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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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' H8 c1 U* C* p" K! y- {Question 106! K" G3 H7 [) r1 w" D( Q- p
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:) a0 x, ]+ {" @! [! y n2 @
A) unpredictable for both variable rate and convertible bonds.
1 n' ~2 x& d- d3 [" h. z& ]B) predictable for both convertible bonds and bonds with sinking fund provisions.
5 i- J+ I9 l/ Y; M rC) unpredictable for variable rate bonds and predictable for callable bonds.% n& K" {: q* s7 \2 [
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.1 r4 P! a& f! P6 I q
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Question 107
6 x9 Y! O( s( O( }5 G3 b% W/ wWhich of the following statements regarding callable bonds is most accurate? Callable bonds:
1 a# x4 u5 F6 U9 NA) are likely to be called when interest rates have increased.* p: N# s3 z$ r3 z
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.- W( v( Q ?3 W" s
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.$ n! g, E4 G9 @8 O
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
5 Y9 O3 I5 V( G) I& |- E+ h4 ~Which of the following statements regarding debentures is most accurate? Debentures:
/ }) Q( @6 v: ]9 F7 ^- L6 fA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
! g! D; @: u% o1 ~+ b1 Y% o; ~, bB) may not be issued by government sponsored entities.- V4 z3 l5 l9 k8 L
C) are often called first mortgage bonds.
0 g7 a3 \6 H2 wD) are free from default risk if issued by federally related or government sponsored entities." a! u, m1 L ~. p
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Question 109
6 E% N; I* U- @ z! TThree 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?
$ W/ h5 C( Q* M: d3 |8 B Greatest spread Least spread
; D3 X# {' w. \) U9 h0 vA) Callable Putable. X5 ^' S/ ]9 X8 G& X! F2 `
B) Callable Option-free2 x" }' z+ F# z/ m9 O4 D8 M
C) Option-free Putable2 `8 @9 s: Z3 e' `( Y1 }
D) Option-free Callable 1 `& M1 d( i4 ?; I8 F. |8 j; Y# v
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Question 110
0 D0 F! e+ |5 X" AIn 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:2 {+ T2 P/ w5 o+ G+ ?) ^+ e# i' D3 l
A) B, A
, e& X+ C# U' X, k+ T7 iB) CI, AAA
- } t0 l g% p1 bC) D, AA
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发表于 2015-7-21 09:05:10
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