题目
Which of the following is a type of external credit enhancement?
选项
A.Covenants
B.A surety bond
C.Overcollaterization
答案
B
解析
： B is correct. A surety bond is an external credit enhancement, i.e., a guarantee received from a third party. If the issuer defaults, the guarantor who provided the surety bond will reimburse investors for any losses, usually up to a maximum amount called the penal sum. A is incorrect because covenants are legally enforceable rules that borrowers and lenders agree upon when the bond is issued. C is incorrect because overcollateralization is an internal, not external, credit enhancement. Collateral is a guarantee underlying the debt above and beyond the issuer’s promise to pay, and overcollateralization refers to the process of posting more collateral than is needed to obtain or secure financing. Collateral, such as assets or securities pledged to ensure debt payments, is not provided by a third party. Thus, overcollateralization is not an external credit enhancement. ： B是正确的。担保债券是一种外部信用增级，即从第三方收到的担保。如果发行人违约，提供担保债券的担保人将赔偿投资者的任何损失，通常最高赔偿金额称为违约金。 A是不正确的，因为条款是借款人和贷款人在发行债券时商定的法律上可执行的规则。 C是不正确的，因为过度集资是一种内部而非外部的信用增级。担保品是指对发行人承诺支付的债务的担保，超额收取是指抵押物超过获得或获得融资所需数量的过程。担保品，如为确保债务偿还而抵押的资产或证券，不是由第三方提供的。因此，过度集资不是外部信用增强。