|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 2 f! _* N7 L( c- g4 {8 y
* _/ S! X) f2 g3 jCFA Level I：Fixed Income - Features of debts securities 习题精选: `, O- @7 \& r/ F
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：
/ q5 P, {8 @1 f; D. ]5 W9 IYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
; Z6 j+ h( h) z+ o4 DDuring 2012, the payments owed by the issuer were based on a coupon rate! E) A4 a2 v8 Y5 ^
closest to:
% n9 v/ U; R( a7 JA. 6.5%
0 J5 w/ x! B7 i8 [# QB. 5.0% ' l0 y( B9 ?4 y1 _' b- h d1 p" V' k
C. 4.5% ' ~$ r4 b' D! O S- V
2 k& Y, v; j7 Y' C6 ^ u& }( x( ~# {答案和详解，登录后回复可见：
' A- [3 F9 _ z' c) s8 {+ X. j' U1 X2 m* v
5 ^* |0 j# Q9 D# L' ^( m1 f/ V+ q
22. Which of the following provides the most flexibility for the bond issuer？ Z3 O( r" w" S. i% ^# @( W5 d3 s
A. Put provision
& A- K" \, Z6 I* Z! I& |& q; {) G; PB. Call provision
& c; j5 J' z3 m5 H4 N8 E2 }8 I" \C. Sinking fund provision
% @# U4 }* {0 o+ V4 q: p* B" v- Q8 P2 t8 | F, E) ]
' w0 V* h- y4 w' P* A7 H+ P; ^! ^' L! I( b
; V4 p9 f z+ l' U/ _8 D
23. Which of the following provides the most protection to a bondholder？/ n% i) A# U- Q/ V% x( V9 @
A. Call protection.
6 R, K) {7 j BB. Refunding protection.
2 a' k- t" V, {& q4 d$ `5 mC. Sinking fund protection. : Z" U& K5 B9 L7 ^
6 [) L8 _9 w7 \. [
5 p' O# N! C6 a! \ X1 c
3 y9 Y _% f. Y7 @6 V7 d
' w+ ]' k- N0 ?1 k3 Z6 s6 ^24. Which statement regarding sinking funds is least likely correct？
i5 D. P1 C; U2 R6 i! n# ?A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date. & k) L$ v9 S' B. x( 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.
1 |/ g: M6 c& s4 IC. 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. 2 K: N$ }5 I2 l" F6 b5 r$ O
6 F! C6 @+ v/ H( ]+ s$ s- w# s% u6 ^
+ ~3 q7 N* J6 I% d
6 }! A' u3 j" N9 ?. h9 i
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？: g" ]3 @+ F6 }& ~/ l( h
A. Term repo rate
+ z1 \/ z% [( \$ s! y* O5 [3 J! IB. Call money rate ; v9 @4 h$ |/ f
C. Broker loan rate 4 z$ c' C) z/ {* ?9 A1 X
, X; l5 ?" Z, {$ A; L
3 O- o, t1 w- U/ f/ j更多CFA习题可关注：高顿CFA题库.1 Y Z# o5 C0 F& l7 I% x7 X
关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得& z% z" @/ e/ `5 j
3 q- m ~% I8 } n
Y) W* Q+ v1 u8 W$ Z
1 y6 ]% n+ a4 d2 P/ v7 v6 Y: b/ v3 Z/ W; t9 s2 q
|
|
发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
