"Fixed Income": Second lien debt

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來源: 正保會計網(wǎng)校編輯：小鞠橘桔 2021/03/19 10:12:23　字體：大小

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Questions 1:

Which of the following bonds is most likely to trade at a lower price relative to an otherwise identical option-free bond?

A 、Convertible bond

B、 Putable bond

C、 Callable bond

Questions 2:

Which bonds most likely rank the highest with respect to priority of claims?

A 、Subordinated debt

B、 Second lien debt

C、 Senior unsecured bond

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. A callable bond benefits the issuer because it gives the issuer the right to redeem all (or part) of the bonds before the maturity date. Thus, the price of a callable bond will typically be lower than the price of an otherwise identical non-callable bond.

A is incorrect because a convertible bond also benefits bondholders as it gives them the right to convert the bonds into the issuer’s common stock. All else being equal, the price of a convertible bond will typically be higher than the price of an otherwise identical non-convertible bond.

B is incorrect because a putable bond benefits bondholders as it gives them the right to sell the bonds back to the issuer before the maturity date. All else being equal, the price of a putable bond will typically be higher than the price of an otherwise identical non-putable bond.

【Answer to question 2】B

【analysis】

B is correct. Second lien debt has a secured interest in the pledged assets and ranks higher than the unsecured debt, such as senior unsecured bonds and subordinated debt.

A is incorrect because subordinated debts are the lowest rank among those three.

C is incorrect because senior unsecured bonds are a type of unsecured claim. They rank lower than second lien debts, which are secured claims to the pledged assets.

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