|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 4 o3 G9 J( n0 u' M" s" U
& M9 D+ }0 F/ V8 WCFA Level I：Fixed Income - Features of debts securities 习题精选" O6 c {0 [/ D9 v. K8 Q1 X- R
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：% b+ @% I) }- P) V6 H, z, `
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
, W4 v9 s9 X/ p! g3 ]& J3 q
During 2012, the payments owed by the issuer were based on a coupon rate
2 e$ Q. P$ P: r7 t3 |& j5 T2 |4 Lclosest to:
/ E) R" e8 \2 i1 }! y1 cA. 6.5% ( { l% H; B6 t6 e0 K
B. 5.0%
! H& `- L0 ]3 v2 A5 VC. 4.5%
# N& I' V% n6 x, l" u' L1 P% ?+ G- I0 [. D* K7 j2 b0 X
答案和详解，登录后回复可见：/ Q" O) E7 A9 d6 S7 s9 ]
7 M4 R* e3 J, E8 z+ I# h7 ]0 i8 g, X3 a0 |1 O, }
7 q4 |. J" i8 X3 {; x7 t" x22. Which of the following provides the most flexibility for the bond issuer？
, {. ?7 E* x6 ^ @- |- HA. Put provision , v( n) k( d4 b8 } z4 v, l
B. Call provision " W% c( x, K; Z, ?$ O" o: `
C. Sinking fund provision
! O0 a8 X8 B6 o5 X7 C
5 A2 N$ w/ n6 [/ ~; z
6 ~/ `( k! w, X3 P' A* @$ K6 @9 f9 ]7 f
4 O( H0 C) c& S) B' @& i E
23. Which of the following provides the most protection to a bondholder？$ _. ^- G0 e4 y% n6 ~
A. Call protection. : ~ \0 ~! A5 D; q+ R! k
B. Refunding protection. 3 J* {* R8 j, e- }" X
C. Sinking fund protection. ; {3 i) v2 L+ E
6 C( b9 ^2 S: k3 C' Z B$ V/ [/ ^0 \9 G& x$ M
1 l7 W3 y& Z% F% A: c
9 M$ W2 |7 N' w2 i' t4 i9 v24. Which statement regarding sinking funds is least likely correct？
& Z8 c' V" T& o: Z+ P/ oA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
" V1 Z6 n0 y# G U3 ?, h- ^' 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. 2 s; O8 Y2 V @! a
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. # V$ `" j$ @1 A. O! o/ H
/ C w. P. V1 P1 g `) I( x6 k
9 F. n3 O* ^) [. O" B* T' e
1 Q, {8 h: q$ D# k' C25. 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？
, c, k6 O% ?. @3 GA. Term repo rate ! @. V# M3 f6 y( c% A6 }# H# z
B. Call money rate ! p. }( F% x* m7 }* x* I" c
C. Broker loan rate
0 j* t$ H, Q5 `6 u, Z& E
# i) X) l# Z1 c9 I( P E
9 w' e, v' T6 l3 `# `更多CFA习题可关注：高顿CFA题库.5 K3 S) ]+ l' X' ?1 z f/ y
关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得7 h4 w1 f8 ]6 M/ |
: R% w- ]* i3 c/ n, P' t, j3 k
& s8 G( C+ U V
4 Z2 R2 h+ ]* g9 u" z. `% W0 z: G s" u% k
|
|
发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
