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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 - m; j6 F* f" @: |, D# f
6 H0 t6 _; @6 c9 K2 w) R+ B% \$ C* T# vCFA Level I：Fixed Income - Features of debts securities 习题精选8 r0 b, C6 D9 ]4 j9 M" O* t
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：) E% D; x7 K% k4 y, t
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
' e1 t- q0 k4 K/ V6 o% GDuring 2012, the payments owed by the issuer were based on a coupon rate B" m; ?5 R m2 [! S% A6 s
closest to: 8 g- l/ A% V L" F3 @: \6 n
A. 6.5% 6 g7 r, b0 B, s( x
B. 5.0% ; M y: R, r d& b6 B0 w% Z
C. 4.5%
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答案和详解，登录后回复可见：
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0 s) S4 Z/ f0 ~22. Which of the following provides the most flexibility for the bond issuer？
. N4 w. v, O) @3 \/ d" bA. Put provision / E5 s5 M3 }. s! S
B. Call provision
! u% z0 w# O1 B% e$ }9 k$ i! kC. Sinking fund provision
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# Q, |% ]- b; F! v8 K7 p23. Which of the following provides the most protection to a bondholder？
+ }2 i, Y+ |% e$ O; Y7 o( PA. Call protection.
! O: Z8 k9 e! f9 N0 L: _6 NB. Refunding protection. % d- W# a8 }/ T6 }6 s% U
C. Sinking fund protection. / }, i; e; m `/ J* _& |6 G
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24. Which statement regarding sinking funds is least likely correct？
0 r( x9 w! J* v5 y2 NA. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
! q2 }+ w, @1 h4 u |+ XB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 8 w" v7 {2 J g F6 \2 `
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.
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, g6 |% o: d/ C3 b9 Y* A25. 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 K7 j1 o! ^; g# G( y$ \
A. Term repo rate ) G( N4 U x4 X" e
B. Call money rate
" V7 p( f" F# ^1 G( ]8 [0 G) bC. 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
