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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
: i: o- H @6 _: |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：: s( _3 h) O5 ]7 n- C
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
. e0 @; i5 b6 WDuring 2012, the payments owed by the issuer were based on a coupon rate/ Z4 c0 K4 P7 Y$ T; {) I- b0 M9 d5 u
closest to:
# D1 j4 o& F+ dA. 6.5% 7 z; S3 O, d6 q1 q! P% }2 E
B. 5.0%
. c- d" _0 L# A3 q EC. 4.5%
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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？4 M1 n7 R6 _# a+ {
A. Put provision
1 [7 \3 Y$ ~, l _+ r% T. C6 D; I; gB. Call provision 1 u4 x6 S. V" ?
C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？; c( p6 V. o& \+ x1 u
A. Call protection. # b: ^1 z! p% K7 ?$ y# t
B. Refunding protection.
) h0 W, P- e1 l4 T) J* `. eC. Sinking fund protection.
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% w4 n& z; B9 Y: v+ Z4 G24. Which statement regarding sinking funds is least likely correct？, T3 r% C0 p4 P1 ?. X
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
, y! k: F2 c% Z5 T' B4 L5 QB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. $ c9 |- V7 k) T
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. . n* t$ Z9 ?2 ?1 R. z: T
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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？
/ l, j% {! o! [1 Q& oA. Term repo rate
3 C8 z) m2 q% [+ M" ]: ?B. Call money rate , g9 D% D m+ B* `4 f
C. Broker loan rate $ U0 k4 D( b# L4 a
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发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
