题干哪里能看出这是一份senior CDS? Purchased a 10million CDS on company D. 没说是senior CDS吧？不一定就只cover senior bond
问题如下图：
选项：
A. 
B. 
C. 
解释：
NO.PZ2019011002000014 问题如下 Ais a Frenwealth management company. It investe$10 million in Corporation s 10-yesenior unsecurebon Being afraithcompany woulfault, Apurchasea $10 million C on company with a stanrzecoupon rate of 5%.3 months later, company files for bankruptcy, triggering various C contracts. Awealth company assesses the cret quality of the corporate bonthey investeanthe value of the C on the bonThe following is the relevant information on Corporation s bon currently trang in the market:Bon1: A 5-yesenior unsecurebontrang 40% of par.Bon2: A 10-yesenior unsecurebontrang 50% of parBon3: A 6-yesubornateunsecurebontrang 30% of par.Accorng to the information above, whether Awoulprefer to cash settle or physically settle or infferent prefer a cash settlement prefer a physicsettlement infferent A is correct.考点C的Settlement解析应该选择Cash settlement；ABC公司当前持有的是10-yesenior unsecurebon即Bon2，目前的价值为50% of par。如果选择Cash settlement，收到6million，10million（1-40%）=6million；同时卖出Bon2收到5million；则一共有11million；如果公司选择Physicsettlement, 公司只能收到10million，即C contract的notionprincipal. 老师，请问题目中提到是投资了10年的SENIOR UNSECUREBON但是bon1是5年的Senior，不应该是在被投资的C所覆盖的范围内，所以我选择了答案C，没有区别的。问题是否我理解有误，题目即便给定了10年的senior，意思是包括了所有的senior unsecurebon？谢谢！
NO.PZ2019011002000014问题如下Ais a Frenwealth management company. It investe$10 million in Corporation s 10-yesenior unsecurebon Being afraithcompany woulfault, Apurchasea $10 million C on company with a stanrzecoupon rate of 5%.3 months later, company files for bankruptcy, triggering various C contracts. Awealth company assesses the cret quality of the corporate bonthey investeanthe value of the C on the bonThe following is the relevant information on Corporation s bon currently trang in the market:Bon1: A 5-yesenior unsecurebontrang 40% of par.Bon2: A 10-yesenior unsecurebontrang 50% of parBon3: A 6-yesubornateunsecurebontrang 30% of par.Accorng to the information above, whether Awoulprefer to cash settle or physically settle or infferentprefer a cash settlement prefer a physicsettlement infferent A is correct.考点C的Settlement解析应该选择Cash settlement；ABC公司当前持有的是10-yesenior unsecurebon即Bon2，目前的价值为50% of par。如果选择Cash settlement，收到6million，10million（1-40%）=6million；同时卖出Bon2收到5million；则一共有11million；如果公司选择Physicsettlement, 公司只能收到10million，即C contract的notionprincipal.收到6百万的现金是怎么得来的呢？题干中没说到cash settlement 的情况呀
NO.PZ2019011002000014 问题如下 Ais a Frenwealth management company. It investe$10 million in Corporation s 10-yesenior unsecurebon Being afraithcompany woulfault, Apurchasea $10 million C on company with a stanrzecoupon rate of 5%.3 months later, company files for bankruptcy, triggering various C contracts. Awealth company assesses the cret quality of the corporate bonthey investeanthe value of the C on the bonThe following is the relevant information on Corporation s bon currently trang in the market:Bon1: A 5-yesenior unsecurebontrang 40% of par.Bon2: A 10-yesenior unsecurebontrang 50% of parBon3: A 6-yesubornateunsecurebontrang 30% of par.Accorng to the information above, whether Awoulprefer to cash settle or physically settle or infferent prefer a cash settlement prefer a physicsettlement infferent A is correct.考点C的Settlement解析应该选择Cash settlement；ABC公司当前持有的是10-yesenior unsecurebon即Bon2，目前的价值为50% of par。如果选择Cash settlement，收到6million，10million（1-40%）=6million；同时卖出Bon2收到5million；则一共有11million；如果公司选择Physicsettlement, 公司只能收到10million，即C contract的notionprincipal. 请问题中表示的是senior C吗？看题干中没有提到。
NO.PZ2019011002000014 prefer a physicsettlement infferent A is correct. 考点C的Settlement 解析 应该选择Cash settlement；ABC公司当前持有的是10-yesenior unsecurebon即Bon2，目前的价值为50% of par。如果选择Cash settlement，收到6million，10million（1-40%）=6million；同时卖出Bon2收到5million；则一共有11million； 如果公司选择Physicsettlement, 公司只能收到10million，即C contract的notionprincipal.为何要参照bon的recover rate，和bon没关系呀
NO.PZ2019011002000014 想问10million（1-40%）=6million中的40%是怎么算出来的？
