题目
Which of the following type of debt obligation most likely protects bondholders when the assets serving as collateral are non-performing?
选项
A.Covered bonds
B.Collateral trust bonds
C.Mortgage-backed securities
答案
A
解析
： A is correct. A covered bond is a debt obligation backed by a segregated pool of assets called a “cover pool.” When the assets that are included in the cover pool become non-performing (i.e., the assets are not generating the promised cash flows), the issuer must replace them with performing assets. ： A是正确的。担保债券是由被称为“担保池”的独立资产池支持的债务义务。当担保池中包含的资产变成不良资产（即，这些资产没有产生承诺的现金流）时，发行人必须用有效资产替换它们。