题目
A collateralized loan obligation specialist is most likely to:
选项
A.sell its debt at a single interest rate.
B.cater to niche borrowers in specific situations.
C.rely on diverse risk profiles to complete deals.
答案
C
解析
C is correct. A CLO manager will extend several loans to corporations (usually to firms involved in LBOs, corporate acquisitions, or other similar types of transactions), pool these loans, and then divide that pool into various tranches of debt and equity that range in seniority and security. The CLO manager will then sell each tranche to different investors according to their risk profiles; the most senior portion of the CLO will be the least risky, and the most junior portion of the CLO (i.e., equity) will be the riskiest. A is incorrect because with the different CLO tranches having distinct risks varying with their seniority and security, they will be priced over a range of interest rates. In contrast, unitranche debt combines different tranches of secured and unsecured debt into a single loan with a single, blended interest rate.B is incorrect because debt extended to niche borrowers in specific situations is more commonly offered through specialty loans. For example, in litigation finance, a specialist funding company provides debt to a client to finance the borrower’s legal fees and expenses in exchange for a portion of any case winnings. ：C是正确的。CLO经理将向公司（通常是参与杠杆收购、公司收购或其他类似交易的公司）发放几笔贷款，将这些贷款集中起来，然后将这些贷款分为不同的债务和股权，这些债务和股权在等级和安全性方面都有不同。然后，CLO经理将根据不同投资者的风险状况，将每一部分出售给不同的投资者；CLO中最高级的部分风险最低，最低级的部分（即股权）风险最高。A是不正确的，因为不同的CLO份额具有不同的风险，随着其资历和安全性的不同，它们将在一系列利率上定价。相比之下，unitranche债务将不同的有担保和无担保债务组合成单一贷款，利率为单一混合利率。B是不正确的，因为在特定情况下，延伸到利基借款人的债务通常通过专业贷款提供。例如，在诉讼融资中，专业融资公司向客户提供债务，为借款人的法律费用和开支提供资金，以换取任何案件赢款的一部分。