"Fixed Income":Amortizing collateral

下載正保會計網(wǎng)校APP 訂閱最新報考消息

來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2020/12/10 16:55:04　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專區(qū)

干貨資料助力備考

資料專區(qū)

報考指南

報考條件一鍵了解

報考指南

學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網(wǎng)校每日為大家上新CFA習題供大家練習。讓網(wǎng)校與您一起高效備考2021年CFA考試，夢想成真！

Questions 1:

In a securitization, the seller of the pool of securitized assets is the:

A 、trustee.

B 、special purpose entity.

C 、depositor.

Questions 2:

Which of the following is least likely a feature of a credit card receivable ABS?

A 、An early amortization provision

B、Amortizing collateral

C 、A lockout period

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The collateral in a securitization is the pool of securitized assets from which cash flows will be generated. The seller of the collateral is the depositor, also referred to as the originator.

A is incorrect because the trustee is typically a financial institution that safeguards the assets, hold funds for bondholders until they are paid, and provides periodic information to the bondholders.

B is incorrect because the special purpose vehicle (SPV) is the issuer in the securitization.

【Answer to question 2】B

【analysis】

B is correct. A credit card receivable ABS is an example of an ABS with a non-amortizing collateral.

A is incorrect because a credit card receivable ABS may require early amortization of the principal if certain events occur. Such an early amortization provision would safeguard the credit quality of the issue.

C is incorrect because a credit card receivable ABS would typically have a lockout period during which the cash flow that is paid out to security holders is based only on finance charges collected and fees.

成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經(jīng)常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。

點擊了解更多CFA考試資訊>>