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本帖最后由 catherine 于 2015-7-21 09:06 编辑 4 U$ P" Q7 Y; U. X1 `& b" _
4 e$ T! B# d9 D, Y! tQuestion 106
# m6 a+ n m& f* T( R5 }. ^' lThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:2 ~* z" g4 o! O
A) unpredictable for both variable rate and convertible bonds.
8 L, M3 a9 J* |4 `) YB) predictable for both convertible bonds and bonds with sinking fund provisions.4 `' a; u2 x7 B7 l
C) unpredictable for variable rate bonds and predictable for callable bonds.. n6 H" V! S: ?; `! X; W3 y
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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Question 107' K7 k4 H0 F9 M# D3 V- ]$ |* y/ V$ I
Which of the following statements regarding callable bonds is most accurate? Callable bonds:) z- _7 \/ R1 D O. w
A) are likely to be called when interest rates have increased.
* m% O: I5 w& {9 K- oB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.+ V5 ~/ k) N6 X( H) m- o$ T$ A
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.8 f: y- [! l) J. C
D) 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.
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Question 108
7 x) I' s, j4 o+ z, P' oWhich of the following statements regarding debentures is most accurate? Debentures:
* `' o% o& o# D( U3 I; {& kA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
6 Z N4 E5 } \+ c( j- _0 UB) may not be issued by government sponsored entities.2 D7 s. r2 `4 c+ Z' A( B
C) are often called first mortgage bonds.* E2 s" x. N0 A7 Y8 K
D) are free from default risk if issued by federally related or government sponsored entities.. G7 T, t: e( X
$ L3 g+ Z+ C( t+ s+ tQuestion 1091 e+ f% U) f8 R; E4 c# W" j* {" L
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?
$ i6 Y' Y) q! p$ Q. u$ x! @# _ Greatest spread Least spread
3 l+ G1 a5 f2 K% ]2 B! L/ a# LA) Callable Putable6 o; {: E7 ]! g& B- d5 y& ]% C- D
B) Callable Option-free" j: D, l; \0 X- b1 A/ X/ R3 F
C) Option-free Putable
; c1 O# a+ u6 F% _D) Option-free Callable
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1 Z6 C/ X1 y' d% OQuestion 1104 O* c; K- p9 M
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:
- U5 L8 P( ?# v/ qA) B, A
9 B( @8 g$ M# r7 Q7 _$ G9 FB) CI, AAA- P6 i$ \5 ?1 x" I* w8 N0 ]* N
C) D, AA: ]+ y7 P3 m. n4 E6 N
D) F, AAA |
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发表于 2015-7-21 09:05:10
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