CFA考试资料答案R35 Credit Analysis Models - Answers.pdf

Question #1 of 29 Question ID: 1210411 As compared to otherwise identical corporate debt, securitized debt is least likely to have: A) lower cost for the issuer. B) the same risk premium. C) higher leverage for the issuer. Explanation 7 The isolated structure of securitized assets allows for higher leverage and lower cost to the 3 2 1 issuer. Investors also benet from greater diversication, more stable cash ows and a higher q risk premium relative to similar rated general obligation bonds (due to higher complexity i s associated with collateralized debt). u m (Study Session 13, Module 35.7, LOS 35.h) : t a h