题目
Which of the following investments is least subject to prepayment risk?
选项
A.Auto loan receivable–backed securities
B.Commercial mortgage-backed securities (CMBSs)
C.Non-agency residential mortgage-backed securities (RMBSs)
答案
B
解析
： B is correct. A critical feature that differentiates CMBSs from RMBSs is the call protection provided to investors. An investor in a RMBS is exposed to considerable prepayment risk because the borrower has the right to prepay the loan before maturity. CMBSs provide investors with considerable call protection that comes either at the structure level or at the loan level. ： B是正确的。区别于RMBSs和CMBSs的一个关键特征是为投资者提供赎回保护。RMBSs面临相当大的提前还款风险，因为借款人有权在到期前提前偿还贷款。CMBS为投资者提供了相当大的赎回保护，无论是在结构层面还是在贷款层面。