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本帖最后由 catherine 于 2015-7-21 09:06 编辑 # {8 r7 G7 A5 p9 j0 s$ P
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Question 106
, ]! Z. k$ s1 N3 p, sThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:7 D+ p/ x2 M1 ?# Q2 R. S9 P
A) unpredictable for both variable rate and convertible bonds.
' Z, ?( w- ~! m5 j# P: s/ CB) predictable for both convertible bonds and bonds with sinking fund provisions.
; a+ u' V% v4 a' QC) unpredictable for variable rate bonds and predictable for callable bonds.: B" {) c) B4 g* l
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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) N/ V. x4 V: {4 R! x4 ~7 @; `Question 1070 i4 k# c, [( C9 W% ~& B
Which of the following statements regarding callable bonds is most accurate? Callable bonds:8 G* v# z3 B: V6 ^1 t" ] v) w% s& Y
A) are likely to be called when interest rates have increased.
( d: x* I" {3 K% X( r6 YB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
# p! c: v- b0 G% m1 e( K0 e- A4 XC) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond.% u! U9 D5 _! p# _, D* x S
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.9 E2 a5 ^$ n; J/ k; y7 \+ _3 b
2 D/ I# k2 L% k. r3 ~7 LQuestion 1083 F5 R- f8 N7 k: y: P
Which of the following statements regarding debentures is most accurate? Debentures:
# H2 V* I1 y* _& Y9 `7 lA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
" ]( ?7 G& t, `3 {/ [( R/ JB) may not be issued by government sponsored entities.( Y& J# G) G1 U& j, C
C) are often called first mortgage bonds.. G& w/ N+ G8 z
D) are free from default risk if issued by federally related or government sponsored entities.
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; u4 k9 r# c. ~+ m! x( n EQuestion 109
0 ?0 n& s/ w# SThree 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?
9 Z+ ]! \: |/ r' b X Greatest spread Least spread- _. B, Q) l: [/ n4 L
A) Callable Putable6 v6 `+ X: i& X6 k6 s
B) Callable Option-free
9 {4 Y p6 ?0 X8 nC) Option-free Putable; v4 |* Z0 x p) r* }( E2 E2 ]
D) Option-free Callable + U6 t/ |4 J6 i. F0 f
" ]4 q( z; }# u/ R# [Question 110" O+ [. \; x1 ?7 v. w( k
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:
/ k' q7 q) T- }A) B, A
; s- d' ~7 `( j( n5 _* u# @B) CI, AAA8 P# }1 v- {2 q2 O8 x. P
C) D, AA
3 g( |! l' o! F; Z qD) F, AAA |
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发表于 2015-7-21 09:05:10
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