请问一下，cheapest to deliver计算的时候为什么不考虑subordinatd bond? 题干没说投资者买的是senior CDS啊？
问题如下图：
选项：
A. 
B. 
C. 
解释：
NO.PZ201701230200000601问题如下1. If UNexperiencea cret event on 1 July, Watt shoulrecommenthem Aisors:A.prefer a cash settlement.B.prefer a physicsettlement.C.infferent between a cash or a physicsettlement. A is correct.em Aisors woulprefer a cash settlement. em Aisors owns Bon2 (trang 50% of par), whiis worth more ththe cheapest-toliver obligation (Bon1, also a senior securebon trang 40% of par). Baseon the priof this cheapest-to-liver security, the estimaterecovery rate is 40%. Thus, em Aisors ccash settle for $6 million [= (1 – 40%) × $10 million] on its C contraansell the bonit owns, Bon2, for $5 million, for totprocee of $11 million. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon, anit woulliver Bon2.B is incorrebecause if em Aisors were to physically settle the contract, it woulreceive only $10 million, whiis less ththe $11 million thcoulobtainefrom a cash settlement. C is incorrebecause em Aisors woulnot infferent between settlement protocols the firm woulreceive $1 million more with a cash settlement in comparison to a physicsettlement. 这道题的解析不是很明白，是不是如果当用现金交割的时候，我们就选择bon和bon当中损失的部分进行补偿，所以他们损失加起来是11，但是如果用物理交割的话，只要赔偿所有的也就是10。11比10大，所以用现金交割更好，我还没理解，能不能一下？
NO.PZ201701230200000601 问题如下 1. If UNexperiencea cret event on 1 July, Watt shoulrecommenthem Aisors: A.prefer a cash settlement. B.prefer a physicsettlement. C.infferent between a cash or a physicsettlement. A is correct.em Aisors woulprefer a cash settlement. em Aisors owns Bon2 (trang 50% of par), whiis worth more ththe cheapest-toliver obligation (Bon1, also a senior securebon trang 40% of par). Baseon the priof this cheapest-to-liver security, the estimaterecovery rate is 40%. Thus, em Aisors ccash settle for $6 million [= (1 – 40%) × $10 million] on its C contraansell the bonit owns, Bon2, for $5 million, for totprocee of $11 million. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon, anit woulliver Bon2.B is incorrebecause if em Aisors were to physically settle the contract, it woulreceive only $10 million, whiis less ththe $11 million thcoulobtainefrom a cash settlement. C is incorrebecause em Aisors woulnot infferent between settlement protocols the firm woulreceive $1 million more with a cash settlement in comparison to a physicsettlement. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon, anit woulliver Bon2.请问physically settle 时 ，为什么liver bon2？
NO.PZ201701230200000601问题如下1. If UNexperiencea cret event on 1 July, Watt shoulrecommenthem Aisors:A.prefer a cash settlement.B.prefer a physicsettlement.C.infferent between a cash or a physicsettlement. A is correct.em Aisors woulprefer a cash settlement. em Aisors owns Bon2 (trang 50% of par), whiis worth more ththe cheapest-toliver obligation (Bon1, also a senior securebon trang 40% of par). Baseon the priof this cheapest-to-liver security, the estimaterecovery rate is 40%. Thus, em Aisors ccash settle for $6 million [= (1 – 40%) × $10 million] on its C contraansell the bonit owns, Bon2, for $5 million, for totprocee of $11 million. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon, anit woulliver Bon2.B is incorrebecause if em Aisors were to physically settle the contract, it woulreceive only $10 million, whiis less ththe $11 million thcoulobtainefrom a cash settlement. C is incorrebecause em Aisors woulnot infferent between settlement protocols the firm woulreceive $1 million more with a cash settlement in comparison to a physicsettlement. 在C里面时间不同没有区别吗
NO.PZ201701230200000601 怎么判断的是cover 这两个senior bon？
prefer a physicsettlement. infferent between a cash or a physicsettlement. A is correct. em Aisors woulprefer a cash settlement. em Aisors owns Bon2 (trang 50% of par),whiis worth more ththe cheapest-to-liver obligation (Bon1 trang 40% of par). em Aisors ccash settle for $6 million [= (1 - 40%) ×$10 million] on its C contraansell Bon2 it owns for $5 million, for totprocee of $11 million. If em Aisors were to physically settle the contract, only $10 million woulreceive the faamount of the bon anthey woulliver Bon2. B is incorrebecause if em Aisors were to physically settle the contract, they woulreceive only $10 million, whiis less ththe $11 million thcoulobtainefrom a cash settlement. C is incorrebecause em Aisors woulnot infferent between settlement protocols the firm woulreceive $1 million more with a cash settlement in comparison to a physicsettlement.老师您好，referenobligation 不是说了是“owne的债券么，还有CT
