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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 0 Z8 H: i* M: x- s H* S
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CFA Level I：Fixed Income - Features of debts securities 习题精选; D! |. K' X2 a% j- H M
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：
. S! E6 g, U4 `7 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 rate1 |6 v9 p% m, p2 R! J
closest to: 5 E' o0 ]1 [; F: w$ A
A. 6.5%
6 y: C( Q' |# { I6 q7 j* TB. 5.0%
0 ]% X1 U. m9 s. e' c- q1 N7 FC. 4.5% . I, u3 g7 f( T$ ]* i1 V
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答案和详解，登录后回复可见：1 p2 n5 ?0 g( u' f ]2 h# E6 K9 b7 \
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! g2 Y+ j1 A+ V' b& F22. Which of the following provides the most flexibility for the bond issuer？4 y' W" {: S# I0 A6 W# P
A. Put provision # d* G/ d- [) H$ Z# V
B. Call provision
! w% ?$ \; {$ \' eC. Sinking fund provision 8 W, I, B- l( V+ X- k9 N- O. `% B4 w
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1 i7 e3 G( y# A; O0 H* @23. Which of the following provides the most protection to a bondholder？" w) u$ Q/ c# k. J) @" G
A. Call protection.
8 c! T7 g) J( _7 oB. Refunding protection.
7 Y g. a! q9 C p1 AC. Sinking fund protection.
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, W* |7 v! v2 f9 a g24. Which statement regarding sinking funds is least likely correct？' x: I- _( Y% ?2 a: i9 h: d& `
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
" ]8 T2 F8 x0 M& y* i/ xB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. ) J( }. a# T* ^& [, ?0 o
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. . r# z' X0 @# T* E% Y* |
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; i6 u5 }. h2 z, y; G: r25. 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？
9 ?8 w+ N" N+ j3 E. ^# e% C: lA. Term repo rate
$ i9 R# H$ R4 U( ZB. Call money rate
4 V8 _! s |- L* w/ t/ ]C. Broker loan rate 6 Z( o; M3 j* M8 p4 k
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
