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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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+ T9 u$ B* d& \1 aQuestion 106% g$ X/ J$ h( V1 t3 c; P
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
' x6 N8 n: m4 V4 Z/ QA) unpredictable for both variable rate and convertible bonds.
6 q( M6 k: h2 R3 t5 pB) predictable for both convertible bonds and bonds with sinking fund provisions.
3 W/ Q# b$ ^. r* e4 D" FC) unpredictable for variable rate bonds and predictable for callable bonds./ ~% `* ]* e/ c& S' o
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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; @( \! o* v5 JQuestion 107
9 l$ B3 d |' v4 OWhich of the following statements regarding callable bonds is most accurate? Callable bonds:
" ~; e, K$ M$ O. S% R1 k7 w; c1 }9 oA) are likely to be called when interest rates have increased.
+ p1 [2 N. V/ p* O7 l- c+ BB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years." E( j5 i& r5 X; k2 F7 |+ G
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.
' l- r1 u% j4 E. Y% p! P- x$ K: PD) 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.4 S2 B. D# ?' D! x$ n
9 x; Q9 Q. F/ o8 T# ^: j+ uQuestion 108: t5 m3 E. @) X+ S9 [9 a( u
Which of the following statements regarding debentures is most accurate? Debentures:, v. _: t4 h6 n; H# G& {; K
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac., f9 C7 }1 w9 ^% t, ?' A" ?
B) may not be issued by government sponsored entities.1 p3 X5 A) Z" }* _6 a
C) are often called first mortgage bonds.7 J% ^( x7 ]7 }0 I- Y+ [ t6 p
D) are free from default risk if issued by federally related or government sponsored entities.7 _( }! P7 v: K: E) J! y( j0 _, X
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Question 109# `5 M! F1 p# r0 ]- ~
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?
( v& p2 h( G0 Z# p# d; C- Q Greatest spread Least spread& q) f' N+ [& ]6 x, V& m! p. `
A) Callable Putable
7 n% T0 {/ D. P5 I# `6 wB) Callable Option-free
+ p2 x) w; ?4 A$ V0 hC) Option-free Putable6 I; `) ?8 N0 K" z8 l* F
D) Option-free Callable
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Question 1100 f2 O. T7 J$ C) @# L- o0 Z0 s
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:" b6 L" d0 j' H- z
A) B, A
) Z9 k" C; d: x# O$ wB) CI, AAA
% l3 M( y; {* D- }6 p9 KC) D, AA
9 M0 [" R, o1 B B) J0 ZD) F, AAA |
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发表于 2015-7-21 09:05:10
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