03.单选题 已收藏 标记 纠错 In the context of commercial mortgage-backed securities (CMBS) which of the following mechanisms is most likely a structural call protection? A Prepayment lockouts. B Yield maintenance charges. C Sequential-pay tranches. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：56% CMBS难度：一般 推荐：      答案解析 C is correct. A structural call protection can be achieved in a CMBS when it is structured to have sequential-pay tranches by credit rating. A is incorrect because prepayment lockouts are a call protection mechanism offered to investors at the loan level. B is incorrect because yield maintenance charges are a call protection mechanism offered to investors at the loan level. 问：问题和本题可能没太大关联，maintain yield说的是折现，但是具体什么意思 怎么操作没有理解，可否简单解释一下？还有它贴现 是以哪个r贴现，怎么就能使投资人还是银行不损失？

请问：讲义P90-135的“institutional demand and supply”中的这个institutional 是指什么意思？ 谢谢老师!

02.单选题 已收藏 标记 纠错 According to the following statements, which statement is correct? A CMBS are securities backed by a pool of commercial mortgage loans on capital-gain-producing property. B The characteristic of call protection of CMBS makes CMBS to trade in the market more like corporate bonds than RMBS. C The call protection of CMBS has only one forms: at the structure level. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：75% CMBS难度：一般 推荐：      答案解析 CMBS have considerable call protection, which allows CMBS to trade in the market more like corporate bonds than like RMBS. 问：C选项的两种 the structure level 和 loan level可否简单解释一下？

不理解为什么relative PPP短期不成立、长期成立？ 谢谢。

解析好像有点问题，计算步骤应该是[(100-96.5)/96.5]*(365/350)=3.78%, 答案没错。

此题中，题干中的depreciation expense和表格中的accumulated depreciation equipment彼此是什么关系？后者包含前者吗？

请老师解释下为什么，谢谢

03.单选题 收藏 标记 纠错 A BBB-rated corporation wishes to issue debt to finance its operations at the lowest cost possible. If it decides to sell a pool of receivables into a special purpose vehicle (SPV), its primary motivation is most likely to: A allow the corporation to retain a first lien on the assets of the SPV. B segregate the assets into a bankruptcy-remote entity for bondholders. C receive a guaranty from the SPV to improve the corporation’s credit rating. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：72% Securitization难度：一般 推荐：      答案解析 allow the corporation to retain a first lien on the assets of the SPV. segregate the assets into a bankruptcy-remote entity for bondholders. receive a guaranty from the SPV to improve the corporation’s credit rating. 问：破产隔离的意思，是不是 比如传统的MBS,银行把loan卖给了spv，所以和spv就两清了，这时如果最终的还房贷的人还不上钱，投资者怎么找，一层一层的找 顶多找到spv，就不能再往上找了，也就是找不着银行的事，所以对于银行来说-叫破产隔离？ 另外：如果像这道题 ，是企业把应收账款 一旦卖给了 spv，就是只要有spv愿意接，相当于企业就已经 提前收回来了 这笔A/R，之后企业的 下游还的还不上钱，企业已经不care了，因为和我隔离开了，是这样吗？

问：1.是不是实际运行起来，买房人还是把钱给银行，银行再把钱给三大机构，三大机构在把钱给到投资人？图中的CF直接指向投资人 只是表示实际的钱是买房人出的而已？2.C选项说 现金流是从标的资产来的，但是如果是RMBS,CF不大多应该是买房的人的工资收入吗？ 两个问题不相关 请逐次回答~

老师 12题的答案解析中最后一句话it is the disclosure that differs是什么意思 具体说的是什么呢 烦请解答 谢谢