|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑
6 `2 F) U7 I) }) C- j3 T& ]0 p
0 h9 D+ ^3 f2 r# ~, w. h4 iCFA Level I：Fixed Income - Features of debts securities 习题精选
( |; I) S- b9 U( m, I. J21. 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：
1 s# G% U1 ?" y+ [1 V$ p1 \. [Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
/ D5 U+ k+ F. Y# ^During 2012, the payments owed by the issuer were based on a coupon rate ~3 }3 v) n3 s4 A% d: D( r! X" Q
closest to:
. d; [& m7 |/ p0 zA. 6.5%
; R) D: C. v8 w" gB. 5.0%
6 F& }5 c' ]5 O' k8 P6 d! b% FC. 4.5% 3 R ?) p1 A2 R
/ i1 y7 L j) u! _, l3 J答案和详解，登录后回复可见：
! e$ j3 a3 e: |* e
3 _5 b( L; z1 D! Q- M; M+ ^! @( W9 } S
5 d! V4 ]' B; R$ [' S3 s$ M22. Which of the following provides the most flexibility for the bond issuer？9 q: R* J3 D i8 n- @2 L5 ~& r9 g" M
A. Put provision
9 H' J6 o# p1 o! t. \; eB. Call provision
0 R" K8 h8 V' E6 i% [0 M5 _C. Sinking fund provision
$ [% q2 `' }4 m) t
: k0 Q+ Y; N6 _. T# U7 s. I3 A$ H3 f& E7 r/ t
+ M; b l) M, t( l0 K3 C+ _% S) \: P
# u' r P2 F9 f/ a
23. Which of the following provides the most protection to a bondholder？ c! h2 V4 a. [
A. Call protection.
: u2 y v- z& mB. Refunding protection.
' x5 w" `9 ?! R4 \' P2 sC. Sinking fund protection. & x3 d' o8 H* n0 t. ~) l1 J( ~
* G, ]0 C. H: l( S3 y: t* s& B2 Q7 A) p/ b, A% U. E: e2 ?
5 P9 I+ l, ~$ S+ v& {" S# ~1 |; w) O
6 j' j v4 G& a& q
24. Which statement regarding sinking funds is least likely correct？5 F4 k+ n% \5 }$ Q
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. % Z# s* U% A# P- F% p
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 2 h. [ L; d+ o( o
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. 2 `( Z1 Z' s4 G! c& e1 c
0 M( h$ f+ n! a: E8 k8 a+ S* l$ }7 z1 e* u+ |/ }) B2 P9 \
) X- t1 C6 J1 S; b; T
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？
d" G0 W! j) ^ ~5 HA. Term repo rate
, N5 A! j6 f k' u. WB. Call money rate 4 n( r; j- K* Y4 r6 C+ |- h7 H
C. Broker loan rate
% E# C1 R0 l/ D1 L) J$ X* K* H. B6 b) [% n5 I$ E0 L
- I4 n' h" G) s; i( f5 y
更多CFA习题可关注：高顿CFA题库.5 l+ ^2 A2 F* r; C1 P
关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得1 ~6 g; R5 E5 @$ ~, [. w" c
- ?* Z: M% b# r; |
- U. d9 A* ^$ u
8 ]; F) F( f: ] u+ o: b; X6 ~* e& V9 p' u' k8 S) M
|
|
发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
