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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
0 r9 f" H0 t4 E7 V21. 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：
I* e" C* @! f( }6 xYear | 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 rate
3 Y- _. S1 \" E6 _closest to:
) @7 b; J8 P+ i( q; J2 mA. 6.5% 8 r3 I, `2 v3 R" p4 Q
B. 5.0% 0 o- d4 L# u" F
C. 4.5%
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0 X( m& m; D9 @6 i( \答案和详解，登录后回复可见：
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K" q: K" d+ x" R) S. X; l" v22. Which of the following provides the most flexibility for the bond issuer？
+ e l, A5 j% y9 pA. Put provision 3 \+ n8 U6 N; B% C; B, ^( k; |3 w d, ?
B. Call provision
/ b3 V$ Z1 {4 c4 y8 N" ^+ bC. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？
2 O& f8 T, l- t; q6 V; QA. Call protection.
5 E, ~3 g3 ]8 e6 f! j" j! {: OB. Refunding protection.
1 A6 I8 @- _3 {C. Sinking fund protection.
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24. Which statement regarding sinking funds is least likely correct？) p- p! J6 z' G( {
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. 1 }) s. m+ X* ]0 o
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 3 M+ \5 Z# `, c* z
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.
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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？
% y; X% j8 J6 b J( E) gA. Term repo rate ) A. C% k" Q; X; ~ j6 d3 L
B. Call money rate 3 ? A+ X: y& r7 J7 v) M, S
C. Broker loan rate " e1 `" T; E4 g6 T# K) y
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
