備考FRM考試，考生一定要多做練習題，提前適應考試的考試氛圍。今天為大家分享一下交易債券回收率的例題解析！希望對備考的你有所幫助！

With regard to the factors that determine recovery rates of traded bonds, which of the following statements is false?》》》點擊領取2021年FRM備考資料大禮包（戳我免·費領取）

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》》》點擊咨詢FRM特惠課程

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.

譯文：關于決定交易債券回收率的因素，下列哪項陳述是錯誤的？

A）債務人抵押品的流動性對公司交易債券的回收率有影響。

B）更多的銀行貸款增加了公司交易債券的回收率。

C）債務人債務的資歷對公司交易債券的回收率有影響。

D）債務人抵押品的價值對公司交易債券的回收率有影響。

答案：B【資料下載】FRM一級思維導圖PDF版

解析：資歷定義了公司違約時，索賠人對資產(chǎn)的優(yōu)先順序。抵押品的價值和流動性對回收率有影響。銀行債務實際上會降低交易債券的回收率，因為銀行債務往往是高 級的，并且具有zui高水平的抵押品，企業(yè)使用的銀行融資越多，交易債券的回收率就越低。

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