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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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Question 106
: l- ?9 Y' g! c; m5 qThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
. B* R3 _# j$ ~9 q. A% k! h0 oA) unpredictable for both variable rate and convertible bonds.* K, |0 v \* E8 y' i' j) O7 u
B) predictable for both convertible bonds and bonds with sinking fund provisions.8 B0 r) n6 u3 F, o
C) unpredictable for variable rate bonds and predictable for callable bonds.
6 d9 F' Z- v) l! a2 o+ M9 \D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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& v, p2 D! \* w; KQuestion 1070 I3 D) s" R: U
Which of the following statements regarding callable bonds is most accurate? Callable bonds:
7 Y9 N2 \" ?/ n+ mA) are likely to be called when interest rates have increased.* }8 C( x1 s, V" k1 E
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
' V6 M9 K3 L2 w9 fC) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond.- |/ j, s4 G( {/ i/ K
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.& i( M4 N/ v$ G7 x; p/ K+ b
5 \2 f) e* j+ Z- _9 M& o1 r" sQuestion 108. X: L2 R" M" o1 y [0 l
Which of the following statements regarding debentures is most accurate? Debentures:# J$ E# ]3 z& G9 ^+ ~
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
. W7 v4 J# N& V, Q, sB) may not be issued by government sponsored entities.
2 v( a) s; s* Y: VC) are often called first mortgage bonds.
- z$ y" v8 {2 N+ t0 R) PD) are free from default risk if issued by federally related or government sponsored entities.& p3 _ d- c" S
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Question 109
/ N0 G* Y; h# f, PThree 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?
% ]' f: u. r' k1 q9 p0 [ Greatest spread Least spread2 P$ T2 X& E/ x. d* v9 O% O
A) Callable Putable
8 p7 H l, a3 f& y3 ZB) Callable Option-free3 E$ k! J% @/ H+ R: ]; a; B' Z) p4 s4 q
C) Option-free Putable6 F' d* H; `! ? c2 @7 F2 O( V
D) Option-free Callable
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# E, V3 e% n D: N2 ]( ^Question 110) U$ b1 V8 u. m9 g/ ^. l
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:
* r9 c& h5 y6 bA) B, A1 G( h! l& i; X6 E, J" c) @
B) CI, AAA
- v+ T: a. y" ?: t* ]C) D, AA
3 S* O) u6 a+ p+ P7 P% C# I% TD) F, AAA |
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发表于 2015-7-21 09:05:10
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