NO.PZ2016031001000005
问题如下：
Which of the following is a type of external credit enhancement?
选项：
A. Covenants.
B. Overcollaterization.
C. A surety bond.
解释：
C is correct.
A surety bond is an external credit enhancement, i.e., a guarantee received from a third party. If the issuer defaults, the guarantor who provided the surety bond will reimburse investors for any losses, usually up to a maximum amount called the penal sum.
A is incorrect because covenants are legally enforceable rules that borrowers and lenders agree upon when the bond is issued.
B is incorrect because overcollateralization is an internal, not external, credit enhancement. Collateral is a guarantee underlying the debt above and beyond the issuer’s promise to pay, and overcollateralization refers to the process of posting more collateral than is needed to obtain or secure financing. Collateral, such as assets or securities pledged to ensure debt payments, is not provided by a third party. Thus, overcollateralization is not an external credit enhancement.
ac选项讲义里没有呢
