NO.PZ2019011002000011
问题如下：
Li and Wang are two junior credit analysts in a wealth management firm. During a meeting with their supervisor, they made the following statements about the term structure of credit spread:
Li’ statement 1: A credit curve shows the spread over a benchmark security for an issuer for outstanding fixed-income securities with shorter to longer maturities.
Li’ statement 2: Flat credit spread curves imply a relatively stable expectation of default over time, while an upward-sloping credit curve implies that investors seek greater compensation for assuming issuer default over longer periods.
Wang agrees with Li’s statements, and Wang adds:
Wang’s statement 1: Securities with lower credit quality face greater sensitivity to the credit cycle.
Wang’s statement 2: High-yield issuers only face an upward-sloping credit term structure.
According to the information above, which of the following is correct?
选项：
A. Li’ statement 2 is incorrect.
B. Wang’s statement 1 is incorrect.
C. Wang’s statement 2 is incorrect.
解释：
C is correct.
考点：Credit curve的理解。
解析：
Wang的Statement 2是错误的，其他的Statements都是正确的，且为讲义总结结论。对于Wang的Statement 2，High-yield issuer因为一些特殊的原因有时候也开会面临Downward的credit spread curve，例如在公司的杠杆收购后，投资者预期公司新的股东、管理层会为公司带来更好的经营结果，于是长期的Credit spread可以是较低的。
老师您好 请我们在求spread的时候不是需要期限匹配嘛 为什么这里是 longer or shorter 谢谢您。