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COCO小草 · 2021年04月10日

问一道题:NO.PZ2019011002000027 [ CFA II ]

问题如下:

TXT is a derivatives trading company. It anticipates that Alpha Corporation may make an unsolicited bid at a premium to the market price for all of the publicly traded shares of Foodsdelivery, Inc.

Alpha is already a highly-leveraged company, and it may issue more senior unsecured debt to fund the acquisition, which would increase the company debt ratio significantly.

TXT wants to capitalize this expectation. According to the information above, a profitable equity-versus-credit trade involving Alpha and Foodsdelivery is to:

选项:

A.

Long Foodsdelivery shares and Long Alpha CDS.

B.

Long Foodsdelivery shares and short Alpha CDS.

C.

Short Foodsdelivery shares and short Alpha CDS.

解释:

B is correct.

考点:CDS的应用

解析:

因为Alpha公司会发行更多的债来支持收购项目,因此Alpha公司的违约概率会上升,所以要对Alpha公司买入Protection,即转移其Credit risk,所以为Short Alpha CDS;同时,Foodsdelivery作为被收购的一方,且其股票是被溢价收购,因此Long Foodsdelivery shares。

老师 请问题目里面哪句话说了被溢价收购?

1 个答案

WallE_品职答疑助手 · 2021年04月11日

嗨,努力学习的PZer你好:


Alpha Corporation may make an unsolicited bid at a premium to the market price , bid at premium就是溢价的意思

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