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本帖最后由 catherine 于 2015-7-21 09:06 编辑
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Question 106' ^; z+ r$ n* F$ }9 Y
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:$ y; z0 k$ U1 O: }0 b8 z
A) unpredictable for both variable rate and convertible bonds.
" {. O9 {7 m$ ]2 y( R- m6 ?- AB) predictable for both convertible bonds and bonds with sinking fund provisions.
S; j2 ]* [/ n- N/ MC) unpredictable for variable rate bonds and predictable for callable bonds.
* G, s* H" J0 w C0 V) [1 G+ wD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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Question 1074 k! n) H) C7 y& L" n4 l
Which of the following statements regarding callable bonds is most accurate? Callable bonds:! f: J: o+ D8 y0 b4 j0 z: }
A) are likely to be called when interest rates have increased.$ Y V* n7 F( T6 m/ r v3 h
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.; u$ R* s7 ]: W# H+ {' C- M
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.( o% Z7 k5 j( \
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." [8 \+ v# G/ R6 o0 a
8 q: d% \9 A; v) A5 v' q8 Z; d* @Question 1084 j6 q/ b( |' @( M% P h
Which of the following statements regarding debentures is most accurate? Debentures:; D9 q* w1 [. S" c. f7 d
A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
8 }8 s7 F) d5 U' S4 J. qB) may not be issued by government sponsored entities.
9 j0 U! s, y3 ^- o( KC) are often called first mortgage bonds." L9 q4 } i" [% p$ _$ e
D) are free from default risk if issued by federally related or government sponsored entities.! ]% W s4 d+ S3 W4 ~- P3 S7 P
5 l' k4 @1 D$ s" H% D0 kQuestion 109
, R X W M" G7 xThree 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?
3 X/ p3 F- ?/ N0 d i* d7 u( o% @, p Greatest spread Least spread+ e g7 z; g' n0 ]+ N1 s* W
A) Callable Putable7 P; A1 h( C" q- K+ W
B) Callable Option-free/ w9 p' j5 d) z& z2 s! U
C) Option-free Putable
, t; \. v8 j3 `9 x: kD) Option-free Callable 9 U4 i! Z+ A+ T; r
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Question 110$ h F) P% l+ E/ U9 ~7 R
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:1 l/ n0 a1 L4 L8 G* T6 O4 L' @6 H
A) B, A
6 s0 W* A8 P% @. P5 MB) CI, AAA$ ]9 g# ^# h1 J% r* V
C) D, AA: o: p4 R" F6 n& E1 u& N
D) F, AAA |
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发表于 2015-7-21 09:05:10
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