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SUN · 2019年11月26日

问一道题:NO.PZ2019103001000072

问题如下:

Petit observes that credit spread levels for bonds are currently higher than normal, and she recommends that the firm increase its investment in high-yield bonds. She mentions three reasons for increasing high-yield bond exposure.

■■Reason 1: The portfolio’s liquidity will improve.

■■Reason 2: Defaults on high-yield bonds will be relatively low.

■■Reason 3: The firm’s view is that economic growth will be greater than the consensus forecast.

Which reason best supports Petit’s recommendation to increase the firm’s investment in high-yield bonds?

选项:

A.

Reason 1

B.

Reason 2

C.

Reason 3

解释:

C is correct.

Better-than-expected economic growth is typically associated with narrower credit spreads and lower default rates for high-yield bonds.

请问选项B里面的Defaults on high-yield bonds will be relatively low.说明违约的可能性将来会变低,所以增加high yield bond,为什么不对的?

1 个答案
已采纳答案

发亮_品职助教 · 2019年11月27日

嗨,从没放弃的小努力你好:


如果没有Reason 3,B选项也能解释,但如果要选最优的原因,Reason 3更优。


High-yield bond主要看Credit risk,或者Credit losses,Reason 2是Default rates预期降低,不一定会带来Credit risk的降低,因为影响Credit risk的还有其他因素。


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虽然现在很辛苦,但努力过的感觉真的很好,加油!