题目
Which commercial mortgage-backed security (CMBS) characteristic causes a CMBS to trade more like a corporate bond than a residential mortgage-backed security (RMBS)?
选项
A.Call protection
B.Internal credit enhancement
C.Debt-service coverage ratio level
答案
A
解析
： A is correct. With CMBS, investors have considerable call protection. An investor in a RMBS is exposed to considerable prepayment risk, but with CMBS, call protection is available to the investor at the structure and loan level. The call protection results in CMBS trading in the market more like a corporate bond than a RMBS. Both internal credit enhancement and the debt-service-coverage (DSC) ratio address credit risk, not prepayment risk. ： A是正确的。有了CMBS，投资者就有了相当大的赎回保护。持有RMBS的投资者面临相当大的提前还款风险，但有了CMBS，投资者可以在结构和贷款层面获得赎回保护。赎回保护导致CMBS在市场上的交易更像是公司债券，而不是RMBS。内部信用增强和偿债覆盖率（DSC）都解决了信用风险，而不是预付款风险。