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本帖最后由 catherine 于 2015-7-21 09:06 编辑 % D7 t/ o. g6 h6 q
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Question 106
* E. s- s" T6 R/ cThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:+ i: a! ?$ \% o6 E
A) unpredictable for both variable rate and convertible bonds.+ z5 i: v' K& q! k0 P
B) predictable for both convertible bonds and bonds with sinking fund provisions.
! u D" j9 C0 c+ _C) unpredictable for variable rate bonds and predictable for callable bonds.! g. _2 w8 R6 i1 L/ k# G
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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Question 107) H: O* \1 W5 n, Y# G
Which of the following statements regarding callable bonds is most accurate? Callable bonds:# c4 ` T1 v9 T
A) are likely to be called when interest rates have increased.
! I$ P2 G v8 i ?B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.6 {( G6 H6 P7 M) H
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.
2 o8 f( R% x$ rD) 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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6 @. V8 s( r- b. a; Z& o7 kQuestion 108. X0 W2 H( h0 T
Which of the following statements regarding debentures is most accurate? Debentures:7 q) D9 ]6 h5 e, m& _$ B) k
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
6 }3 I, v( s: S! g5 ]9 f. _B) may not be issued by government sponsored entities." Q d: c# ^1 T; Y, m+ g) H
C) are often called first mortgage bonds.
" y+ B: f, E; b! X5 \- dD) are free from default risk if issued by federally related or government sponsored entities.
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- R$ E( T2 r8 m' y8 P# C: d8 w7 hQuestion 109
7 i, v+ e- r Z* ^( FThree 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?8 u7 J3 b z! _% L4 @2 H) [0 m+ Q
Greatest spread Least spread r* S, u; W: [& S8 K
A) Callable Putable# ^/ j% a- [) B
B) Callable Option-free
* w. l& y0 d* g3 z5 g; fC) Option-free Putable
/ b9 v5 A, x- dD) Option-free Callable 0 V) R0 l: n' \9 B
7 l/ J$ b+ t# E! \0 RQuestion 110
6 Q: @2 h$ d, v2 N8 e$ Y+ eIn 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:
e @( g6 f- d* m XA) B, A
2 K q1 ]6 _$ qB) CI, AAA
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D) F, AAA |
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发表于 2015-7-21 09:05:10
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