|
|
本帖最后由 catherine 于 2015-7-21 09:06 编辑
' g. Q4 I$ i. k7 r" X: @( o9 T
$ [- n( c; g& u0 ^0 {Question 106
, B+ k+ {& P0 @& T, X3 h; u: tThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
% J% l9 K" j3 t7 H# XA) unpredictable for both variable rate and convertible bonds.
* T" \. a) n8 Y* `) Q/ s& ~B) predictable for both convertible bonds and bonds with sinking fund provisions.9 Y6 r. t" T2 v
C) unpredictable for variable rate bonds and predictable for callable bonds.
; U9 N$ y6 |2 M% c& Y, ND) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
1 ]$ k' q3 n3 U- U( V$ ^. d/ `3 u
' G) j8 J* Y" b+ z7 yQuestion 107
) Z, M5 q0 M# N# o- vWhich of the following statements regarding callable bonds is most accurate? Callable bonds:
0 T( g3 H Y6 l- kA) are likely to be called when interest rates have increased.
7 [7 i# B3 ?! u) U, |% `1 L" ~/ vB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.5 S2 S, Q1 M, h/ X
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.
7 {; q) u& n, ]- i: Y$ P3 ?5 C9 WD) 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.
6 b* b; |. k, J$ c" U4 |. t) E% |$ X# ^# p* {
Question 108
X2 B( \' B8 M" F8 fWhich of the following statements regarding debentures is most accurate? Debentures:
6 ]0 X' \1 U$ JA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.; N* P, J- ?! [1 M
B) may not be issued by government sponsored entities./ k6 t: t P: k" m) g7 h/ O# Y Z: s1 T
C) are often called first mortgage bonds.
+ R. ^" o& u' v* iD) are free from default risk if issued by federally related or government sponsored entities.2 X: Q$ B7 L5 ?2 o6 M- X6 [6 L: A! G
* J, g; I; l" X& e1 o& f
Question 1097 k8 y, Y( T6 C! c. q& l. c; x, C
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?; X3 C% P- m/ m% V) ~- L
Greatest spread Least spread* Y; O3 M5 f2 C' X4 K& @
A) Callable Putable
L7 D8 c& L, V) x" y/ Q( jB) Callable Option-free, {% h1 m5 b; Q q4 u0 E' O
C) Option-free Putable2 f( N+ ^2 j. Y# u* x
D) Option-free Callable 2 b7 Y; P: E" Z5 T. x0 H8 @( C- J7 r
! K% y# i6 I6 `% \" V! a) }; qQuestion 110; v2 ] u9 |' L: _0 Q
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:# Q* b& W: I1 z, A0 C$ q! ]5 r
A) B, A
; F- ]0 M7 G( X1 X2 G8 a& I9 YB) CI, AAA" P" y! A/ _5 F: j2 M O1 \
C) D, AA& G& \5 w9 R* x
D) F, AAA |
|
发表于 2015-7-21 09:05:10
楼主
