|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 w: Q/ O$ `$ Q5 d0 \: y
% M# @( |' Y4 \. B* Q$ E
CFA Level I：Fixed Income - Features of debts securities 习题精选
5 t3 b( D! q0 a- E$ L# n21. 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：5 R5 K. V/ A3 T, |: X/ ]
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
( W! ` O# M+ HDuring 2012, the payments owed by the issuer were based on a coupon rate
# ]% f2 Q6 Q& d0 U1 Q2 I/ [0 P4 Y' `closest to: 3 ]- F& q8 t6 \* Z& K T' W
A. 6.5%
$ h( Z: S8 D0 w/ n- V, DB. 5.0%
% [/ ~7 q1 Q) W$ hC. 4.5% , \8 v7 H- ?. e0 J( S* j
" Z' b+ H; s$ X9 F4 }2 H; d
答案和详解，登录后回复可见：, c. M0 F$ _1 m# K, [" c
4 G1 X1 f3 n1 ^, Z0 f3 _* `5 s0 }
; B$ S4 r/ N) I( J2 _+ p
" n) V- X0 M h% `
22. Which of the following provides the most flexibility for the bond issuer？
9 k! P& G1 M. ]- v; V5 n7 yA. Put provision
6 V' d4 W2 Q% G9 Y& BB. Call provision
# A" T: V. p. \ ?C. Sinking fund provision 1 m; M+ c4 X/ F2 F6 D
1 g0 N5 T9 v* |5 Z
+ {" \4 r; }$ j$ J- s- p1 p5 _, v9 I/ y4 N$ ?3 t' J5 I* A
6 u \9 A- F+ ^& x23. Which of the following provides the most protection to a bondholder？
2 I# r6 A- B1 a' v5 \A. Call protection.
; m9 v6 f, Q2 lB. Refunding protection. " |) W, B& U3 s7 h7 q8 q4 s& }5 v
C. Sinking fund protection. / U4 J) h% }+ `" @+ p7 [4 h+ F
$ Z7 d4 `/ ^' m. N
& y$ _( e% X& {7 N
2 }6 z3 r* r/ X& S! ^8 Y
8 S2 Z& G4 t+ j4 H& a
24. Which statement regarding sinking funds is least likely correct？
6 a$ R- B; ]$ |6 J! aA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
5 R( g( V ~2 T+ BB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
5 I0 y4 D, n6 ]9 x) C3 N5 fC. 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.
& y! f2 o' m; x* y" K! D
7 K: E% g& }1 W2 J# Y2 E
4 _: O/ l/ G) c* \4 K
% N6 R4 L2 z$ R% o25. 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？
- B+ x( D0 R Z4 U$ KA. Term repo rate
+ V A4 p8 D# J8 ?& TB. Call money rate + R9 ~2 Y( _* m" R4 L. C
C. Broker loan rate
) X8 {9 K5 k) A0 q0 @! O2 L) c0 W: b9 \$ i- y$ g8 J
9 y, B5 k+ Z5 ~
更多CFA习题可关注：高顿CFA题库.
) U H( o- ~" p2 {) l" Z# x关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得
, A& K0 n2 c3 x8 j
& \7 p- c* G7 `$ @( [
2 Q" P+ i0 E: Q8 R
L' e: G' L6 t9 c `8 a
7 X4 m3 y- y1 m# R9 \" o |
|
发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
