备考FRM考试，考生一定要多做练习题，提前适应考试的考试氛围。今天为大家分享一下交易债券回收率的例题解析！希望对备考的你有所帮助！

With regard to the factors that determine recovery rates of traded bonds, which of the following statements is false?》》》点击领取2021年FRM备考资料大礼包（戳我免·费领取）

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》》》点击咨询FRM特惠课程

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.

译文：关于决定交易债券回收率的因素，下列哪项陈述是错误的？

A）债务人抵押品的流动性对公司交易债券的回收率有影响。

B）更多的银行贷款增加了公司交易债券的回收率。

C）债务人债务的资历对公司交易债券的回收率有影响。

D）债务人抵押品的价值对公司交易债券的回收率有影响。

答案：B【资料下载】FRM一级思维导图PDF版

解析：资历定义了公司违约时，索赔人对资产的优先顺序。抵押品的价值和流动性对回收率有影响。银行债务实际上会降低交易债券的回收率，因为银行债务往往是高 级的，并且具有zui高水平的抵押品，企业使用的银行融资越多，交易债券的回收率就越低。

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