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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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5 j! L" m' i- E# E+ YQuestion 1065 l1 g4 d ^9 @& [9 N! ]: g1 ^9 @
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
" M& O% v- C! T& S8 M6 sA) unpredictable for both variable rate and convertible bonds.4 @& f0 W' a9 b
B) predictable for both convertible bonds and bonds with sinking fund provisions.4 t, C, m7 q( a
C) unpredictable for variable rate bonds and predictable for callable bonds.
6 @9 ]' C2 ^, G( n* v8 v' RD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.7 W8 P! B% @0 c N
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Question 107# M( H# O; i* C& s9 n2 B
Which of the following statements regarding callable bonds is most accurate? Callable bonds:
, _! @, P$ j) P+ z) KA) are likely to be called when interest rates have increased.6 g4 ~: P: k. ?$ ^! r3 H* T
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.6 c& I3 d; a. a3 E$ n& a
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.
. \ _* s8 ]0 x Z: u$ N/ N9 T* [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.
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6 e" y q0 ~* F$ ~# W3 L9 R3 k9 XQuestion 108
; T1 ?4 U& n. d* S3 RWhich of the following statements regarding debentures is most accurate? Debentures:
- H0 V5 a' m# e! cA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
* M1 V1 b" D6 X: ?1 |. MB) may not be issued by government sponsored entities.
: _# S1 |8 T. }+ @% p! I% g" hC) are often called first mortgage bonds.
[0 ^* J+ y5 h) i4 B# KD) are free from default risk if issued by federally related or government sponsored entities.! f5 X4 B! j8 e
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Question 109, B" M: v) z0 N0 \+ n" J9 P* `
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?3 ]' z( p% j& P+ Q& ^
Greatest spread Least spread
4 ?3 i8 j3 h0 c% b% R! x0 p4 ?A) Callable Putable
% t; \+ b1 T& HB) Callable Option-free
' a" f+ ^2 f4 O! V+ o- v7 qC) Option-free Putable, |- e' x3 F) I2 U+ ^$ {( z
D) Option-free Callable
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" _' g y& b5 H* {1 BQuestion 110! _% h% w' b; T' C$ |+ 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:
0 m ~' O% ` M R* XA) B, A
, o3 j/ T' U8 K# \3 {! ZB) CI, AAA
! y! K0 r) [8 E* N* i" u6 eC) D, AA
. A4 Q8 U* }# E" u( z# YD) F, AAA |
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发表于 2015-7-21 09:05:10
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