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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 7 u2 n; \/ ~# c' {7 k6 K
7 l/ A2 B: o6 ~" TCFA Level I：Fixed Income - Features of debts securities 习题精选) _1 r/ n6 q' O% f* W" V
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：
, C) F0 Y+ c" l u( `Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
! z B) L; S: [* Y6 ~During 2012, the payments owed by the issuer were based on a coupon rate
+ a8 z' f+ f5 H; s: T0 d: N" sclosest to:
! H) _: ?$ w4 T: O" r6 [$ ]$ @& qA. 6.5% 2 i* V; B& q; H3 z8 q
B. 5.0%
5 x0 S* t o6 N* C. g( LC. 4.5%
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22. Which of the following provides the most flexibility for the bond issuer？
1 {9 O) J, d4 X# r; k1 r9 nA. Put provision
6 I: ]3 ~" ?* r) t* |9 w1 @9 oB. Call provision 1 n4 D+ n j2 U" F# q
C. Sinking fund provision
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23. Which of the following provides the most protection to a bondholder？. z# S! `% Y% W4 l
A. Call protection. . G3 `2 M( \1 ^7 x/ |
B. Refunding protection.
" Q# _6 x9 @6 ZC. Sinking fund protection.
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24. Which statement regarding sinking funds is least likely correct？
7 b! U; P ^7 g" p2 b+ aA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
1 s1 L/ t& [5 i& ?. G! NB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds.
4 u4 g# M7 d' s, ~1 kC. 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？
7 I, X) z" e: L. {A. Term repo rate ( t& a# w/ x: f) V% O: m
B. Call money 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
