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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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Question 106
$ p( t" o0 v% N8 ^$ TThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
; s) N# b; y1 [" q9 N0 jA) unpredictable for both variable rate and convertible bonds.5 ?* L$ r0 Y+ @( J
B) predictable for both convertible bonds and bonds with sinking fund provisions.
+ u& D9 P, [, q6 S$ A UC) unpredictable for variable rate bonds and predictable for callable bonds.- s/ l0 {) N$ S9 i, x. I
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.8 x3 j% |, G0 u6 {" J
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Question 107, |3 A- m- `1 J& n
Which of the following statements regarding callable bonds is most accurate? Callable bonds:
9 c! N3 L1 m# N# }1 q$ u2 rA) are likely to be called when interest rates have increased.- p+ m! T: a; Y+ c
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.7 L% e3 `$ T! ^7 H
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.
1 U( {# f/ b; y1 q4 j' 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.$ c1 Q) N L) s9 ~( J4 b7 V3 i2 [
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Question 108
' o. P4 | x- O& M1 A; ?Which of the following statements regarding debentures is most accurate? Debentures:6 w0 S. O8 I* u6 j4 f/ L8 o
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.+ `) H; i" @& L# ?7 c* X
B) may not be issued by government sponsored entities.
8 i0 x# v/ R- ZC) are often called first mortgage bonds.
c, X/ k+ t. b/ L( rD) are free from default risk if issued by federally related or government sponsored entities. t& J; E$ M* Z
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Question 1094 W& P3 n: b0 N' P
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?
" F2 T3 l) i- s7 J5 ^+ N Greatest spread Least spread8 L4 H3 l6 R5 l: {0 q) E0 A
A) Callable Putable
V# k# a! F' h+ X3 VB) Callable Option-free, ]* S+ j1 O9 n+ C; Y
C) Option-free Putable
. }" ?$ S+ F/ J) @) t( ID) Option-free Callable 8 j5 e) y: w; W4 R1 W/ }- ]
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Question 110
# {* {9 [& @6 u1 n! uIn 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:
" e/ m* ]' F, u9 ]# U' @$ |& VA) B, A
' g+ p+ g8 ^( U: GB) CI, AAA
- Z1 y3 X- q! o& _C) D, AA
. P: j% x# y; Q$ E+ [9 O. dD) F, AAA |
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发表于 2015-7-21 09:05:10
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