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本帖最后由 catherine 于 2015-7-21 09:06 编辑 $ I- K3 F* B; d* @) i
" f) ^0 i) F0 N y5 P9 ?0 qQuestion 106
2 `6 E, y, u1 B& j' U+ ~7 MThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
+ N* _9 b, G0 z% L0 xA) unpredictable for both variable rate and convertible bonds.
; Q6 n8 p/ l3 C9 \5 t* k5 M7 j& O2 FB) predictable for both convertible bonds and bonds with sinking fund provisions.
" O/ X- ^$ z0 l/ a/ T; @C) unpredictable for variable rate bonds and predictable for callable bonds.
1 m: v0 S! k# m* u" H& aD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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Question 107: S# E/ b# r3 C
Which of the following statements regarding callable bonds is most accurate? Callable bonds:
9 t( A5 Q* d: t+ g8 nA) are likely to be called when interest rates have increased.
5 Z' j8 g& Q" f2 b/ h% d/ J+ |+ YB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
7 t3 |* r$ v8 w/ o: f( |! n7 a. CC) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond.' q# i9 O0 l+ p) \
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.+ H( E& X2 A, i" q' e% }" x
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Question 108# Q5 ?7 T5 l$ A# n/ \5 ?
Which of the following statements regarding debentures is most accurate? Debentures:3 i2 l# i) [* i( O* w0 {/ U
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.) s$ ~% l8 _8 h2 I; r
B) may not be issued by government sponsored entities.5 I' U$ L; p% p# g5 a
C) are often called first mortgage bonds.) T. m; C) x, s' C! ]
D) are free from default risk if issued by federally related or government sponsored entities.
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Question 109, ^9 r3 C q! o+ B9 B) `8 b0 ^2 a; |
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?! @# u5 ]/ ?! J- G. Y* Q4 S
Greatest spread Least spread
3 ^/ @0 Z) w. w/ _7 ?A) Callable Putable( a s" i) q" |
B) Callable Option-free
) _# |# P+ W+ Z/ U. ~+ G! D. [C) Option-free Putable
; V4 y. }8 x& r2 ?: U/ O/ {D) Option-free Callable 9 M6 E$ r5 t& P {& ^- u
; H, r& c3 U, X7 T7 ~2 vQuestion 110
$ k" |5 G8 K% z2 V$ r$ L# PIn 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:
/ J" h) A( Y) f9 t: I1 hA) B, A! b2 i- x0 `+ I+ \
B) CI, AAA) |- R- V5 G& S7 x J- W9 }1 f, F$ T
C) D, AA
9 H$ v8 U) M0 c6 @2 E, V, U8 YD) F, AAA |
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发表于 2015-7-21 09:05:10
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