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本帖最后由 catherine 于 2015-7-21 09:06 编辑 4 Y! z; e, N. ~! }3 }1 g4 U/ U. l. l
. u. K9 M, _* J; @Question 106
9 o4 G q0 O- B8 \* LThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
2 y+ b! {# I$ f l) I' {A) unpredictable for both variable rate and convertible bonds.8 g' X( G8 [ U B0 q9 A; ^& {
B) predictable for both convertible bonds and bonds with sinking fund provisions.6 N3 d; r" s5 ~" ?, c: \# F. d7 X* l
C) unpredictable for variable rate bonds and predictable for callable bonds.
4 {3 P7 Y4 k/ `9 XD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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- x5 v0 E* {) w6 x3 a; [3 |Question 1076 c2 b" p7 K/ h0 m/ T
Which of the following statements regarding callable bonds is most accurate? Callable bonds:2 u! L ~' R# W" Y
A) are likely to be called when interest rates have increased.
3 P) B2 P/ U9 l0 X4 WB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
# h3 N7 C8 z+ q8 [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.6 B9 a: N( V9 v; U1 l9 n
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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2 i: E/ r, l9 \: DQuestion 108
8 Y5 u% T& J, J, s, p RWhich of the following statements regarding debentures is most accurate? Debentures:2 P$ U- I- V+ M" s3 o g/ Z
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
. n9 C% c8 T4 R9 `+ G$ A7 `3 t. bB) may not be issued by government sponsored entities.
U9 f& O4 C P+ O1 xC) are often called first mortgage bonds.$ n) @2 {! @: B/ W% x6 D
D) are free from default risk if issued by federally related or government sponsored entities.3 u ]6 R$ H2 X. l+ v
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Question 109
8 G: V5 j8 I6 P: i$ C3 P! Z+ w7 [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?( q) E# X+ F5 Z
Greatest spread Least spread) X. ~! }8 s; D% {0 ]/ v% [
A) Callable Putable) T# B& A) o/ d9 q |6 [% q! s7 R
B) Callable Option-free$ z$ Z& Q% ?8 v m
C) Option-free Putable
: }; w- | z3 eD) Option-free Callable ; ]. i1 q1 g# |' U5 V
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Question 110$ s/ s7 _$ S: G/ e
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:
- D; M" w2 j& I1 j. W5 w) c0 d- EA) B, A$ A; J: i1 x! [2 c2 G& s$ {
B) CI, AAA
- v$ j. k; H! Z3 C+ YC) D, AA6 E& R$ v$ `; K2 x$ a( X8 n1 }
D) F, AAA |
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发表于 2015-7-21 09:05:10
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