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本帖最后由 catherine 于 2015-7-21 09:06 编辑 # w& t) V/ P( b$ M
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Question 106. f: Q" y' l( A3 a5 k
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
2 Y4 H; R, R3 o/ `A) unpredictable for both variable rate and convertible bonds.
5 d. @2 {, y" T! SB) predictable for both convertible bonds and bonds with sinking fund provisions.3 p6 \/ G' E* ?9 l3 y
C) unpredictable for variable rate bonds and predictable for callable bonds.
0 ^$ P r0 ^& x6 T8 {, q% G8 s0 \D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.8 U' c0 z( e+ i# M
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Question 107
) w6 l& k1 U# v4 B) TWhich of the following statements regarding callable bonds is most accurate? Callable bonds:
' p4 z; m8 S0 C0 \% h" jA) are likely to be called when interest rates have increased.8 b" }% r( d) ]8 z/ r
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.1 w/ h" f( \" l% s2 {
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.
E4 ^4 M, l" SD) 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.; s# Q _) u/ G
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Question 108
6 [ O1 w: g4 j. i+ ^Which of the following statements regarding debentures is most accurate? Debentures:. e* O' M1 ^9 k: O+ y% t, R
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.) a! [/ U. f: _1 @0 q8 m. {# {
B) may not be issued by government sponsored entities.
' [$ N6 R; x* W7 j) |, n, a/ a, gC) are often called first mortgage bonds.
8 S- c+ z& X9 bD) are free from default risk if issued by federally related or government sponsored entities.5 d- S1 Y: M y8 z; X! I
3 K9 X" _9 j% R+ Q7 iQuestion 109
/ I2 x9 j8 v* }: `) xThree 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?
C/ v" c; ?$ B5 c Greatest spread Least spread
6 v% I9 x& ~2 c6 }% {+ x4 ~A) Callable Putable% O) }/ A, @* n8 O. }3 k$ F% S6 P
B) Callable Option-free+ W* ^% L% Y o; u
C) Option-free Putable
2 n1 W3 I8 l- t) `/ g# o; d8 fD) Option-free Callable
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+ ], Y! } y4 S5 A h7 m! {; QQuestion 110; k U- Y( w" J& }! L
In 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:4 @ [' [. j( z/ I5 q( M
A) B, A4 T; I1 u+ l$ ?, j' X* x% p3 V% F
B) CI, AAA1 ?0 i2 Q% S: w3 Z" z
C) D, AA) U! f* H9 G0 e( c6 e1 E0 N
D) F, AAA |
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发表于 2015-7-21 09:05:10
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