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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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) a4 B/ i" g( E. L8 KQuestion 106! n0 D/ {8 R/ |9 h: @- t0 _
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:$ v( h5 @ o7 @( F
A) unpredictable for both variable rate and convertible bonds.
7 \/ y2 e7 O' h. D3 O5 sB) predictable for both convertible bonds and bonds with sinking fund provisions.5 k) w* K& E* I8 n
C) unpredictable for variable rate bonds and predictable for callable bonds." ]9 i8 ~ r5 K0 S3 L, V* X
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions." A o) g2 [' l5 u6 S
1 G% c' B: N8 [3 R+ X. z* yQuestion 107
- s& e$ w% s$ `. M+ |' T6 f4 eWhich of the following statements regarding callable bonds is most accurate? Callable bonds:
9 i# N* u7 Y# N3 o# n( DA) are likely to be called when interest rates have increased.# x" M# T& p+ \, u6 x
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years./ a2 v/ c4 s, B+ M& j! l
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." T9 F2 n' ~& C3 L2 g% W
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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# t C0 ?( h$ p2 x; eQuestion 108
* r& p! y2 k, k% e' h& \4 j) GWhich of the following statements regarding debentures is most accurate? Debentures:
7 e: j. i) r) W* J' J0 Y6 CA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
+ M7 w- r: \8 s# y6 i, _8 Q- Q0 u7 \B) may not be issued by government sponsored entities.
# e: E7 g) K1 ?* n# ^3 C+ Z; r' J" EC) are often called first mortgage bonds.
- K' r8 ^) t! w$ W! t6 }6 E+ XD) are free from default risk if issued by federally related or government sponsored entities./ ~- O1 t9 T- X9 g5 q' M' J3 B2 ~
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Question 109
# V7 v E( g! M4 W0 J2 D* d6 IThree 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?% ~* m0 B; J) @5 r- [; e
Greatest spread Least spread7 Z. K% q1 l# T9 Z( X
A) Callable Putable
* V0 O! ^7 O; @- N, QB) Callable Option-free
& e# F7 _3 A* O8 X7 g: eC) Option-free Putable
/ U. @2 C0 k% ]+ S5 ]) ^D) Option-free Callable
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Question 110
5 P% x$ ~* ~" I: a5 m( kIn 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:
" r* v& H6 V7 GA) B, A
4 F- W( I' ?7 r' FB) CI, AAA
; a' k+ Z/ Q k3 h, g6 QC) D, AA! ?& B& T$ | O7 ^5 ]
D) F, AAA |
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发表于 2015-7-21 09:05:10
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