治顽痰、老痰首选A．昆布B．海藻C．礞石D．海蛤壳E．海浮石

抵押品(collateral)

A．the least-best alternative that must be foregone

B．the chosen activity minus the value of the next-best alternative

C．all of the alternatives that must be forgone

D．the next-best alternative that must be foregone

An invoice must evidence the value of the goods shipped. Unit price(s)， if any， and currencyshown in the invoice must agree with that shown in the credit. The invoice must show any discount ordeductions required in the credit. The invoice may also show a deduction covering advance payment，discount，etc.，not stated in the credit.

Section B – TWO questions ONLY to be attempted

The finance division of GoSlo Motor Corporation has made a number of loans to customers with a current pool value of $200 million. The loans have an average term to maturity of four years. The loans generate a steady income to the business of 10·5% per annum. The company will use 95% of the loan’s pool as collateral for a collateralised loan obligation structured as follows:

– 80% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 140 basis points.

– 10% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 11%.

– 10% of the collateral value to support a tranche as subordinated certificates (unrated).

In order to minimise interest rate risk, the company has decided to enter into a fixed for variable rate swap on the A-rated floating rate notes exchanging LIBOR for 8·5%.

Service charges of $240,000 per annum will be charged for administering the income receivable from the loans.

You may ignore prepayment risk.

Required:

(a) Calculate the expected returns of the investments in each of the three tranches described above. Estimate the sensitivity of the subordinated certificates to a reduction of 1% in the returns generated by the pool. (10 marks)

(b) Explain the purpose and the methods of credit enhancement that can be employed on a securitisation such as this scheme. (4 marks)

(c) Discuss the risks inherent to the investors in a scheme such as this. (6 marks)

传入侧支性抑制(afferent collateral inhibition)

A. The inner query always sorts the results of the outer query

B. The outer query always sorts the results of the inner query

C. The outer query must return a value to the outer query

D. The inner query returns a value to the outer query

E. The inner query must always return a value or the outer query will give an error

ing leg. He experiences excruciating knee pain and is unable to talk. The three structures most likely to be injured are the _____

A、anterior cruciate and medial collateral ligaments and the medial meniscus

B、anterior cruciate and lateral collateral ligaments and the lateral meniscus

C、posterior cruciate and medial collateral ligaments and the lateral meniscus

D、posterior cruciate and medial collateral ligaments and medial meniscus

E、anterior cruciate and lateral collateral ligaments and the medial meniscus

An invoice must evidence the value of the goods shipped．Unit price(s)，if any，and currency shown in the invoice must agree with that shown in the credit．The invoice must show any discount or deductions required in the credit．The invoice may also show a deduction covering advance payment，discount，etc．，not stated in the credit．

传入侧支性抑制(afferent collateral inhibition)