安同學(xué)
2020-10-28 22:02ABS cdo什么區(qū)別？定義是什么？
所屬：CFA Level III > Fixed-Income Portfolio Management 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Chris Lan助教
2020-10-29 09:57
該回答已被題主采納
同學(xué)你好
ABS是不使用房貸作為基礎(chǔ)資產(chǎn)的證券化產(chǎn)品，
Several types of non-mortgage assets are used as collateral for ABS, including automobile loans, automobile lease receivables, credit card receivables, student (or other personal) loans, bank loans, and accounts receivable.
CDO是按信用等級(jí)分層的結(jié)構(gòu)化產(chǎn)品。
A collateralized debt obligation is a security backed by a diversified pool of one or more debt obligations. Nearly all CDOs include some form of subordination, also referred to as credit tranching. With subordination, a CDO has more than one bond class or tranche, such as senior bond classes, mezzanine bond classes (bond classes with credit ratings between senior and subordinated bond classes), and subordinated bond classes (often referred to as the residual or equity tranches).
The collateral for a CDO is usually corporate loans or bonds. As a result, CDOs do not provide much diversification benefit compared with corporate bonds, and they do not offer unique exposure to a sector or market factor.
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