老师，你好，还是不明白这题为什么用after fee而不能用before fee? 为什么Management and incentive fees are calculated independently 一定是在after fee的基础上？

美国存托凭证在美国是公开上市交易的，而全球存托凭证在美国是非公开交易的？

02.单选题 收藏 标记 纠错 Which of the following statements about the call feature is least accurate? The: A call feature lengthens the bond's duration, increasing price risk. B call feature exposes investors to additional reinvestment rate risk. C call feature reduces the bond's capital appreciation potential. 问：这题解释一大堆，说到了duration。不用duration的理论，光想那个图 判断price risk A就能选出来了。我想问的是 这里的分级是 难题 这里的分级是什么标准，是协会的标准还是看 标准答案的长度分的？还是这是mock题 按题原 出处 分的？题目级别如果划分的？

01.单选题 已收藏 标记 纠错 Compared with fully amortized bond, the coupon payments of a similar partially amortized bond are: A Lower or equal. B Equal. C Higher or equal. 查看解析 下一题 正确答案C 您的答案C本题平均正确率：50% Principal repayment strcutures难度：困难 推荐：      答案解析 Except at maturity, the principal repayments are lower for a partially amortized bond than for an otherwise similar fully amortized bond. Consequently, the principal amounts outstanding and, therefore, the amounts of interest payments are higher for a partially amortized bond than for a fully amortized bond, all else equal. The only exception is the first interest payment, which is the same for both repayment structures. This is because no principal repayment has been made by the time the first coupon is paid. 问：是不是应该是除了到期日 也就是最后一笔 两边本金都还完了，即（coupon是0 ？）会相等？最后一笔的coupon到底是不是0，最后一遍的coupon怎么算的？

问：这种题分析了好久，请问是真题还是mock题？感觉即使做出来性价比也不是很值？如果在考试中分别出哪些题一秒钟能做出来，那些题需要概念很清晰 一点不差的推出来（即使是定性题）？

问：第三个 MBS的抵押物究竟是 房屋贷款 还是房子本身？

03.单选题 收藏 标记 纠错 In a single-price bond auction, an investor who places a competitive bid and specifies a rate that is above the rate determined at auction will most likely: A not receive any bonds. B receive the bonds at the rate determined at auction. C Receive the bonds at the rate specified in the investor's competitive bid. 查看解析 上一题 提交试卷 正确答案A 您的答案B本题平均正确率：25% Primary and secondary market for bonds难度：困难 推荐：      答案解析 A is correct. In a single-price bond auction, a bidder that enters a competitive bid specifies the rate (yield) that is considered acceptable. If the rate specified in the competitive bid is above the coupon rate determined at auction, the investor will not be offered any securities. 问：国债拍卖竞价的模式，能否简单说明一下，难道不是价高者得？

老师你好，这题为何不用before fees（120），而用的是after fees（113.6），能给解释一下吗？谢谢

老师，你好，关于covered bond, 原版书中的解释看不明白，如下这段话：A financial institution that sponsors ABS transfers the assets backing the bonds to a special legal entity. If the financial institution defaults, investors who hold bonds in the financial institution have no recourse against the special legal entity and its pool of assets because the special legal entity is a bankruptcy-remote vehicle; the only recourse they have is against the financial institution itself.这里应该是：If the financial institution defaults, investors who hold bonds in the financial institution have no recourse against the financial institution and its pool of assets because the special legal entity is a bankruptcy-remote vehicle; the only recourse they have is against the special legal entity itself,这样才对吧？卖贷款的金融机构倒闭了，ABS的债券持有人只能找特殊目的机构求偿而不能再找金融机构了，因为金融机构将贷款脱表了，请指点迷津

为什么变陡峭？