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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑
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CFA Level I：Fixed Income - Features of debts securities 习题精选, s k. `9 u9 Y5 |! Y+ \( f, W
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：
7 B& B8 W* V' bYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
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During 2012, the payments owed by the issuer were based on a coupon rate
5 r' K- E+ H$ b8 kclosest to:
, V# @, B7 E9 l u7 iA. 6.5% $ a4 k, t3 M6 o! P3 L- Q- f: R' L
B. 5.0% . m9 k7 |, R( F) x7 f
C. 4.5%
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答案和详解，登录后回复可见：
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3 w2 O- C" W. M22. Which of the following provides the most flexibility for the bond issuer？" ^6 I0 o1 G; ?2 |. d" ] Q p# p
A. Put provision
/ i0 z2 E7 k/ H3 r) }9 [! ]B. Call provision ! W" I7 P# q3 Z; S' T) {
C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？
* d6 H& y2 O0 fA. Call protection. $ A3 o3 ?" r5 H4 |" J- j& e
B. Refunding protection.
7 j+ U" |7 y6 f! t/ d! s9 _5 X" W4 MC. Sinking fund protection. }5 _3 Y. v% v! _
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24. Which statement regarding sinking funds is least likely correct？
, p. n0 S. \/ x( P* x( IA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. 7 b, q$ A" ?3 n8 K0 z4 {: F) }4 h
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
/ z5 A$ b+ x* A9 c9 jC. 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？
$ _/ a6 c% X2 d3 T9 \A. Term repo rate ) u' m, X5 ?7 C) m& Y4 U
B. Call money rate % |) o0 X/ `+ o( Q. M6 X) I
C. Broker loan rate - r9 N6 V. r: k, c: p0 `) U" m
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
