External credit enhancement 是外部信用加強(qiáng)的意思，在CFA考試中是有這個知識點(diǎn)的，那什么是外部信用加強(qiáng)呢？今天給你說說這個這知識點(diǎn)哦！
Surety bond (履約*): reimburse investors for any losses incurred if the issuer defaults, by an insurance company.
Bank guarantee（銀行擔(dān)保）: same as surety bond but by a bank.
Letter of credit（信用證）: promise to lend money to issuing entity for any cash flow shortfalls.
會有第三方的財(cái)務(wù)擔(dān)保，或者說有擔(dān)保人。常見的外部信用加強(qiáng)包括履約擔(dān)保，銀行擔(dān)保和信用證：
履約承諾：有背書，相當(dāng)于給發(fā)行的債券購買了保險(xiǎn)，履約承諾和銀行擔(dān)保有些類似，都是發(fā)行人違約時(shí)會賠償給債券持有者。兩者的區(qū)別是銀行擔(dān)保是銀行發(fā)行的，而履約擔(dān)保是保險(xiǎn)公司發(fā)行的。
銀行擔(dān)保：發(fā)行者違約，投資者可以找銀行還款。
信用證：發(fā)行者違約，銀行先把款借給發(fā)行者還款?，F(xiàn)在信用證用的較少，因?yàn)樘峁┬庞米C的信用機(jī)構(gòu)的信用等級下降會造成金融危機(jī)。
那你知道CFA考試是怎么考這個知識點(diǎn)呢？小編給你看看！
例：Which of the following is least likely to be a form of internal credit enhancement associated with a corporate bond issue?
A.Debt overcollateralization
B. Letter of credit
C. Debt subordination
解析：B is correct，A letter of credit is a form of external credit enhancement in which a financial institution provides the issuer with a credit line to be used for any cash flow shortfalls related to its debt issue.
信用證是屬于外部信用加強(qiáng)。
