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SEVEN澤🐻 · 2023年12月19日

老师好,这道题可以再解释一下吗

NO.PZ2023052301000013

问题如下:

Which of the following statements about high yield is correct?

选项:

A.

High-yield investors benefit from higher bond prices as issuer-specific credit spreads fall, but in the case of callable debt, these gains are capped at the original purchase price.

B.

Issuers in the high-yield market seek to retain financial flexibility by borrowing under leveraged loans with prepayment features or issuing bonds with contingency features.

C.

Issuers who believe that their creditworthiness will decline frequently choose to issue callable debt, because the value of this contingency feature rises as a firm’s borrowing costs rise.

解释:

B is correct. Issuers in the high-yield market often seek to retain financial flexibility by borrowing under leveraged loans with prepayment features or issuing bonds with contingency features, such as callable debt. A is incorrect because high-yield investors benefit from higher bond prices as issuer-specific credit spreads fall, but in the case of callable debt, these gains are capped at the call price and not the original purchase price. C is incorrect because issuers who believe that their creditworthiness will not decline frequently choose to issue callable debt, because the value of this contingency feature rises as a firm’s borrowing costs fall.

老师好,这道题可以再解释一下吗

1 个答案

pzqa015 · 2023年12月19日

嗨,从没放弃的小努力你好:


题目问的是关于高收益债哪个是正确的

A:高收益债投资人会享受到credit spread下降带来的price上涨,这半句是正确的,credit spread下降,带动折现率下降,所以价格上涨,但后半句是错的,它说对于callable 的债,gain到买入价格,这是不对的,callable一般以Par赎回,所以应该是capped at par。


B:高收益市场的发行人通过借入有提前还款条款的担保贷款或者发行有contingency特点的债(callable\putable\convertible)保持财务灵活性,这是没问题的。


C:那些认为自己信用会快速下降的发行人会选择发行callable bond,因为随着借贷成本的上涨,callable bond所以隐含的call option的value会上涨。这是错的,随着借贷成本的上涨,callable 价格更低,发行人更不会选择call回这只债,所以,它隐含的option value是下降的。所以C是错的。

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LL77 · 2024年10月27日

“随着借贷成本的上涨,callable 价格更低,发行人更不会选择call回这只债”是什么意思?信用下降意味着借贷成本上涨吗?借贷成本为什么和callable bond的价格有关系?

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2025-01-18 10:16 1 · 回答