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PaisleyPPx · 2020年02月09日

问一道题：NO.PZ2018062020000033

  1. CFA I
  2. Fixed Income

问题如下：

In credit card receivable ABSs, principal cash flows can be altered only when the:

选项：

A.

lockout period expires.

B.

excess spread account is depleted.

C.

early amortization provision is triggered.

解释：

C is correct. In credit card receivable ABSs, the only way the principal cash flows can be altered is by triggering the early amortization provision. Such provisions are included in the ABS structure to safeguard the credit quality of the issue.

A is incorrect because expiration of the lockout period does not result in the alteration of principal cash flows but instead defines when principal repayments are distributed to the ABS investors. During the lockout period, principal repayments by cardholders are reinvested. When the lockout period expires, principal repayments by cardholders are distributed to investors.

B is incorrect because the excess spread account is a credit enhancement for loss absorption. When the excess spread account is depleted, losses are applied against the overcollateralization amount followed by the senior/subordinated structure. The only way principal cash flows can be altered is by triggering the early amortization provision.

选项A为什么错

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1 个答案

吴昊_品职助教 · 2020年02月10日

嗨，从没放弃的小努力你好：


这是一个小结论，记忆一下即可。具体参考基础班讲义P270。信用卡贷款作为抵押品发行的债券，只有当触发了本金提前摊销条款，其现金流才会改变。


-------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！


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NO.PZ2018062020000033 问题如下 In cret careceivable ABSs, principcash flows caltereonly when the: A.lockout perioxpires. B.excess spreaccountis plete C.early amortization provisionis triggere C is correct.In cret carreceivable ABSs, the only wthe principcash flows caltereis triggering the earlyamortization provision. Suprovisions are incluin the Astructure tosafeguarthe cret quality of the issue.A isincorrebecause expiration of the lockout perioes not result in the alteration of principcash flows but insteaefines when principrepayments are stributeto the Ainvestors. ringthe lockout perio principrepayments carolrs arereinveste When the lockout perioexpires, principrepayments carolrs are stributeto investors.B is incorrebecause the excess spreaccountis a cret enhancement for loss absorption. When the excess spreaccount is pletelosses are applieagainst the overcollateralizationamount followethe senior/subornatestructure. The only wprincipcash flows caltereis bytriggering the early amortization provision. 考点信用卡贷款ABS解析本金现金流只有在触发了提前摊还机制时才会发生改变。本金的现金流在锁定期之后交到投资者手里，并不是现金流发生变化，这只是信用卡贷款ABS运营中正常的一个流程。这里说的触发了提前摊还机制是指遇到了一些特殊事件，本金才会提前还给投资者。特殊事件比如，很多信用卡持有人没有按期还款导致资产池出了问题，或者SPV出现了问题等等，才会触发提前摊销机制。故C正确。 老师，这道题有些不理解，能不能一下，不太明白知识点和题目再问什么，谢谢

2022-07-27 07:09 1 · 回答

NO.PZ2018062020000033 excess spreaccountis plete early amortization provisionis triggere C is correct.In cret carreceivable ABSs, the only wthe principcash flows caltereis triggering the earlyamortization provision. Suprovisions are incluin the Astructure tosafeguarthe cret quality of the issue. A isincorrebecause expiration of the lockout perioes not result in the alteration of principcash flows but insteaefines when principrepayments are stributeto the Ainvestors. ringthe lockout perio principrepayments carolrs arereinveste When the lockout perioexpires, principrepayments carolrs are stributeto investors. B is incorrebecause the excess spreaccountis a cret enhancement for loss absorption. When the excess spreaccount is pletelosses are applieagainst the overcollateralizationamount followethe senior/subornatestructure. The only wprincipcash flows caltereis bytriggering the early amortization provision. In cret carreceivable ABSs, principcash flows caltereonly when the: A.lockout perioexpires. B.excess spreaccount is plete C.early amortization provision is triggere C is correct. In cret carreceivable ABSs, the only wthe principcash flows caltereis triggering the early amortization provision. Suprovisions are incluin the Astructure to safeguarthe cret quality of the issue.A is incorrebecause expiration of the lockout perioes not result in the alteration of principcash flows but instefines when principrepayments are stributeto the Ainvestors. ring the lockout perio principrepayments carolrs are reinveste When the lockout perioexpires, principrepayments carolrs are stributeto investors.B is incorrebecause the excess spreaccount is a cret enhancement for loss absorption. When the excess spreaccount is plete losses are applieagainst the overcollateralization amount followethe senior/subornatestructure. The only wprincipcash flows caltereis triggering the early amortization provision. 

2021-05-18 12:28 1 · 回答

NO.PZ2018062020000033 请问真正考试会出到这种细节的问题吗？

2021-03-13 11:21 2 · 回答

老师 这道题怎么理解？

2020-11-03 22:51 1 · 回答

为什么A不对？ ring the lockout perio principal repayments carolrs are reinveste When the lockout perioexpires, principrepayments carolrs are stributeto investors. 锁定期前，只有fees和charges，但是锁定期后有本金的归还，这不是改变吗

2020-03-02 07:27 1 · 回答