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本帖最后由 catherine 于 2015-7-21 09:06 编辑 & `9 V7 ^7 K6 }2 N0 a
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Question 106
$ c/ z9 @" b x A E. z+ B1 P2 kThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:- k. U3 {& v2 I3 b3 j' d
A) unpredictable for both variable rate and convertible bonds.
3 A y k" s& B& ^5 X1 ~ T6 o! T+ JB) predictable for both convertible bonds and bonds with sinking fund provisions.0 I& ]( [- C4 _* M
C) unpredictable for variable rate bonds and predictable for callable bonds.; D6 F( c# q' H$ o' `1 m+ J9 M
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.+ F& c9 }% T8 A5 K
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Question 1079 S5 m% }( _2 R: L' j5 O3 i
Which of the following statements regarding callable bonds is most accurate? Callable bonds:* [# s' U' N) u& X- {* u7 _3 b I! f
A) are likely to be called when interest rates have increased./ s- f/ u9 j2 E; C' L
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
# [: C9 z9 v0 l% DC) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond.
( G7 J, U0 M& K) `( P/ S3 R! `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.3 `& f% Z3 H: _; a8 J$ {$ e
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Question 1084 r, G# i; m9 \& J& R, S2 R
Which of the following statements regarding debentures is most accurate? Debentures:7 t; L# R9 K4 B, b# i# t) R$ h- s
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.: l; t0 c( ^, E9 b, K, q5 x
B) may not be issued by government sponsored entities.: i P6 P6 r: \) H
C) are often called first mortgage bonds.
' t( U. P. e- I* m& WD) are free from default risk if issued by federally related or government sponsored entities.
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Question 109) ~" g3 V, \1 u$ d# L( R6 P
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?0 ^/ v6 ?- o% H% o7 L- f
Greatest spread Least spread
/ Q5 r# f+ C+ s: wA) Callable Putable+ P9 P: T `! x% |7 s8 B
B) Callable Option-free
) z1 I3 h" c* _C) Option-free Putable2 s! g5 H" H& |7 }: |0 {* R
D) Option-free Callable : X" I7 l2 r/ z( {+ U/ r O
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Question 110' \: Z. |% u! V. y
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:4 {6 }' b$ i7 r
A) B, A
+ A: x. f2 z2 j! ~' S3 B, T3 z0 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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