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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑
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CFA Level I：Fixed Income - Features of debts securities 习题精选! y, D, {# B* P
21. A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table：" V# I: O. K6 E a$ l ?$ Z( [
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
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During 2012, the payments owed by the issuer were based on a coupon rate2 R/ @- i' u+ [: r1 t9 G2 e
closest to: 7 |$ P3 | f4 T
A. 6.5%
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C. 4.5% . L2 q" X7 S/ ]4 c, w( ?4 P4 i
% g8 Z2 s7 M {0 {8 s; \答案和详解，登录后回复可见：
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# o7 H! m* J" o0 X22. Which of the following provides the most flexibility for the bond issuer？ x2 i8 C! r. o" \
A. Put provision
7 `- r+ G" l6 q7 @" Z ?. PB. Call provision
9 R% P7 b- F/ _C. Sinking fund provision ) W) v6 V$ g: o
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23. Which of the following provides the most protection to a bondholder？
6 }1 j1 u; W- n9 t- l! d( E6 dA. Call protection.
7 d0 I! X" o1 V8 U' KB. Refunding protection.
* D$ G. r3 R$ _ f! N. _- }C. Sinking fund protection. ! U, `( A1 V( q) O s& E5 a
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24. Which statement regarding sinking funds is least likely correct？6 f# M5 M+ L, {- i U2 V
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. , c8 M6 I5 {: G
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. + z b. s5 j* z9 D y# r7 A1 Y
C. If rates have declined since the bond was issued, companies are likely to choose to retire a proportion of the debt through the delivery of securities. ) H" y" N$ x6 h7 |. F
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25. If an institutional investor wants to borrow money for 30 days to finance a bond purchase, which of these is most likely to be the lowest loan rate available？
3 ~( { @: g: o& W2 l4 FA. Term repo rate . n9 A2 K1 J3 u, l1 H$ V
B. Call money rate
* _2 U5 H8 q- H- }C. Broker loan rate
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
