FRM二级考试，交易债券回收率的例题有吗？

备考FRM考试，考生一定要多做练习题，提前适应考试的模式，下面是小编对于FRM二级考试关于交易债券回收率的例题解析！希望对备考的你有所帮助！

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 rates of  the firm’s traded bonds.

答案：B

解析：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 of the traded bonds, because bank debt tends to be senior and has the  highest level of collateralization, the more bank financing a firm uses, the  lower the recovery rate on the traded bonds.

译文：关于决定交易债券回收率的因素，下列哪项陈述是错误的？

A）债务人抵押品的流动性对公司交易债券的回收率有影响。

B）更多的银行贷款增加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对公司交易债券的回收率有影响。

答案：B

解析：资历定义了公司违约时，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，因为银行债务往往是高级的，并且具有zui高水平的抵押品，企业使用的银行融资越多，交易债券的回收率就越低。

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