问题如下图：看了其他答案还不是很明白，为什么cash settlement时，会收到6million的赔付？6是怎么算出来的？按照官方答案里的算法，我不太懂为什么会和bond1有关系？10million是同时赔付bond1 和bond2么？
选项：
A. 
B. 
C. 
解释：
吴昊_品职助教 · 2019年04月05日
这个CDS针对的是senior unsecured bond，所以我们不看bond 3，只看债券1和债券2。我们在算CDS赔付多少的时候，只看cover的债券的优先级别，不看期限。也就是说UNAB这家公司所发行的
所有的senior unsecured bond都是这份CDS合约cover的对象
。进行赔付的时候，我们要基于损失较大的债券来进行赔付，这里债券1损失60%，债券2损失50%，所以我们要基于60%来进行赔付。
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