R51 练习: 政府发行人的固定收益市场
考纲范围
Describe funding choices by sovereign and non-sovereign governments, quasi-government entities, and supranational agencies.
Contrast the issuance and trading of government and corporate fixed-income instruments.
Q1.
With regards to non-sovereign government debts, which of the following statements is most accurate?
A. They are issued by local governments or quasi-government agencies.
B. General obligation bonds and revenue bonds are the two common types.
C. Revenue bonds carries the full faith of the local government issuer and are repaid with tax revenues.
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答案：B
解析：非主权政府债务的两种常见类型是一般义务债券(GO bonds)和收入债券(revenue bonds)。GO bonds以政府的全部信用和税收收入为担保，而非revenue bonds。非主权债务不包括quasi-government agencies发行的债务。
选项 判断 解析 A ✗ non-sovereign debt仅由地方政府发行，quasi-government是另一类 B ✓ GO bonds和revenue bonds确实是非主权债务的两种常见类型 C ✗ 混淆了GO bonds和revenue bonds：GO bonds才以full faith和税收担保
Q2.
An essential difference between sovereign bonds and corporate bonds in terms of trading is that:
A. The mainstream investors of sovereign bonds are financial institutions, but retail investors participate more in corporate bond trading.
B. Sovereign debt investors are more rational.
C. Some influential sovereign debt investors trade with “non-economic” objectives, while corporate bond investors do not.
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答案：C
解析：主权债券与公司债券在交易方面的关键区别在于：一些有影响力的主权债务投资者（如央行）出于”非经济”目的进行交易（如货币政策实施、外汇储备管理等），而公司债券投资者通常以经济回报为目的。
选项 判断 解析 A ✗ 两者的投资者群体差异不是最本质的区别 B ✗ 理性程度不是两者的核心区别 C ✓ 央行等机构出于非经济目的（如货币政策）交易主权债，是最本质的区别
Q3.
Which of the following statements concerning sovereign bond issuance is most likely correct?
A. Compared to multiple-price auction, single-price auction may lead to a higher borrowing cost and a narrower distribution of investors.
B. In a single-price auction process, all competitive bids are accepted.
C. In an auction process, bids are ranked by prices, from highest to lowest.
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答案：C
解析：在债券拍卖中，竞标按价格从高到低排列（价格越高对发行人越有利，意味着收益率越低）。单一价格拍卖(single-price auction)的特点是借款成本更低(lower cost)、投资者分布更广(broader distribution)。并非所有竞标都会被接受。
选项 判断 解析 A ✗ single-price auction的特点是lower cost和broader distribution，而非相反 B ✗ 并非所有competitive bids都会被接受，只有价格足够高的才被接受 C ✓ 拍卖中竞标确实按价格从高到低排列