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tinylumpy · 2025年02月09日

请详细讲解一下该题的分析思路

NO.PZ2023052301000069

问题如下:

Mojofon’s capital structure consists of the following:


Mojofon’s bonds all contain a cross-default provision. If the company is to default on one of its senior unsecured bonds:

选项:

A.

the secured bonds are likely to have full recovery.

B.

the credit loss on senior unsecured bonds will be the same as that on subordinated bonds.

C.

the subordinated bonds will rank below shareholders, who may dictate how recovery is to be distributed.

解释:

The correct answer is A.

Senior secured bonds rank the highest in the priority of claims, and their recovery depends on the value of the asset collateral. Since the value of asset collateral (60) exceeds the amount of secured bonds outstanding (50), the secured bonds are likely to have full recovery in an event of default. Senior unsecured bonds have higher priority over subordinated bonds, which in turn have higher priority over common equity in insolvency.

谢谢

1 个答案

笛子_品职助教 · 2025年02月10日

嗨,从没放弃的小努力你好:


Hello,亲爱的同学~

recovery指的是一旦违约可以回收多少。

Senior secured债券的优先级最高,其收回取决于资产抵押品的价值。现在抵押品的价值是60,超过了50。因此,就算发生违约,senior secured层级很有可能得到全额赔偿,也就是full recovery(理解成全部回收回来),A正确。

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