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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 & P7 z3 z) ^! S$ m/ B [, o
% S. I, D; \' T: e8 j) \CFA Level I：Fixed Income - Features of debts securities 习题精选; `# D- U1 \. y4 Q2 C
21. A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table：
3 V# \) E, C ~. A1 N. c0 W1 N6 gYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
5 [5 G# }7 h6 i' N/ \) q5 Y. d. R8 GDuring 2012, the payments owed by the issuer were based on a coupon rate
/ k/ L+ M$ w" O$ Zclosest to:
6 z8 d+ W. N" V" TA. 6.5%
; l K, G( A5 F' n) mB. 5.0% 9 h' u+ L2 G& m$ }1 G
C. 4.5%
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- P6 H# _* E) B8 [6 K+ X# Q: M' h答案和详解，登录后回复可见：
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22. Which of the following provides the most flexibility for the bond issuer？- x6 X/ G1 a6 X4 s* N
A. Put provision
1 g( s9 E$ k0 KB. Call provision ; W y) W8 K8 J: x* }
C. Sinking fund provision " n" U! K- J- C3 I/ C
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23. Which of the following provides the most protection to a bondholder？
( ?2 Q7 `5 ]; j& `5 p0 AA. Call protection.
& ]' D" k$ z* S4 e% C. V. ZB. Refunding protection.
, k* N+ g- `' Z" F( fC. Sinking fund protection.
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24. Which statement regarding sinking funds is least likely correct？' `/ i \$ e6 j& t6 d
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
$ b' Q, m# ^. p' G; J0 S8 G8 a1 i# BB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 2 }7 a3 i" p7 R% ^ \9 B: |
C. If rates have declined since the bond was issued, companies are likely to choose to retire a proportion of the debt through the delivery of securities.
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25. If an institutional investor wants to borrow money for 30 days to finance a bond purchase, which of these is most likely to be the lowest loan rate available？
7 R+ r6 l) g2 a$ H& q1 Q$ x/ mA. Term repo rate % x5 T y) N% e1 m, f, Q! g
B. Call money rate 1 P( Z& b2 n1 C0 d$ D1 l
C. Broker loan rate
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发表于 2016-1-12 10:14:12
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发表于 2019-2-1 13:19:06
