|
|
本帖最后由 catherine 于 2015-7-21 09:06 编辑
# ]/ m6 I2 V( T! Z& l. x
2 _: r( ^( u; q3 Y% y8 p1 yQuestion 106
% M* [7 M4 @7 LThe estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
9 X) V2 q7 a$ Z; c+ Q8 ZA) unpredictable for both variable rate and convertible bonds.) S* X' q5 u7 |- ^7 L
B) predictable for both convertible bonds and bonds with sinking fund provisions.
) g$ N: Y, O9 {7 r4 ZC) unpredictable for variable rate bonds and predictable for callable bonds.7 ?% Z8 u- N+ V5 {5 z4 m. N
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
( x) ~% _8 K4 S9 X) a! W/ c" Q7 @
Question 107 N0 ~. ~; n) e! a: W) R! O
Which of the following statements regarding callable bonds is most accurate? Callable bonds:
; }+ G8 F% |. h. h! D- XA) are likely to be called when interest rates have increased.6 t, K, l! s) ?2 Y
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
# `0 k. D ]" \! s/ F# uC) may not be called at par value--there must be at least a slight call premium to compensate the holder for losing the bond.1 N4 M; j% f: |0 D
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 d% x. G5 \% I% u6 c
' x a# Q/ `% [0 @* p
Question 108
; ?. [& Q* q" R- _9 s" dWhich of the following statements regarding debentures is most accurate? Debentures:6 J% ^+ Y- _, R- A
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.& `4 z3 T/ R: O1 A# m' W8 ]4 k
B) may not be issued by government sponsored entities.
+ N/ V3 B5 ^! Z, l4 PC) are often called first mortgage bonds.& ^# x# l1 Q9 \" T$ U- o
D) are free from default risk if issued by federally related or government sponsored entities.2 z1 T% |4 v3 t% i! S3 F" g% h
7 \" J! v3 u( e. |! e* l0 V( s6 U* e" mQuestion 109+ B6 ?& y/ E5 a& h0 ^% c$ s1 M
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?
$ z/ M: v+ O7 b; m4 c Greatest spread Least spread
9 e& K# }0 Z: c5 a) x" b" x! c; FA) Callable Putable8 `# i& F+ G8 W/ }7 I% j9 ~0 d# J
B) Callable Option-free
2 ]& A# D/ ?- C' s% g- V1 VC) Option-free Putable" d* @9 H6 |5 K2 C* T. _# J. [
D) Option-free Callable
1 `. o( a2 r& t. q( w$ M
6 q" G) c# T) YQuestion 110) h; u% @, K9 u5 r m( 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:
( R1 ?$ x+ X4 CA) B, A; l1 H& G5 ^" f: x. x4 q
B) CI, AAA, _2 B/ e: [9 Z- v' O' c6 c
C) D, AA2 j. S- b$ _! o# g! ~
D) F, AAA |
|
发表于 2015-7-21 09:05:10
楼主
