|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 + {& E+ ^% B( ~8 X: `6 ?2 E
- J0 v9 I8 N1 d* y" l
CFA Level I：Fixed Income - Features of debts securities 习题精选7 N. z1 L, z% B ]& o
21. 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：
4 q1 B$ H$ @& vYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
- O9 u4 d/ Y MDuring 2012, the payments owed by the issuer were based on a coupon rate& [/ X! p6 s+ x( Z
closest to: # y* Y0 {1 Z4 X c( c0 I/ ?
A. 6.5%
1 l2 _0 G. C! U6 \0 xB. 5.0%
3 x. H- J" X/ R# w! o, qC. 4.5% 0 B% c+ |& ?! J
) w" s" X2 ]- W答案和详解，登录后回复可见：
. ]# f$ \( Q; u6 ?( W
8 `* c4 j& T7 L) E
; d, f2 |' X0 W( ^4 n) g- Y8 Y
' i7 e4 \' ~: p; i L2 J% [22. Which of the following provides the most flexibility for the bond issuer？% M8 k3 L) e) e! p9 ?4 n, G' k
A. Put provision
: y, q, p* Q# ]! |. KB. Call provision
0 n0 j' n4 V# eC. Sinking fund provision 3 g# s V; F- E- j9 v
! Q7 }# z$ t# o/ m9 F/ z0 W
7 J+ q6 j; v7 k0 ^. I O+ Z2 V- a
+ G6 A1 `( W% D/ `! H2 Y
; a! X2 F; a. L4 e. z2 |23. Which of the following provides the most protection to a bondholder？* t, Z: q8 F5 A0 ? ?
A. Call protection. * H. I0 v; u2 [2 z% I" B- x
B. Refunding protection.
7 X" u* v. h( r1 r! T+ \C. Sinking fund protection. 7 ~' P, j4 E7 B1 n1 X _. T
( y$ t; j% {7 W. @
; m) Q6 |2 a+ o1 U% i
7 l, V8 x7 \ s) E: @2 _/ S+ w7 f/ C6 [
24. Which statement regarding sinking funds is least likely correct？
. h6 Z0 t9 W" @8 Q+ S: a5 v. cA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
+ W4 z0 b' n u" I% d8 l# ZB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
5 R% S1 d# x8 e( d8 W3 p" S" S9 }# CC. 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. ' @" z! F* g1 t1 C# X
/ T* M8 Y( o9 a$ `
) O. @; Y4 w5 Z: X
0 s( ?0 `( L: T" i
25. 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？8 T- O8 g- K4 l! [' ]
A. Term repo rate ! k8 c( F+ g$ x7 i [& n) z' s
B. Call money rate
$ A9 o0 G) P# SC. Broker loan rate ! O0 P; i+ G7 o1 l, ]6 C
' n: l @5 |- B$ l: u
$ M: ~; W* W5 x$ Z. M+ Q& q& l6 z& w
更多CFA习题可关注：高顿CFA题库.
5 z+ ]. Q7 t1 C. S" x, n. S关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得
9 l9 Y% \2 s* j3 T6 A8 A
V6 z g- \5 @& @# E6 ]
! b- w- ?# A( X+ c; W# L+ H( P; Z: I' ]) G: B4 ]
3 Y* ^' a) C) b# u* w- a |
|
发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
