问题如下图：
选项：
A. 
B. 
C. 
D. 
解释：
发亮_品职助教 · 2019年11月05日
层级越安全，承诺给的Coupon rate越小。因为承担的风险最小，Senior层就拿最低的Coupon rate。
这种风险最小就体现在Senior层有优先拿到现金流的权利，M层和Equity层甚至会牺牲自己来确保Senior层的现金流。
所以对于Senior层的投资者，无论底层资产收益的高低，都优先确保一个确定的现金流给Senior层，当有亏损时，甚至要牺牲Equity层和M层来保证Senior层的本金现金流，因此Senior层投资者承担的风险最小。承担最小的风险对应最低的Coupon rate承诺。
因为有可能要牺牲M层和Equity层，所以M层和Equity的现金流不一定有保障。所以他们承担的风险更大，需要有一个更高的收益补偿。
所以，就是因为M层相比Senior承担更多的风险，所以要给M层的投资者一个更高的Coupon补偿；较高的风险对应较高的Coupon。
正是因为Equity层的现金流不确定，承担的风险最大，所以一旦底层资产的收益非常高时，只会给Senior、M层分一个确定的Coupon，剩余的所有现金流都是Equity层的，所以这时，Equity层的收益会非常高，高风险对应高的Expected return，但同时Equity层收益的波动率也很大，因为一旦底层资产亏损，Equity层要损失本金。
总结下：就是现金流越有保障的层级，承诺给的Coupon rate越低。
NO.PZ2016082405000036 How many of the following statements concerning the capitstructure in a securitization are most likely correct? I. The mezzanine tranche is typically the smallest tranche size. II. The mezzanine anequity tranches typically offer fixecoupons. III. The senior tranche typically receives the lowest coupon. No statements are correct. One statement is correct. Two statements are correct. Three statements are correct. B Senior tranches are perceiveto the safest, so they receive the lowest coupon. The equity tranche receives resicash flows anno explicit coupon. Although the mezzanine tranche is often thin, the equity tranche is typically the thinnest slice. 这里一边又说offer coupon，一边说receive coupon， 到底是offer还是receive
How many of the following statements concerning the capitstructure in a securitization are most likely correct? I. The mezzanine tranche is typically the smallest tranche size. II. The mezzanine anequity tranches typically offer fixecoupons. III. The senior tranche typically receives the lowest coupon. No statements are correct. One statement is correct. Two statements are correct. Three statements are correct. B Senior tranches are perceiveto the safest, so they receive the lowest coupon. The equity tranche receives resicash flows anno explicit coupon. Although the mezzanine tranche is often thin, the equity tranche is typically the thinnest slice. 老师您好，我这题没有弄明白为什么B是对的呢？M层是收fixecoupon 但是equity receives no fixecoupon payment