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绿水精灵 · 2025年01月11日

此题有异议

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000086

问题如下：

The inclusion of assets into a CLO collateral pool is completed:

选项：

A.

during a subsequent ramp-up period.

B.

prior to the close of the CLO transaction.

C.

between ramp-up and loan maturity on meeting certain requirements.

解释：

The correct answer is C. After the ramp-up period but before underlying collateral pool loans mature, the collateral manager may replace loans in the portfolio as long as the new asset meets the portfolio selection criteria.

A is incorrect because while additional assets are added to the collateral pool during a subsequent ramp-up period, loan replacements can still occur after the ramp-up period.

B is incorrect because a typical feature of CLO transactions is that the collateral portfolio is not finalized until after the transaction closes.

CFA一级知识框架图的P333页中提到the collateral portfolio is not finalized until after the transaction closes. 难道和prior to涵义不同？老师上课也强调过的。如果选C的话，为啥把warehouse阶段排除在外了？

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