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本帖最后由 catherine 于 2015-7-21 09:06 编辑 % a/ v/ k1 V$ W0 Q1 }
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Question 106 h) r( T( N2 ~9 U* H/ Q" l
The estimation of cash flows for certain types of bonds is difficult. The length of the cash flow stream is:
' e& _7 W4 h- B9 B" lA) unpredictable for both variable rate and convertible bonds.
6 y' y$ c$ ?% {1 }+ |7 HB) predictable for both convertible bonds and bonds with sinking fund provisions.
) J+ i. f4 T5 T6 l4 ]6 n! i vC) unpredictable for variable rate bonds and predictable for callable bonds.
8 I1 d8 c" ?1 i+ yD) predictable for variable rate bonds but unpredictable for bonds with sinking fund provisions.& D" r! a& z% s; `7 B& K9 [
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Question 107; B4 [. y- k3 z, `
Which of the following statements regarding callable bonds is most accurate? Callable bonds:2 d3 j7 C! g b9 b( x( Z5 Z
A) are likely to be called when interest rates have increased.7 p2 k0 _- m j6 a4 \. J2 t7 D
B) that have a deferred call feature allow the bondholder to defer the call for up to 5 years.; e# D4 P- L) @% a3 b5 M2 v0 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.4 _1 w2 W, @" r
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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, S2 Q% e7 R3 m2 uQuestion 108
$ H$ i, C0 J. v" y3 U0 j; ]Which of the following statements regarding debentures is most accurate? Debentures:
0 c: i" z, r; I5 K6 f4 _A) are commonly issued by government sponsored entities such as Fannie Mae and Freddie Mac.
, V* H @9 T3 V. V4 R) C) q1 NB) may not be issued by government sponsored entities.$ t$ ^2 c7 l* `4 N$ i
C) are often called first mortgage bonds.
( C$ Y- y" M- W9 T# A. jD) are free from default risk if issued by federally related or government sponsored entities.
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Question 109
2 j {! g/ _ m. c& U) v: y& f& rThree 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?4 J+ @: u; h! _2 z0 I6 P" V
Greatest spread Least spread3 r! `4 D: ~' I8 B
A) Callable Putable
2 Z* i7 ]/ ]( I8 k0 PB) Callable Option-free! f8 f" b! }& g) o# A: K, Z! Z5 D7 g
C) Option-free Putable/ a- z3 D1 a# E% b6 U1 W9 y4 U; ]
D) Option-free Callable
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Question 110. j& t* b+ f3 `8 ^ P: U; A
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:- s' I' A$ F7 y
A) B, A2 J$ f& e) ]$ X+ E; ]; M
B) CI, AAA4 f9 C" d/ C* a+ z, e" J* Y: W% R
C) D, AA/ e) @4 T+ N2 L/ ^
D) F, AAA |
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发表于 2015-7-21 09:05:10
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