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Viva · 2019年12月04日

问一道题:NO.PZ2018120301000066

问题如下:

Zhang is a credit analyst in a securities company. For the CDOs and covered bonds, Zhang made the following statements?

Statement 1: Because covered bonds provide dual protection for creditors, they usually carry lower credit risks and offer lower yields.

Statement 2: Compared with investment in corporate bonds, CDOs do not offer unique exposure to a sector or market factor.

Statement 3: Mezzanine and equity tranches of CDOs provide a mechanism for investors to gain additional return if the underlying collateral has strong returns.

According to the information above, which of the following is correct?

选项:

A.

Statement 1 and Statement 2 are correct

B.

Statement 2 and Statement 3 are correct

C.

All the statement are correct

解释:

C is correct.

考点:Structured Financial Instruments概念理解

解析:三个Statements都是正确的,为原版书和讲义给出的结论。

covered call=s-c,short a call,不是相当于获得期权费收益,放弃上涨的利润空间,提高收益率吗选项A不明白

3 个答案

发亮_品职助教 · 2019年12月06日

“S同学提及的资产担保债权一定是金融机构发行的吗?”


是的,一定是金融机构,通常是银行。

发亮_品职助教 · 2019年12月05日

嗨,从没放弃的小努力你好:


对的,他讨论的是covered bonds不是covered call,具体理解就是silviaws同学回复的。 


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虽然现在很辛苦,但努力过的感觉真的很好,加油!


silviaws · 2019年12月04日

covered bonds不是covered call.是资产担保债券。资产担保债券是银行等储贷机构用本机构资产负债表中部分资产项做担保对外发行的债券。债券持有人具有双重优先追索权,即债券发行人承担还本付息的第一责任,当发行人破产无力清偿时,债券持有人拥有担保资产的优先处置权。所以风险低,收益率比一般的债券低