问题如下图:
选项:
A.
B.
C.
解释:
不大理解答案解释,为什么不选BC呢?
NO.PZ2017121002000020 问题如下 In contrast to high-yielcret analysis, investment-gra analysis is more likely to rely on: A.sprerisk. B.assessment of bank cret facilities. C.matching of liquity sources to upcoming maturities. A is correct.Most investors in investment-gra focus on sprerisk—this, the effeof changes in sprea on prices anreturns—while in high-yielanalysis, the focus on fault risk is relatively greater.考点债券信用分析解析由于Investment-gra相比垃圾债的违约概率较低,所以对于investment-gra更多的关注点在Sprerisk;因为Sprerisk作为债券收益率(分母折现率)的一部分,sprea变动会影响到折现率的大小从而影响到债券价格。故A正确。B选择bank cret facilities指企业能够否获得银行的贷款,属于垃圾债关注的点。Cliquity sources是垃圾债需要额外关注的点,因为investment-gra现金流相比其bt较充沛。 investment-gra 是什么意思啊?在讲义哪里啊
前面有一道题,老师解答的时候也是对比了investment gra bonhigh yielbon得很清楚当时老师说,IG违约概率低,但都是收益相对低的品种,一旦违约承受不起,因此更关注fault risk。high yiel于风险高,所以主要分析loss severity。到了本题,又说high yielfocus on fault risk is relatively greater?这是什么道理?前面题目的解答是鬼扯吗…
没太明白这个题目实质上想问什么,题干的意思意思好像和并无关系啊