NO.PZ2020033003000107
问题如下：
Which of the following statements least accurately describe counterparty risk and lending risk?
选项：
A.For an interest-rate swap, there is no counterparty risk at the end of the contract term because all payments required by the contract would have been made by then.B.
With counterparty risk, there is uncertainty as to which counterparty will have a negative mark-to-market value.
C.Counterparty risk is typically bilateral while lending risk is typically unilateral.
D.
With lending risk, the principal amount at risk is known with absolute certainty at the outset.
解释：
D is correct.
考点： Counterparty risk and lending risk
解析：
The principal amount at risk is known only with reasonable certainty at the outset because changes in interest rates, for example, will lead to some uncertainty.
老师好，选项D如果是贷款的话就是对的了吧？D的错误仅是针对债券吧？而且仅针对未到期的债券吧？债券到期债务人肯定要偿还面值，面值也是确定的，但是在债券发行后与到期之间的时间，价值是受利率变动而变动，会有exposure。
