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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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Question 106
5 x7 v$ S( ^' x( }0 E R% qThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
; }& Y7 y5 |" N+ \2 XA) unpredictable for both variable rate and convertible bonds.8 S# K. \; o' V* d) u0 ^
B) predictable for both convertible bonds and bonds with sinking fund provisions.. o2 m' v5 W7 ^; o% V
C) unpredictable for variable rate bonds and predictable for callable bonds.
8 R& @! ]7 V5 z( o( u4 k! Q4 DD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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$ c2 }* \% \, H4 ? b( ]Question 107
$ V( M7 u/ T& k7 cWhich of the following statements regarding callable bonds is most accurate? Callable bonds:# ]9 d$ I) s. Y% A3 h
A) are likely to be called when interest rates have increased.
- p Q4 c: y( cB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.8 E5 t" ^. W* q
C) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond.
2 _% p! `. R% iD) typically require that the issuer pay a premium above par to call the issue, and the amount of this premium usually declines as the bond approaches maturity.
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Question 108) H$ P4 ?" b0 ]
Which of the following statements regarding debentures is most accurate? Debentures:
V# S( H: E4 R" `0 ]6 u1 f& u8 x. LA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
7 _+ W1 Y, K! D# IB) may not be issued by government sponsored entities.
3 A. }8 }6 u( A+ d. UC) are often called first mortgage bonds.
7 d- n3 i0 o/ i4 ]) {D) are free from default risk if issued by federally related or government sponsored entities.
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$ y0 K' m5 ]1 u* l8 S& S ^Question 109# J" z s" p# f3 m) K
Three corporate bonds are identical in all respects except that one is callable by the issuer, one is putable to the issuer, and one is option-free. Which of these three bonds is likely to have the greatest and least spread to Treasuries?! p8 _4 Y9 t$ A/ r6 O
Greatest spread Least spread
/ i: k! Z G& P) M& Z! QA) Callable Putable6 _7 G! G+ f( Y: G: K
B) Callable Option-free
8 X* [7 y- h/ O" A9 p w/ y# G, BC) Option-free Putable
- {& k" L' D$ ^: GD) Option-free Callable
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Question 110
9 N w- E D0 g& [( oIn the United States, an income bond not currently paying interest and a bond of the highest quality would be assigned the following quality ratings (by Standard & Poors), respectively:, |2 y% S a2 u5 D0 B# {$ w+ y8 G
A) B, A
$ E* e- z6 h. ^# n- Q! Q% b5 ^B) CI, AAA5 k' p+ p$ q7 c+ C
C) D, AA5 G% R* t& X1 M3 i9 k7 u
D) F, AAA |
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发表于 2015-7-21 09:05:10
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