short (alternatively, purchase cret fault swaps on) the unrlying bon an(2) purchase the unrvalueC. B is incorrebecause the collaterfor a C consists of its unrlying corporate bon. Accorngly, there is no versification benefit.C is incorrebecause the mezzanine tranche of a C increases more ththe senior tranche whenever correlations increase. 如题

NO.PZ202209060200004206 问题如下 Whiof Larent’s statements about structurefinanciinstruments is most likely correct? The statement about: A.relative value. B.versification. C.the value of the senior tranches. SolutionA is correct. Laurent’s statement about relative value is correct. Cs are securities whose unrlying cash flows are the interest anprincipof the unrlying instruments thare pleecollateral. Whenever the value of a C is fferent from the value of its unrlying collater(in this example, the C value is lower impliethe rating of its unrlying instruments), arbitrage opportunity exists. In this example, the tra opportunity is to (1) short (alternatively, purchase cret fault swaps on) the unrlying bon an(2) purchase the unrvalueC. B is incorrebecause the collaterfor a C consists of its unrlying corporate bon. Accorngly, there is no versification benefit.C is incorrebecause the mezzanine tranche of a C increases more ththe senior tranche whenever correlations increase. 麻烦老师讲下这道题，谢谢