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An important step in structuring a securitization is determining an adequate level of credit support or enhancement. Which of the following is not one of common credit enhancement forms for securitization transactions?

A) Subordinated tranches of securitization debt

B) Excess Spread account

C) Cash reserve account

D) Sinking fund account

答案：D

解析：Credit enhancements in securitizations protect investors against taking a loss on their securities when losses occur in the underlying asset pool. Credit enhancements can be structured in different forms including subordinated tranches of securitization debt, excess spread (interest payments and other fees received on the assets in the pool less the interest payments made on theABS plus the fee paid the service the assets along with other expenses), cash reserve account, and over-collateralization.

D is correct. Asinking fund is a pool of money regularly set aside by a company to redeem its bonds, debentures or preferred stock from time to time as specified in the indenture. Asinking fund is not used a credit enhancement.

Assume a firm issues only three capital claims: zero-coupon senior debt with face value of $300 million; zero-coupon junior debt with face value of $500 million; and $200 million in equity. What is the credit enhancement provided to the senior debt?扫码参与

A) $200 million

B) $300 million

C) $500 million

D) $700 million

答案：D

解析：Subordination is credit enhancement. In this case, equity and junior debt are subordinate to senior debt and absorb the first $700 million in losses.

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