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本帖最后由 catherine 于 2015-7-21 09:06 编辑 + ~3 c, d- Y, }( C$ g
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Question 106% A7 u R+ P5 A0 X* L# p
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
/ |5 j \: h4 R7 ~. o3 j% hA) unpredictable for both variable rate and convertible bonds.
) y. I: K! B* f" B" RB) predictable for both convertible bonds and bonds with sinking fund provisions.
+ m6 E) Y6 B+ [" p/ y4 k" PC) unpredictable for variable rate bonds and predictable for callable bonds.
3 _; n" Y) a- U1 h- X. ID) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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Question 1077 C, d" N# V% X' ^8 n# [
Which of the following statements regarding callable bonds is most accurate? Callable bonds:+ I4 \( R3 }0 W* }; z
A) are likely to be called when interest rates have increased.( h- y6 S* K4 q6 W# O0 C$ X7 V
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
: x8 V' E2 Z1 p& ^ X6 f* HC) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond.3 @, s$ [4 K) e2 V
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.6 n' d7 l& D7 a) Q
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Question 108& S7 ?. K+ F5 l% S' Z
Which of the following statements regarding debentures is most accurate? Debentures:
2 `8 T. ]$ r/ s+ P+ j( [7 FA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
' T# w: V4 V0 c! y1 ]7 bB) may not be issued by government sponsored entities.
3 |0 Z9 y# _. H6 d- BC) are often called first mortgage bonds.! D4 i# h7 e. U6 h1 e1 \0 z4 I4 X
D) are free from default risk if issued by federally related or government sponsored entities.
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Question 109
4 F9 C) D" s6 T$ j+ CThree 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?; E% O3 f% m, H4 T! F% w
Greatest spread Least spread9 U) f* c' A" O8 f
A) Callable Putable, j# I. z2 w) i( P
B) Callable Option-free7 q$ u4 ?$ ~' W+ J* v+ V# U
C) Option-free Putable3 r" b2 U% x I/ j Q
D) Option-free Callable 5 f7 I! J6 ~6 Z% J9 m! d* J
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Question 110
* R z* C$ x' K( `5 Z+ P5 fIn 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:6 q. [/ r! X' _
A) B, A
3 Q2 _7 n. T- e, }% x; NB) CI, AAA
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D) F, AAA |
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发表于 2015-7-21 09:05:10
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