tranche 3 absorbs the residual default,不是应该为equity吗？
问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
A C consisting of three tranches hunrlying portfolio of n corporate bon with a totprincipof USN million. Tranche 1 h10% of N anabsorthe first 10% of the fault losses. Tranche 2 h20% of N anabsorthe next 20% of fault losses. The finTranche 3 h70% of N anabsorthe resifault loss. Whiof the following statements is/are true? I. Tranche 2 hthe highest yiel II. Tranche 1 is usually calle\"toxic waste.\" III. Tranche 3 woultypically rateAS&P. IV. Tranche 3 hthe lowest yiel I only IV only II, III, anIV only II anIV only ANSWER: C The equity tranche, tranche 1, must have the highest yiel anis sometimes calle\"toxic waste\" because it hthe highest risk. Conversely, tranche 3 woulhave the highest cret rating anthe lowest yiel tranche III能评到AAA级？ 一级课程里讲过，C是拿资产中间级的tranche分层再去卖么，所以最高的tranche评级应该不会高吧
承担最多的损失不是equity tranche
为什么第三个是对的，会必然被评级为AAA？
题目中说 ‘finTranche3 absorthe resifault loss’ 所以Tranche3应该equity才对啊，求指导，谢谢老师。
