"Fixed Income":High yield bonds
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Questions 1:
Using the “Four Cs of Credit Analysis” framework, which of the following is the least likely factor to be considered under the category of “capacity”?
A 、Level of competition
B 、Industry fundamentals
C、 History of fraud or malfeasance
Questions 2:
Compared with investment-grade bonds, the spread movements on high-yield bonds are influenced:
A 、less by interest rate changes and exhibit a greater correlation with movements in equity markets.
B、 less by interest rate changes and exhibit a lower correlation with movements in equity markets.
C 、more by interest rate changes and exhibit a greater correlation with movements in equity markets.
C is correct. Any history of fraud or malfeasance is a major warning flag to credit analysts under the category of “Character.”
A is incorrect because level of competition is part of the “Capacity” analysis for industry structure.
B is incorrect because company fundamentals is under the category of “Capacity” for credit analysis.
A is correct. High-yield bonds can be thought of as a hybrid between investment-grade bonds and equity securities. Their spread movements are less influenced by interest rate changes than are investment-grade bonds, and they exhibit greater correlation with movements in equity markets.
B is incorrect because the spread movement on high-yield bonds is less influenced by interest rate changes than are investment-grade bonds, and they exhibit greater, not lower, correlation with movements in equity markets.
C is incorrect because the spread movements on high-yield bonds are less, not more, influenced by interest rate changes than are investment-grade bonds, and they exhibit greater correlation with movements in equity markets.
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