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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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' k# D0 B n) `; O4 L$ OCFA Level I：Fixed Income - Features of debts securities 习题精选
$ ~" z: r7 D7 V1 p) U" d21. 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：$ ] ~6 b: C, |& ]
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
0 Y+ E2 U/ n4 X8 jDuring 2012, the payments owed by the issuer were based on a coupon rate
% A! L" K- b1 V3 U7 uclosest to:
$ J; g8 A W2 L% Z+ XA. 6.5% 3 \! h' E) r4 w7 A
B. 5.0%
( Y$ t* W' U: A' e9 k1 x& NC. 4.5% ! u- n' A3 F' G- U- {2 N
( y( N" Z3 K6 x2 K答案和详解，登录后回复可见：
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22. Which of the following provides the most flexibility for the bond issuer？
& _' E- I& X( u$ j- Q& j a0 uA. Put provision 2 ?# ~0 k+ s t+ e" U1 w
B. Call provision
. h; L, r- J1 M7 N3 U& z$ y2 L% CC. Sinking fund provision # i* F$ E& V5 I, U
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23. Which of the following provides the most protection to a bondholder？
$ [# C; X2 t3 VA. Call protection. % T% o7 a% c: q% n: s; m' T
B. Refunding protection. ! J5 O" M+ [. d1 P0 Z2 v
C. Sinking fund protection.
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24. Which statement regarding sinking funds is least likely correct？
8 N' X) [9 @- a" Q6 `$ O+ Q& W6 wA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. & z" D( m* N1 T/ {" }# q% P0 L
B. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 4 T# S! I) ?5 u
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. 0 C/ C- `& t4 |
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, p# R; }0 D4 w8 L25. 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？
b9 L2 I! I* L; y/ h% wA. Term repo rate ; `* @- e5 i/ a
B. Call money rate + {2 O8 Y/ z' M
C. Broker loan rate / ~+ c, B1 T1 b
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
