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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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Question 106
- \! h; G) p: z3 YThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
& o7 K3 E/ g3 P8 r+ p m# \( m9 jA) unpredictable for both variable rate and convertible bonds.$ Y9 K- A! P# b. Y q
B) predictable for both convertible bonds and bonds with sinking fund provisions.
1 k' }1 }6 ` |: [; } kC) unpredictable for variable rate bonds and predictable for callable bonds.
7 d; e3 O3 P' ~/ B9 P* l+ u- yD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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+ C5 [& l1 [* x0 `! X0 b. k6 CQuestion 107
( L0 P5 @' u5 XWhich of the following statements regarding callable bonds is most accurate? Callable bonds:, {# H s/ _; s5 z4 B. k: d$ j: V
A) are likely to be called when interest rates have increased.1 l; y' I& S/ c' s
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.9 [. ]$ e; z/ s( y
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.
9 e& P$ V% S+ j s# }5 w& BD) 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.* Y! l2 y, Y5 s* }. F
3 ?. p$ m7 `. ^1 E7 TQuestion 108
Q: `- x2 [2 xWhich of the following statements regarding debentures is most accurate? Debentures:# K0 }( C; n6 U! i4 c# k: A5 d' J
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.( }1 |, g% g5 R/ t
B) may not be issued by government sponsored entities.2 y9 Z* x4 M, e- X) N
C) are often called first mortgage bonds.0 |% E% o( K1 G' l* t. `6 j
D) are free from default risk if issued by federally related or government sponsored entities.. ]2 h: j' b# C q; D I
& |" }8 S2 i0 Y8 s& s. j6 ZQuestion 1099 l; \- D# k& g9 f# s8 {' ?6 s
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?
* I \/ x- ^( q: U; s Greatest spread Least spread1 U/ |/ K0 w) U& x0 ]' ]) O
A) Callable Putable# r! t) o8 p$ p- a5 Q6 h- c4 M
B) Callable Option-free* V/ M* ^. l! o
C) Option-free Putable1 a- N6 c# y4 e- ?2 i
D) Option-free Callable
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" u' i) B) S5 o1 GQuestion 1103 b6 y+ }: ~/ C" J
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:
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' N/ U+ z- F7 {, d9 ]7 |% W- uB) CI, AAA3 M( `& T) p/ J8 `
C) D, AA6 A; l' d3 V6 G+ G1 [
D) F, AAA |
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