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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 . i6 L5 e, }9 K$ p- z6 f
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CFA Level I：Fixed Income - Features of debts securities 习题精选
, s7 c! u: K8 I; v21. A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table：/ ], F+ o$ d4 Y) N- j+ c- g$ B
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
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During 2012, the payments owed by the issuer were based on a coupon rate4 J# m5 {5 f( f' R* ^- H0 S
closest to:
. T4 A" }# v# h$ o& |: tA. 6.5% + n. U9 U. r$ d7 K. R6 O+ y$ Q
B. 5.0% $ r2 w/ R5 V t- X6 T
C. 4.5%
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答案和详解，登录后回复可见：
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22. Which of the following provides the most flexibility for the bond issuer？0 V* `% o/ o1 `
A. Put provision
7 C3 J% |' Z B' C4 g: }7 Z! QB. Call provision
( _% S; m5 R7 e8 J" {C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？
1 c2 J5 r( ~8 s% U5 }/ [A. Call protection. - F+ [! Y. R3 w( ^! X
B. Refunding protection.
: I! V x9 _8 X4 [& M! ^C. Sinking fund protection.
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24. Which statement regarding sinking funds is least likely correct？
5 I _1 k2 g8 zA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
: a; a5 n9 ~* Q- {$ dB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. * X* o' [8 k2 j* b
C. If rates have declined since the bond was issued, companies are likely to choose to retire a proportion of the debt through the delivery of securities.
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- T! F8 c( o$ T1 ^* l6 `: w25. If an institutional investor wants to borrow money for 30 days to finance a bond purchase, which of these is most likely to be the lowest loan rate available？5 T n* u9 B% j* O
A. Term repo rate
7 L) g; W' m' R: ?9 u" x t, {B. Call money rate ; T# `; B) V4 t+ T8 ?" m
C. Broker loan rate
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
