问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，bond 1和bond 2 的期限不一样，是可以在一起比较的吗？
这个deem advisors 不是买的6年期的债券吗，就直接对应到了bond 2，是不是就不用跟bond 1对比了？
这个single - name CDS，是包含了senior unsecured bond 里面所有期限的吗？？
发亮_品职助教 · 2019年03月04日
对的，这里的Single-name CDS，保护这家公司发行的所有的Senior unsecured bond。
CDS的标的物是公司，然后CDS会指定是保护哪个级别的债券，如果是保Senior unsecured bond，就是Senior CDS，这时候保护所有的Senior Unsecured bond，不区分期限、coupon等差异。
这里Bond 1和Bond 2是同一个级别的债券，都属于被保护的债券，在确定CDS的cash settlement赔付时，就看Senior unsecured bond里的哪个债券损失大，按损失最大的赔付。
Bond 1 trading at 40% of par，Bond 1损失更大，所以CDS的Cash settlement赔付是60% of 10 million，其中10million是CDS的Notional principal。
这个投资者持有的是Bond 2，bond 2的价值是5million，所以他应该选择Cash settlement，收6million的赔付。一共11million的价值。
如果选择的是Physical settlement，就是按照持有债券的本金赔付的，投资者把债券Bond 2给对手方，对手方赔付债券本金10million。所以投资者的有10million的价值。
所以持有bond 2的投资者，应该选择Cash settlement.
shadow · 2019年05月01日
mark
NO.PZ201701230200000601问题如下1. If UNexperiencea cret event on 1 July, Watt shoulrecommenthem Aisors:A.prefer a cash settlement.B.prefer a physicsettlement.C.infferent between a cash or a physicsettlement. A is correct.em Aisors woulprefer a cash settlement. em Aisors owns Bon2 (trang 50% of par), whiis worth more ththe cheapest-toliver obligation (Bon1, also a senior securebon trang 40% of par). Baseon the priof this cheapest-to-liver security, the estimaterecovery rate is 40%. Thus, em Aisors ccash settle for $6 million [= (1 – 40%) × $10 million] on its C contraansell the bonit owns, Bon2, for $5 million, for totprocee of $11 million. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon, anit woulliver Bon2.B is incorrebecause if em Aisors were to physically settle the contract, it woulreceive only $10 million, whiis less ththe $11 million thcoulobtainefrom a cash settlement. C is incorrebecause em Aisors woulnot infferent between settlement protocols the firm woulreceive $1 million more with a cash settlement in comparison to a physicsettlement. 这道题的解析不是很明白，是不是如果当用现金交割的时候，我们就选择bon和bon当中损失的部分进行补偿，所以他们损失加起来是11，但是如果用物理交割的话，只要赔偿所有的也就是10。11比10大，所以用现金交割更好，我还没理解，能不能一下？
NO.PZ201701230200000601 问题如下 1. If UNexperiencea cret event on 1 July, Watt shoulrecommenthem Aisors: A.prefer a cash settlement. B.prefer a physicsettlement. C.infferent between a cash or a physicsettlement. A is correct.em Aisors woulprefer a cash settlement. em Aisors owns Bon2 (trang 50% of par), whiis worth more ththe cheapest-toliver obligation (Bon1, also a senior securebon trang 40% of par). Baseon the priof this cheapest-to-liver security, the estimaterecovery rate is 40%. Thus, em Aisors ccash settle for $6 million [= (1 – 40%) × $10 million] on its C contraansell the bonit owns, Bon2, for $5 million, for totprocee of $11 million. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon, anit woulliver Bon2.B is incorrebecause if em Aisors were to physically settle the contract, it woulreceive only $10 million, whiis less ththe $11 million thcoulobtainefrom a cash settlement. C is incorrebecause em Aisors woulnot infferent between settlement protocols the firm woulreceive $1 million more with a cash settlement in comparison to a physicsettlement. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon, anit woulliver Bon2.请问physically settle 时 ，为什么liver bon2？
NO.PZ201701230200000601问题如下1. If UNexperiencea cret event on 1 July, Watt shoulrecommenthem Aisors:A.prefer a cash settlement.B.prefer a physicsettlement.C.infferent between a cash or a physicsettlement. A is correct.em Aisors woulprefer a cash settlement. em Aisors owns Bon2 (trang 50% of par), whiis worth more ththe cheapest-toliver obligation (Bon1, also a senior securebon trang 40% of par). Baseon the priof this cheapest-to-liver security, the estimaterecovery rate is 40%. Thus, em Aisors ccash settle for $6 million [= (1 – 40%) × $10 million] on its C contraansell the bonit owns, Bon2, for $5 million, for totprocee of $11 million. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon, anit woulliver Bon2.B is incorrebecause if em Aisors were to physically settle the contract, it woulreceive only $10 million, whiis less ththe $11 million thcoulobtainefrom a cash settlement. C is incorrebecause em Aisors woulnot infferent between settlement protocols the firm woulreceive $1 million more with a cash settlement in comparison to a physicsettlement. 在C里面时间不同没有区别吗
NO.PZ201701230200000601 怎么判断的是cover 这两个senior bon？
prefer a physicsettlement. infferent between a cash or a physicsettlement. A is correct. em Aisors woulprefer a cash settlement. em Aisors owns Bon2 (trang 50% of par),whiis worth more ththe cheapest-to-liver obligation (Bon1 trang 40% of par). em Aisors ccash settle for $6 million [= (1 - 40%) ×$10 million] on its C contraansell Bon2 it owns for $5 million, for totprocee of $11 million. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon anthey woulliver Bon2. B is incorrebecause if em Aisors were to physically settle the contract, they woulreceive only $10 million, whiis less ththe $11 million thcoulobtainefrom a cash settlement. C is incorrebecause em Aisors woulnot infferent between settlement protocols the firm woulreceive $1 million more with a cash settlement in comparison to a physicsettlement.老师您好，referenobligation 不是说了是“owne的债券么，还有CT