|
|
本帖最后由 catherine 于 2015-7-21 09:06 编辑
7 N4 C/ q/ O1 O8 q
- T5 x; m, G: bQuestion 1066 W3 w* R, T f
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:: {+ ]0 B4 S$ ?; w3 T# }; B
A) unpredictable for both variable rate and convertible bonds.
2 q& s C% @. OB) predictable for both convertible bonds and bonds with sinking fund provisions.8 Y/ Q- k3 |8 E/ o3 C
C) unpredictable for variable rate bonds and predictable for callable bonds.1 ~: I+ L& W( L+ i
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.5 J+ S; j# v0 z% P8 D& A, q2 [. u
( U X! l9 ]9 F5 X8 W
Question 1073 F, P; Z2 ?$ ]4 g: |, r
Which of the following statements regarding callable bonds is most accurate? Callable bonds:9 E# R, Y2 r3 H& y: m8 J- t+ u# o
A) are likely to be called when interest rates have increased.* U* k+ R; p& }4 }& F
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.: L/ w& a. @4 K0 `9 U$ v, n
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.
8 c4 k0 M: e* g6 O. }/ w" C0 KD) 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.
9 g9 m9 Z$ y: r7 b$ H
5 `, n( G2 Q5 |1 [Question 108
& @, L/ A0 O5 Q1 BWhich of the following statements regarding debentures is most accurate? Debentures:1 V+ E' d4 Y* M+ i
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.9 ~ R4 K0 z9 P( d& j+ h/ l" H z
B) may not be issued by government sponsored entities.; E2 ?! A7 L1 A6 j* `- f
C) are often called first mortgage bonds.
5 c! I4 w0 S! UD) are free from default risk if issued by federally related or government sponsored entities.
- g- _3 b: ~, r' I$ q+ Y1 \3 R% `/ D
Question 109
- O+ q7 h' i l8 i6 m1 _9 fThree 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?
! D9 W' J+ v) q Greatest spread Least spread2 o4 N7 G! `7 W; j7 |
A) Callable Putable }6 o9 K7 S0 v9 H( U! d" r
B) Callable Option-free
% n: D, d$ m* \4 PC) Option-free Putable
: c: z' z j! f! n3 A. V1 [) y; |D) Option-free Callable & } b/ ~% l' T, J4 u! D
1 {. M* p' Y6 H
Question 110' k7 x& X9 M, e- R6 l7 F
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:: u* ~% b! d3 A
A) B, A! S9 y0 b( V4 V# B$ A. m
B) CI, AAA4 h' X; j: H0 O! c4 b0 w2 ?! j
C) D, AA/ t+ m) E2 @5 j6 u: n1 ]5 P }
D) F, AAA |
|
发表于 2015-7-21 09:05:10
楼主
