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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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Question 106
8 A+ G# }) A5 B2 J. y" cThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
- w/ a/ P& E, l( ~1 t4 [' E& z9 k3 FA) unpredictable for both variable rate and convertible bonds.
, Z( S6 I( `) B9 p# L+ R; IB) predictable for both convertible bonds and bonds with sinking fund provisions.
& p E# [8 G0 r0 n% u IC) unpredictable for variable rate bonds and predictable for callable bonds.9 v3 ?6 e! [- I
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.+ a& O8 r, X) e7 c, |1 R
4 R2 H+ H4 K) v& `: OQuestion 107. | ~5 g, e% V( R' T0 y
Which of the following statements regarding callable bonds is most accurate? Callable bonds:/ M6 a5 v& k4 o9 Q% q- ?- p& l
A) are likely to be called when interest rates have increased.
7 V' B- X" }8 n5 vB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
" N2 `' v$ H! F& }: Q. P% P/ SC) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond." f+ g. S6 u$ M
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.0 W4 G$ o5 M' s, H$ J; j; k) T1 Q8 l
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Question 108$ _: `* Z9 T6 [; |
Which of the following statements regarding debentures is most accurate? Debentures:
* {* a- G' y! s. a0 sA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
4 T- E r) T/ n% ?B) may not be issued by government sponsored entities.
$ E0 K* I' z7 ZC) are often called first mortgage bonds.
6 D3 }! c2 V4 Q" _1 v4 k! J/ S* b1 YD) are free from default risk if issued by federally related or government sponsored entities.
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6 \: T1 }9 [! _5 ]. u8 G8 |- P9 LQuestion 109
! V" X5 R$ J8 ^0 [4 gThree 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?* n6 X. m' Z% M
Greatest spread Least spread
5 \ O0 p2 z, `A) Callable Putable
# J, E) p9 v: p0 lB) Callable Option-free
K7 W0 s% K" k+ `8 P& ?C) Option-free Putable
# V. t4 S5 b+ |, x9 p, RD) Option-free Callable
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Question 110
3 C/ Y$ H F" W& Z- \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:; G4 F$ }% I# ]0 d+ l
A) B, A3 C v1 w7 w% j9 D5 u' S- h
B) CI, AAA
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D) F, AAA |
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发表于 2015-7-21 09:05:10
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