FRM二级易错题精选:确定交易债券回收率的因素

With regard to the factors that determine recovery rates of traded bonds, which of the following statements is false?

A. The liquidity of the debtor's collateral has an impact of recovery rates of the firm's traded bonds.

B. The presence of more bank loans increases the recovery rates of the firm's traded bonds.

C. The seniority of debtor's debt has an impact of recovery rates of the firm's traded bonds.

D. The value of the debtor's collateral has an impact of recovery mtes of the firm's traded bonds.


 

Answer:B

Seniority defines the order of priority of the claimants with respect to the assets when the firm defaults.

The value and the liquidity of the collateral have an impact of recovery rates.

Bank debt would actually decrease the recovery rates ofthe traded bonds,

because bank debt tends to be senior and has the highest level of collateralization,

the more bank financing a finn uses, the lower the recovery rate on the traded bonds.

下述为本文问题的翻译:

关于确定交易债券回收率的因素,下列哪些陈述是错误的?

A:债务人抵押品的流动性会影响公司交易债券的回收率。

B.更多银行贷款的存在提高了公司交易债券的回收率。

C.债务人债务的资历对公司交易债券的回收率有影响。

D.债务人抵押品的价值受到公司交易债券回收率的影响。

答案:B

当公司违约时,资历界定了索赔人对资产的优先顺序。抵押品的价值和流动性对回收率有影响。

银行债务实际上会降低交易债券的回收率,因为银行债务趋于高级有担保的最高水平,芬兰人使用的银行融资越多,交易债券的回收率就越低。

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