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本帖最后由 catherine 于 2015-7-21 09:06 编辑 ( z* i' ?, ?1 E! i2 D0 i
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Question 106
0 p6 h6 v& X9 LThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
2 a. N& M* B% T. s3 n9 cA) unpredictable for both variable rate and convertible bonds.; s5 U% A# `) S
B) predictable for both convertible bonds and bonds with sinking fund provisions.
4 F6 `: c3 v/ E GC) unpredictable for variable rate bonds and predictable for callable bonds.
, I6 L8 d+ K3 ]: }, }D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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9 f* m# [& o5 y+ c% w' w* eQuestion 1075 F3 C. H. S9 X8 F# T7 I
Which of the following statements regarding callable bonds is most accurate? Callable bonds:0 T5 r9 y; k2 Q2 u" ?. s$ j# e
A) are likely to be called when interest rates have increased.
( c* V2 l2 t F8 W _, K6 FB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
3 `4 B T$ M7 F: z( jC) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond.
4 q# i2 @9 e) ]4 X2 h* v# x" ED) 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.8 q: m. Q7 ]# e* i5 ~( `
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Question 108
" D( R' I' |6 r( KWhich of the following statements regarding debentures is most accurate? Debentures:
+ @% h; l* y0 |* A# ^/ WA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
2 s! }$ @+ Q7 W/ e KB) may not be issued by government sponsored entities.1 v: }2 D D3 r& W% A+ _
C) are often called first mortgage bonds.+ c5 q. R0 y; k
D) are free from default risk if issued by federally related or government sponsored entities.2 O) f" S; \! O, y0 t
- w7 B$ a1 s8 s; `! l3 p9 }) }+ A+ _; FQuestion 109( P4 x1 r: ^( 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?
$ i; H [# G' t, G) F Greatest spread Least spread
. n0 ?3 P7 O; n1 UA) Callable Putable
7 N% G1 X8 h& _( ~2 e. K3 H6 LB) Callable Option-free
0 i: e4 a. p4 d6 i) d y2 M8 }C) Option-free Putable
3 a! ^1 f) a4 Q$ D5 x; ^8 v! q5 MD) Option-free Callable 0 U' \# |: i @7 Q
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Question 110
6 @- B+ F2 d4 z" n8 M9 }/ iIn 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:. t% p8 r/ ?0 F2 A. C
A) B, A9 a0 ]8 ?- P7 l$ O
B) 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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