1. 知识背景
Pari Passu出自拉丁文，表示平等权利、同等权益、按同一比例、以相同之步调等含义，作为CFA固定收益中的一个知识点，看似很不起眼，但是却时而出现在CFA的历年考试题目中。那么它具体指的是什么呢？让我们来学习一下吧。


2. 相关知识点
All creditors at the same level of the capital structure are treated as one class; thus, a senior unsecured bondholder whose debt is due in 30 years has the same pro rata claim in bankruptcy as one whose debt matures in six months. This provision is referred to as bonds ranking pari passu (“on an equal footing”) in right of payment.
3. 考题
1. In the event of bankruptcy, claims at the same level of the capital structure are:
A.on an equal footing, regardless of size, maturity, or time outstanding.
B.paid in the order of maturity from shortest to longest, regardless of size or time outstanding.
C.paid on a first-in, first-out (FIFO) basis so that the longest-standing claims are satisfied first, regardless of size or maturity.
A is correct.
All claims at the same level of the capital structure are pari passu (on an equal footing).

考题
2.The rating agency process whereby the credit ratings on issues are moved up or down from the issuer rating best describes:
A.notching.
B.pari passu ranking.
C.cross-default provisions.
A is correct.
Recognizing different payment priorities, and thus the potential for higher (or lower) loss severity in the event of default, the rating agencies have adopted a notching process whereby their credit ratings on issues can be moved up or down from the issuer rating (senior unsecured).

来自：金程CFA