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150041 · 2025年06月21日

题目中没说新发行的债有Pari passu的条款呢?已经存在的债有这个条款

NO.PZ2023120801000005

问题如下:

Antelas AG’s existing notes are secured and unsubordinated obligations and rank pari passu with all other secured and unsubordinated indebtedness. Nowadays, Antelas decides to raise new secured, unsubordinated debt. Which of the following best describes the priority of payments between the issuer’s new debt and its existing debt?

选项:

A.

Because the Antelas AG notes have a pari passu clause, this debt obligation will be treated the same as any other secured, unsubordinated debt from this borrower.

B.

Because the existing debt was issued earlier, it would receive priority over the new debt in terms of the payment of interest and principal.

C.

We do not have enough information to answer this question; the necessary information would be provided in the indenture for new secured, unsubordinated notes.

解释:

Correct Answer: A

Antelas AG’s existing secured, unsubordinated debt has a pari passu (or “equal footing”) clause, which ensures that this debt obligation will be treated the same as any other secured, unsubordinated debt from this borrower.

B is incorrect because the priority of payments is unrelated to the timing of issuance.

C is incorrect because the pari passu clause ensures equal footing for similar new debt.

题目中没说新发行的债有Pari passu的条款呢?已经存在的债有这个条款

1 个答案

笛子_品职助教 · 2025年06月23日

嗨,从没放弃的小努力你好:


题目中没说新发行的债有Pari passu的条款呢?已经存在的债有这个条款

Hello,亲爱的同学~

Pari passu的知识点含义是:已经存在的债,有这个条款,就意味着公司如果发行新的债券,新的债券必须与现有债务,拥有平等受偿地位。

知识点结合本题:存量债券有Pari passu,就意味着无论是现有的债券,还是新发行的债券,都是secured, unsubordinated debt。

总结一下,同学可以理解为:如果存量债有Pari passu条款,这家公司想要后续发新债,新债就自动具备Pari passu。


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