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本帖最后由 catherine 于 2015-7-21 09:06 编辑 ' s: [" w- g/ M u% G
4 Z% ?7 g: Q0 h5 j, mQuestion 106
( v K G. o b: ^The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
) E* W, x( Z/ d; |& O3 g) y @8 xA) unpredictable for both variable rate and convertible bonds.3 O& \4 b3 f, h5 {( I3 i( V2 V
B) predictable for both convertible bonds and bonds with sinking fund provisions.7 f4 R# @) u; j- e% V5 j' O
C) unpredictable for variable rate bonds and predictable for callable bonds.
) A; G/ d; M& s3 M. N; M- F! Y! E' K' sD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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Question 107
( v. `/ S: Y" h& c4 XWhich of the following statements regarding callable bonds is most accurate? Callable bonds:; \ `) y& Q6 \
A) are likely to be called when interest rates have increased.# G( Y; t/ @3 S2 F! J3 [, t
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.8 b: D) B5 ?$ C" O
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: V& Y) e" G- k0 R. R t9 f! kD) 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.; r" A1 q5 n2 [( l4 i
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Question 1082 H$ I0 R4 `) a# F/ Z
Which of the following statements regarding debentures is most accurate? Debentures:
" `# V7 T+ Y8 U) Y$ mA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
% B- |! Y: w m7 q3 O' n0 c$ ?8 vB) may not be issued by government sponsored entities.
2 s- P" B% r* h' v4 S' T# xC) are often called first mortgage bonds.
3 N2 U9 U1 F% @1 [! ~# ?+ {D) are free from default risk if issued by federally related or government sponsored entities.8 y9 q5 l& ?) _- @ A
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Question 109
. j5 V6 m4 A7 p5 t/ H1 v' I* n1 FThree 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?% |5 T- c' q- N' u# ^1 M: g& x
Greatest spread Least spread, I1 r% c- }1 t# e
A) Callable Putable
j7 l5 s! V1 Z- ?B) Callable Option-free
4 [) t, x, W1 _* J( o9 vC) Option-free Putable
2 c5 p2 h8 M0 vD) Option-free Callable $ X3 R) y) B8 g$ e- c" a
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Question 110
# j ^; @* j) V# `. I: m* uIn 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:$ M4 d9 n$ Y: R
A) B, A
8 i% G$ I4 }4 o8 A9 g; WB) CI, AAA
9 R6 x! |( Z: v) ]C) D, AA
2 `, d1 j Z/ mD) F, AAA |
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发表于 2015-7-21 09:05:10
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