NOTES Study Session 15:Mortgage-Backed Sector of the Bond Market中说
PAC bondholders are guaranteed a principal payment that is equal to the lesser amount perscribed by two repayment schedules.
PAC is packaged with a support tranche. If the prepayment speed of the collateral stays at one level between the lower prepayment rate and the upper prepayment rate the principal will be received as scheduled because the support tranche will absorb excess principal or provide principal as needed.
既然The prepayment speed of the collateral stays at one level between the lower prepayment rate and the upper prepayment rate. 也就是说 prepayment rate是高于lower prepayment rate的，那么PAC的principal payment是一定能保证得到的啊。
为什么还会出现需要support tranche provide principal 的情况呢？
多谢多谢解答 | 
发表于 2010-8-20 23:17
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