希望有人能够解答

你看得很仔细啊，

我找了一下MOODY的网站，以下有一个介绍他是如何算RR的，我想会不会是因为一些债是有抵押的，就类似CDO中提到的OVER collatorized那样呢？原文如下，供探讨。

Moody's estimates defaulted debt recovery rates using market bid prices observed roughly 30 days after the date of default. Recovery rates are measured as the ratio of price to par value. Using post-default prices to measure recovery (or its complement, loss severity) parallels common practice in the credit default swaps market. Moreover, recovery rates measured in this way are most relevant for cash bond investors who liquidate their holdings shortly after default as often required by their portfolio governance rules or their own investment objectives. For investors holding defaulted securities until ultimate resolution, prices observed shortly after default are generally accepted as the market's estimate of discounted expected ultimate recovery rates.

不太明白：）

因为有些债券发行时有提供担保品, 因此拍卖担保品后所得的现金, 可能超过券发行的面额, 所以回收率会超过1

后来又把HANDBOOK这一章看了一下，你看看翻过来的第490页的TABLE20.9，里面不是有介绍distressed scurities fund做的事情吗？MAX很可能是指在这种极端情况下，recovery rate会高于公司的trading value。