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本帖最后由 catherine 于 2015-7-21 09:06 编辑 . `2 j3 C, m; j, X: o6 o+ q8 ]
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Question 1066 v7 x9 v4 e2 U5 T
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
( T& B" Z; ^. N4 ?. h! F% T; K: gA) unpredictable for both variable rate and convertible bonds.
% Q$ G8 ~3 G2 V. d8 }% WB) predictable for both convertible bonds and bonds with sinking fund provisions.
$ l: ^1 `: D& o$ ?8 {0 V' O: kC) unpredictable for variable rate bonds and predictable for callable bonds.( ]7 u9 z" n* k( F- v* Y0 O1 @
D) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.
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: o9 D, ^2 ^4 f! eQuestion 107* e) I' a" H6 K- V/ g$ s- b
Which of the following statements regarding callable bonds is most accurate? Callable bonds:, J, w& C/ n. f5 p9 Z
A) are likely to be called when interest rates have increased. r6 f, k8 ^: G: F) I5 t3 E7 F
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years." }/ c* d8 V o9 O: h, J
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.
) Z4 D: K$ ^5 ~1 l1 vD) 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." E# B: x/ v; ?
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Question 108
- x1 i* S( y- P3 C4 h4 UWhich of the following statements regarding debentures is most accurate? Debentures:
. X& r( c- q x9 d$ _; hA) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
Y0 O8 M% Y* s# jB) may not be issued by government sponsored entities.0 O0 s, G3 J+ z8 d
C) are often called first mortgage bonds.
/ o6 q! _$ i. ~. L2 j6 {D) are free from default risk if issued by federally related or government sponsored entities.% A$ O2 z1 w. m& f' q
9 ?# M! ~* p* ^. ], T' jQuestion 109
! c( s- X T0 dThree 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?
T2 |2 D$ ?( H7 K4 b4 A' D7 B Greatest spread Least spread& t+ n1 J& q- l3 d1 g! }7 J/ ^: {
A) Callable Putable
6 |$ y8 p. M$ I/ f7 @B) Callable Option-free* @2 u2 F$ K: J& ?: Y
C) Option-free Putable
: @! E! T( n( ~2 C# ?9 }$ uD) Option-free Callable ! U5 D* B; n2 N) D: y0 p
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Question 110' S" A9 A: o: ~1 v- M- }
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:- ]6 f- _* J$ j9 R5 T
A) B, A
; x# h: } D; _, J, aB) CI, AAA7 [9 q+ `! V$ ^
C) D, AA! p! j: [1 Q7 Q$ u1 o. `; m4 S
D) F, AAA |
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发表于 2015-7-21 09:05:10
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