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一根法棍 · 2025年05月16日

B为什么对

NO.PZ2023052301000019

问题如下:

Government agencies issue debt that is:

选项:

A.

at a yield-to-maturity equal to that of its sovereign guarantor.

B.

primarily repaid by cash flows related to its underlying activities.

C.

short term, only to meet working capital and capital investment needs.

解释:

B is correct. For the Airport Authority of Hong Kong, for example, the primary source of repayment is cash flows from airport operations, while its sovereign government backing is a secondary source of repayment. Similarly, the primary source of repayment for Ginnie Mae is mortgage-based guaranty fees and other cash flows, with its sovereign government backing as a secondary source of repayment. A is incorrect because while sovereign agencies typically borrow at a yield-to-maturity near that of their sovereign guarantor, they do not benefit from the full liquidity premium associated with sovereign debt. C is incorrect because agencies issue a combination of short- and long-term debt to meet specific working capital and capital investment needs.

Government Agency一定都有自己的经营业务吗

1 个答案

笛子_品职助教 · 2025年05月17日

嗨,从没放弃的小努力你好:


Government Agency一定都有自己的经营业务吗

是的,同学理解正确。

本题考察政府机构债,对应基础班讲义如下知识点内容:


B选项:其主要还款来源是与其活动相关的现金流,所以B是正确。

A错在equal to,只能说接近政府担保人的YTM,不能说相等。

既可以发行长期的也可以发行短期的,所以C错。

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