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本帖最后由 catherine 于 2015-7-21 09:06 编辑 % D) J( I, L8 c( U# A, P% W
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Question 106
2 L' b8 N4 f! n1 XThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:. a/ s3 [% R8 D) ?$ h
A) unpredictable for both variable rate and convertible bonds.
+ I* D. \, i& V+ |1 J WB) predictable for both convertible bonds and bonds with sinking fund provisions.! ^- m( v4 q. @) r: i5 r; e9 L+ K
C) unpredictable for variable rate bonds and predictable for callable bonds.
4 [4 s: w2 b; i+ G+ T) DD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.6 @9 ~/ @ f, Y
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Question 107( q% k& _# @9 a4 U0 W: d, A% [
Which of the following statements regarding callable bonds is most accurate? Callable bonds:# R7 z6 E' P; C6 U. f) I6 |; h
A) are likely to be called when interest rates have increased.6 @1 R2 D* k3 W$ R s
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.- m; j# I4 c$ f2 S" s9 t# q
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.
! Y! Q3 ]+ T) N A$ I* w# mD) 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. i2 E4 p# u1 x1 q
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Question 1088 X1 W* e! X# ^1 Q: M
Which of the following statements regarding debentures is most accurate? Debentures:
, V! l+ g1 T( I& T: a" }A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.( v+ x! e4 j" A, B( t
B) may not be issued by government sponsored entities.
0 J3 Q2 h. ?/ m' C4 x0 B" mC) are often called first mortgage bonds.
; B! U, F' D' S7 y; PD) are free from default risk if issued by federally related or government sponsored entities.( \7 I( H) |* G' l, ^
" ], q& v7 P5 K+ P) hQuestion 109
' M2 P4 Z3 Z, I0 cThree 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?" {- Z. Y- O2 S/ i
Greatest spread Least spread
( I/ ] p. x5 XA) Callable Putable
3 w5 T6 t, w$ ` }: v. t- n0 j# SB) Callable Option-free
, B L( Z% i. E0 W& b* u4 tC) Option-free Putable
' N/ D5 p) H# q2 k& FD) Option-free Callable
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Question 110+ I0 d% ^$ R( F: @+ ~- F3 w
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:6 `9 v: M2 f! }
A) B, A5 E* z9 U) p) X" L5 E. g1 X
B) CI, AAA# s+ N4 {# W/ r* i7 c" b
C) D, AA$ q+ k, E0 W& I2 q) x
D) F, AAA |
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发表于 2015-7-21 09:05:10
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