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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. e+ ]( P! `& T2 D2 h) B* ]! l
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：
5 Q. H- `5 P, r5 w! IYear | 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
0 i! H; H4 G1 K- T% Eclosest to: ! [* h U h+ M
A. 6.5% / Q0 G% t E9 k
B. 5.0% : s6 U0 ^( p; [
C. 4.5%
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答案和详解，登录后回复可见：6 ^$ T5 f1 X" P6 P8 P: H" O
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22. Which of the following provides the most flexibility for the bond issuer？1 N9 o# b- N- v+ f) t5 t
A. Put provision . y( R! a% B, q7 y/ m# d2 D3 ]8 F
B. Call provision
6 [6 u. [( {- m% s. f4 M$ C2 I0 m4 PC. Sinking fund provision
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( w9 M- |% k \. R23. Which of the following provides the most protection to a bondholder？
9 [. ?& M$ w$ g4 l# l8 qA. Call protection.
9 T' S9 q8 ^( y' l" c- U. a' T7 B8 qB. Refunding protection.
6 c8 V% ]2 p' ]5 i/ VC. Sinking fund protection.
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4 C' `7 j4 I6 C2 |) r2 x( E; m24. Which statement regarding sinking funds is least likely correct？
; u1 X! }6 p. e2 tA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. ' ^5 w* _# Q! T, H7 j' W% X
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
) N" L% Q; Q- ?3 ^8 `0 k! hC. 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？# {. ?3 N, K Q9 w+ M# l) C* o
A. Term repo rate
9 j: E$ K9 T% @9 c% u, ~B. Call money rate 4 T; ^ ?7 G& A# L5 v. {( U& f
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
