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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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# I( G; v! z/ iQuestion 1063 u& |3 ` R4 F7 w
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
! ^2 _9 I2 i& v, d4 vA) unpredictable for both variable rate and convertible bonds. l9 r* R4 \% B0 n$ C/ k: }
B) predictable for both convertible bonds and bonds with sinking fund provisions.
3 u7 z" b' }4 E* L3 pC) unpredictable for variable rate bonds and predictable for callable bonds.
, @, x1 @! p: R K- \D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions./ n U6 c! M& h4 Q5 R% p
6 m& j* V* a4 ^3 y, i4 N# W% Z4 B6 kQuestion 1077 C! H" O8 q- E8 F
Which of the following statements regarding callable bonds is most accurate? Callable bonds:
4 l1 K- ], X# F" y: @A) are likely to be called when interest rates have increased.7 R5 r1 }# I) x! b# x
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.) l; Q$ N1 l* B
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.
: O0 b! N0 Z0 B2 u2 `D) 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$ @9 ^$ V+ W( I
Which of the following statements regarding debentures is most accurate? Debentures:
- g; l+ |, q9 t9 Z' DA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
6 W! b' D$ g9 ]9 x/ XB) may not be issued by government sponsored entities.- B2 Q5 V# a# u5 |2 l% \, E1 {
C) are often called first mortgage bonds.* L- c# K8 K. L% P- T6 O8 m
D) are free from default risk if issued by federally related or government sponsored entities.
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3 R6 h1 [" h5 O* ^1 _Question 109
. [& K2 @; X! y8 e @* M/ _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?- m3 O& l- ^' |
Greatest spread Least spread% M/ r( p$ n) Z( r2 q5 Q: j
A) Callable Putable6 ?# {; z6 x$ H2 A7 M
B) Callable Option-free
/ w9 y2 g: _! _- _% Z; s/ ]C) Option-free Putable( ~2 x1 |. H# Z
D) Option-free Callable 1 j( M0 N; L h$ @6 b
$ Z* Q# E* {0 k4 S( J) ^% {* K7 [Question 110- t% N, m) q* Z# G0 I
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:
( z& W& p7 R' lA) B, A
3 ~6 u6 U- L7 M4 [2 u% Q ?9 qB) CI, AAA& n" S+ @9 Y# w( U5 t
C) D, AA
+ _0 i/ o$ S4 Y% K$ U, n4 yD) F, AAA |
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发表于 2015-7-21 09:05:10
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