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本帖最后由 catherine 于 2015-7-21 09:06 编辑 6 l0 P6 f; M4 Z4 W
9 h, N) [+ ~; J, W6 \; j% A" wQuestion 106+ ~% A* O3 P6 `- w! H) H9 Z0 G; K
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:. @# P4 t& y3 ]4 }+ S
A) unpredictable for both variable rate and convertible bonds.9 {7 v% c: P- K: j. v" o+ a y
B) predictable for both convertible bonds and bonds with sinking fund provisions.
$ y; x2 Q" G; I2 R9 |9 xC) unpredictable for variable rate bonds and predictable for callable bonds.
; N' d# O; {+ XD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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1 w* e& B _& z4 Q% XQuestion 107
7 R2 _! \: R) s3 C) Z! GWhich of the following statements regarding callable bonds is most accurate? Callable bonds:
( F6 K! C2 Z; E1 CA) are likely to be called when interest rates have increased.
2 J1 I( F6 U- bB) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.8 O; j: ~7 g5 a, J; G" 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.9 M8 C8 \6 A6 b- N
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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Question 108# N( ^6 I( G) r+ V5 r
Which of the following statements regarding debentures is most accurate? Debentures:
; ~+ ^: ?( p$ |0 X3 j! m) h$ ~A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
" p5 O5 ~% X/ J5 vB) may not be issued by government sponsored entities.* i; o4 l. P- ?. d' v+ {: y8 I
C) are often called first mortgage bonds.$ k4 `4 R+ v. U4 s8 x T
D) are free from default risk if issued by federally related or government sponsored entities.
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Question 109
3 Y# f. U8 J# eThree 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?0 ^3 Z7 L5 [7 b: `2 h
Greatest spread Least spread
, e% a4 U! w8 q/ K( G$ H6 _A) Callable Putable
" @+ T$ K) I, pB) Callable Option-free
2 Q, s1 e1 X8 \ ^. o$ g$ s( pC) Option-free Putable
2 Y) \& n) |1 S5 LD) Option-free Callable
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; }! ?+ e( J, Q/ _ tQuestion 110
$ z8 x1 |6 k) E7 j- xIn 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 \& S5 T9 N) f5 W9 U1 fA) B, A
7 F `. H, g, a5 D7 }: @0 GB) CI, AAA$ B3 L& M) d! }! }- {. p
C) D, AA
5 R6 [+ F- A0 z P6 J XD) F, AAA |
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发表于 2015-7-21 09:05:10
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