NO.PZ2023103101000013
问题如下：
Q. A feature that private debt and public debt share in the setting of their investment returns is their:选项：
A.relationship to benchmark interest rates. B.need for specialized investment knowledge. C.opportunity for illiquidity premiums in market crises.解释：
A is correct. For both public debt and private debt, return on debt capital tends to follow and change with the benchmark interest rate environment. B is incorrect because there is a need for specialized knowledge for private debt financing to add value to the investor through consideration of such factors as the debt’s life cycle timing, its place in the financial structure, and the quality of underlying assets. C is incorrect because in market disruptions, such as the 2008 financial crisis, private debt exclusively benefited from an illiquidity premium when private lending funds filled the financing gap left by traditional lenders because traditional lenders were reluctant to underwrite public debt.
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