题目
A special purpose entity issues asset-backed securities in the following structure.「huixue_img/importSubject/1564548167826018304.png」At which of the following amounts of default in par value would Bond Class A experience a loss?
选项
A.€20 million
B.€25 million
C.€26 million
答案
C
解析
： C is correct. The first €25 (€5 + €20) million in default are absorbed by the subordinated classes (C and B). The senior Class A bonds will only experience a loss when defaults exceed €25 million. ： C是正确的。前2500万欧元（500＋2000）的违约金由次级类别（C和B）吸收。只有当违约超过2500万欧元时，高级A级债券才会出现亏损。