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本帖最后由 catherine 于 2015-7-21 09:06 编辑 ' e) Q& v: u/ \' y- U- V
; n, j" a6 j+ k1 kQuestion 106% B+ C" z, J `( T
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:& m( T1 C- y9 @4 q5 m
A) unpredictable for both variable rate and convertible bonds.! W% {# }' o# \ @+ a2 `
B) predictable for both convertible bonds and bonds with sinking fund provisions.% T: m0 Q N3 s5 L6 j
C) unpredictable for variable rate bonds and predictable for callable bonds.
( e: d8 ~/ {6 z& LD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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' y" x8 K) ~' wQuestion 107
6 N* `. {% \) D D" |1 e5 }( dWhich of the following statements regarding callable bonds is most accurate? Callable bonds:. k0 ^; i) ?7 G
A) are likely to be called when interest rates have increased.& }0 h" z4 }2 }/ K2 q8 r4 ^/ Y+ G
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.
4 Q0 ]5 E+ G% r# P/ h% vC) 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 d0 l5 C. O7 [ |% 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.9 u( G+ [$ V* t7 V& v' z* m1 q( o
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Question 108, D" E( G- P O5 u- T# d; b8 u4 K
Which of the following statements regarding debentures is most accurate? Debentures:5 O( t/ l" y1 M, o
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.3 x" Y1 U$ ^( P4 p5 x& j: D
B) may not be issued by government sponsored entities./ C! M# v0 g/ U7 E; K
C) are often called first mortgage bonds.8 w {( \, b! H1 O
D) are free from default risk if issued by federally related or government sponsored entities.. e6 [% X; s/ a. B, m
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Question 109/ Y! g7 K$ I* j: J4 ?0 B. {6 y
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?" h1 j; _( T8 F7 ]
Greatest spread Least spread9 x7 M+ o0 K/ a( l7 \
A) Callable Putable" _5 h4 B6 \3 ?9 O o- h1 N2 r
B) Callable Option-free
' L$ X' Q7 `" H) H( }" l9 XC) Option-free Putable( M o/ m5 E, {: D( y' K
D) Option-free Callable
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! @, p. Q# A) w2 \7 y/ @Question 110+ r7 a4 I7 M z
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:; |* a& c) X5 g: A
A) B, A& d4 l& Z- l4 U8 \7 D
B) 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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