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本帖最后由 catherine 于 2015-7-21 09:06 编辑 ; O, H1 F, w& F5 N3 U' J
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Question 106
3 }$ d4 W# L; ]( o* o- B! u. ?7 c4 Y1 ~1 XThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
0 ?5 v/ Q$ A( P; `8 ^' w5 Q$ i" EA) unpredictable for both variable rate and convertible bonds.
) t+ B0 @, i# j1 M9 {4 P( zB) predictable for both convertible bonds and bonds with sinking fund provisions.
/ b* {# |. @) ?, [0 |# SC) unpredictable for variable rate bonds and predictable for callable bonds.7 y8 o+ }, j' _3 k8 Q$ l- @5 b
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.; I0 B5 K1 I' @8 S
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Question 107
* s2 e2 O+ f/ |7 ?# l" pWhich of the following statements regarding callable bonds is most accurate? Callable bonds:- _, D2 ]7 t: x4 k) o6 R
A) are likely to be called when interest rates have increased.
) r6 a6 j* x! I5 zB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.: I) p; D4 W% J& b1 v
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.
" G$ l2 O0 L. Y! e" Y8 vD) 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% Q4 C J, r& z) }4 i7 o& d3 ?
Which of the following statements regarding debentures is most accurate? Debentures: a) e$ M7 i+ o% H6 {" A
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.+ L! h# W' t0 L/ a1 |( J- j9 {
B) may not be issued by government sponsored entities.
8 d. _* u- ?: N7 L' L! xC) are often called first mortgage bonds.9 w R" { ~% l$ q, @
D) are free from default risk if issued by federally related or government sponsored entities.
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$ u2 z& o3 p) F' i. K0 t* VQuestion 109- Q1 h8 E. v9 p3 C
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?
% k' ^% n0 @& A7 P7 e$ x0 X Greatest spread Least spread
5 l4 Y# k" O9 k" }A) Callable Putable
0 d5 O# T* l" a8 \B) Callable Option-free
- H2 W8 [- w D. _! f' g3 q) TC) Option-free Putable
, p5 M+ n- A6 Z& w/ d9 f9 cD) Option-free Callable
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& A, ~; N N7 W+ y% }0 yQuestion 110
: u% B& t d9 l. ^. |+ a* hIn 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:
4 @6 y* z8 e3 e/ e+ ~3 V* e5 f$ n0 A9 i- QA) B, A
& Q+ l# O9 w$ o1 f* LB) CI, AAA, t" \6 P4 w. O2 S* P0 x2 x' z
C) D, AA; { y( S- K* N6 r
D) F, AAA |
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发表于 2015-7-21 09:05:10
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