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本帖最后由 catherine 于 2015-7-21 09:06 编辑 - j7 J& l6 |! M. `: i( X# z
1 _; l d) F6 L' [3 o! U# a% SQuestion 106
5 H" m( Y& ?0 j- ?7 T. S! R$ m5 hThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
( L8 ~1 ]) ]2 Q" iA) unpredictable for both variable rate and convertible bonds.- s8 O- t( x( D- u2 K6 T) t
B) predictable for both convertible bonds and bonds with sinking fund provisions.
2 w2 c: v3 |$ f1 E3 D& F! Q( J1 w" oC) unpredictable for variable rate bonds and predictable for callable bonds.) b1 I: b# K4 A* E+ r
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.7 w0 E, Z9 O( R
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Question 107" {1 T \- T" g$ V
Which of the following statements regarding callable bonds is most accurate? Callable bonds:
. t. z+ v( i' l7 d. ~7 ^5 `$ X- I. eA) are likely to be called when interest rates have increased.
% s4 k' E5 ~7 x) U; gB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
' s- W9 U+ ~' F- h' F9 pC) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond." @. [6 w1 B) L
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.+ }% o# k) S* E
3 ^* W5 \: N3 X4 v- H3 h& VQuestion 1088 H7 n+ i7 w5 {$ i# K2 P2 C N
Which of the following statements regarding debentures is most accurate? Debentures:1 A# H) x7 H/ Y
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac. Y$ v0 ~: i1 u# d
B) may not be issued by government sponsored entities.8 b& ^' Q9 f; b1 n) X( E! y; H3 \
C) are often called first mortgage bonds., K: p$ A( V) `5 w/ z
D) are free from default risk if issued by federally related or government sponsored entities.2 i7 W) e* f) K" B! w' l9 o6 n. f
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Question 1091 i9 W1 p3 \' w! C {$ S3 s
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?
4 O" y2 a4 Y9 ~+ Q- |+ Z Greatest spread Least spread
9 \0 e: ~. j6 _( L6 EA) Callable Putable
, m& P& z9 Z/ R/ Y) [4 o2 }1 TB) Callable Option-free: x$ `* c- d1 F3 o0 M R) g
C) Option-free Putable
) n) I, ?5 R, TD) Option-free Callable * o% g6 Q. d+ Z5 p5 @
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Question 110+ t) _( P* e; I1 F3 m2 e# d
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:
" a2 D9 C, J" n; n1 w- UA) B, A ^5 D& I2 t4 O
B) CI, AAA; u& S. N- p, |8 Q* P$ @& c1 w
C) D, AA
5 n2 t& w+ ]3 p- hD) F, AAA |
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发表于 2015-7-21 09:05:10
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