xixi
2022-05-04 11:47Reading 42 課后題11題B選項(xiàng)什么意思B is incorrect because the absolute priority rule, under which senior creditors are paid in full before subordinated creditors, has not always been upheld in bankruptcy reorganizations. There is no assurance that if a corporate bond has collateral, the rights of the bondholders will be respected. It is this uncertainty that creates the dominant influence of credit ratings over collateral in credit spreads.
所屬：CFA Level I > Fixed Income 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
Danyi助教
2022-05-04 15:44
該回答已被題主采納
同學(xué)你好，
這里的意思就是說(shuō)在破產(chǎn)重組過(guò)程中，并不總是堅(jiān)持絕對(duì)優(yōu)先權(quán)規(guī)則。因?yàn)榉ㄔ旱呐袥Q不一定是按照這個(gè)規(guī)則判的。也是因?yàn)榉ㄔ旱呐袥Q是根據(jù)各種因素綜合決定的，所以即便公司債券有抵押品，但是也不能保證債券持有人就會(huì)得到償還。正式因?yàn)檫@種不確定性，公司債券信用利差大小其實(shí)主要因?yàn)楣镜男庞迷u(píng)級(jí)不同所導(dǎo)致的，而不是有無(wú)抵押品。
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