泽稷教育CFA一级固定收益Notching知识点详解

1、CFA 级固定收益Notchi ng 知识点详解12月份的CFA 一级考试就要到了，考试前再复习巩固一下固定收益的重要知识点吧。1. 知识背景Notching 本意为多级别的，作为动词，也可以表示为得分。作为CFA 一级固定收益中的知 识点，它出现在债券评级里面，常常作为一个单独的知识点考察大家。 下面我们就来学习一 下这个知识点吧。2. 相关知识点Factors affecti ng rat ing:For the rati ng age ncies, likelihood of defaultdefault risk is theprimary factor inassig ning th

2、eir rati ngs. However, there are sec on daryfactors as well.These factors include the priority of payment in the event of adefault (e.g., secured versus senior unsecured versus subord inated) as well aspotential loss severity in the event of default.Ano ther factor con sidered by rati ng age ncies i

3、s structuralsubord in ati on, which canhas debt at both itsarise when a corporationwith a holdingcompanystructurepare ntholdi ngcompa nyand operat ingsubsidiaries.Debt at the operat ingsubsidiaries will get serviced by the cash flow an dassets of the subsidiaries before funds can be passed (“ upstre

4、amed ” ) to theholding company to service debt atthat level.Recognizing thesedifferent payment priorities, and thus the potential for higher (orlower) lossseverity in the event of default, the rati ng age ncies have adopted a no tch in gprocess whereby their credit rati ngs on issues can be moved up

5、 or dow n fromthe issuer rati ng, which is usually the rati ngapplied to its senior un secureddebt.As a gen eral rule, the higher the senior un secured rati ng, the smallerthe no tch ingadjustme nt will be. The reas on beh in dthis is that the higher the rat ing, the lowerthe perceived risk of d efa

6、ult, sothe n eed to “ no tch ” the rati ng to capture the pote ntial differe nee in lossseverity is greatly reduced.For lower-rated credits, however, the risk ofdefault is greater and thus the potentialdiffere nee in loss from a lower (orhigher) priority ranking is a bigger con siderati onin assess

7、ing an issue scredit risk in ess. Thus, the rat ing age ncies will typically apply largerrati ng adjustme nts.For example, S&P applies the followi ng no tch ing guideli nes:As default risk in creases, the concern over what can be recovered takes on greaterreleva nee and, therefore, greater rat ing s

8、ig ni fica nee. Accord in gly,theLGD LossGive n Default aspect of rat ings is give n more weight as on emoves dow n the rati ngspectrum.For example,subord in ateddebt canbe rated up to twono tchesbelow anonin vestme nt grade corporate creditrat ing,but one no tch at most if the corporate credit rati

9、 ng is in vestme ntgrade.In the same vein, issues of compa nies with anAAArati ng n 6ed not beno tchedat all.3. 考题1. Based on the practice of notching by the ratingagencies, a subord inated bondfrom a compa ny with an issuer rati ng of BB wouldlikely carry what rat ing?B+BBBBB A is correct.The subor

10、d in ated bon dwould have its rat ing no tched lower tha n the compa nysBB rating,probably bytwonotches, reflectingthe higher weightgiven to lossseverity forbelow-investment-grade credits.2. The process of moving credit ratings of differentissuesup or down from theissuer rating in response to differ

11、ent paymentpriorities is best described as:A. no tchi ng.B. structural subord in ati on.C. cross-default provisi ons.A is correct.Notch ing is the processfor moving rati ngs up or dow n relative to the issuer rati ngthewhe n rati ngage ncies con sider sec on dary factors, such as priority of claims

12、in event ofa default and the potential loss severity.让你心动的，不一定可以陪你一生到老，只有愿意陪你在柴米油盐酱醋茶里，过平淡生活的人，才是你最终的选择。我们很多人，心里都有一颗浪漫的种子，只是有的种子不断发芽，抽枝，最后长成了一棵参天大树。密匝的情感叶子，遮挡住了现实的视线，沉迷在浪漫的追求之中，不得自拔。都说婚姻，是一座围城，它围住了你的某一些欲望，尤其对浪漫的欲望。如果没有婚姻这座围城，那么关于性，人和低级动物，就没有了区别。那么你的人生，可真谓是乱七八糟。别一直去询问对方爱不爱你，嘴巴上的甜言蜜语，解决不了现实的残忍。时间，是最好测

13、量感情的仪器。只有相互懂得和理解，感情才会不被时间扼杀，谁都渴望心底深处的浪漫。但是浪漫，只能做为一种生活情趣，而不是生活的全部。浪漫的感情，是相辅相衬的，需要的是相互的平衡，只有一个人默默付出，那么必定会失败。看过这样一个故事，一个女孩和一个男人浪漫的相爱了，于是他们一起步入了婚姻的殿堂。婚后的感情，开始也是和婚前一样甜蜜浪漫，幸福。她在他的眼里，苗条、美丽、活泼可爱，让他如痴如醉；他在她的眼里，正直、淳朴、深情是她的爱之所至。只是浪漫也会随着时间 的迁移逐渐消减。她变得迷恋家，迷恋美好的生活，而他却开始为了工作，疏忽她。她犯娇发嗔，他开始不断解释，她不断的原谅，吵闹之后他又开始我行我素。他们的浪漫爱情花，是凋落了吗？尽管爱你，可是也必须工作。有一位西方作家说：纯洁真挚的爱情，是最伟大的，最宝贵的财富。”无论是妻子还是老公，不光需要浪漫的爱情和温存，更加需要谅解、寄托和信