NO.PZ2023040701000114
问题如下:
With respect to the credit quality of UNAB, Watt makes the following statement:
"There is severe near-term stress in the financial markets and UNAB's credit curve clearly reflects the difficult environment."
According to Watt's statement, the shape of UNAB's credit curve is most likely
选项:
A.flat
upward-sloping
downward-sloping
解释:
Correct Answer: C
A downward-sloping credit curve implies a greater probability of default in the earlier years than in the later years. Downward-sloping curves are less common and often are the result of severe near-teen stress in the financial markets.
A is incorrect because a flat credit curve implies a constant hazard rate (relevant probability of default). B is incorrect because an upward-sloping credit curve implies a greater probability of default in later years.
credit curve是因公司而异的吧?如果这只债券是非常非常优质的公司发行的(例如铁道债、国开债),是不是也不会导致信用风险曲线是inverted?
这道题目没有说明发行主体,所以是不是有可能是upward sloping?
辛苦老师讲解一下!谢谢!