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本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 # `6 F z4 R; U3 \+ \' S. C
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CFA Level I：Fixed Income - Features of debts securities 习题精选
. r. a. ^9 v& r* O# J- R# E21. 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：; L1 d+ W5 S# b
Year | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
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During 2012, the payments owed by the issuer were based on a coupon rate/ k/ E/ K' s2 d( `$ v: _" {- U
closest to:
9 L6 g! C" O3 k7 q# PA. 6.5% $ Y& l* C. a- C4 q m
B. 5.0% " Z2 k2 ]. _9 z" R7 b+ d& K# B5 H
C. 4.5%
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答案和详解，登录后回复可见：* |% V2 z Y* T* L. t
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' o$ x( ]6 E" `# l' p. t22. Which of the following provides the most flexibility for the bond issuer？1 L" I( ~* m- X1 N) `4 |8 ~
A. Put provision # g; K! b; L) p8 _( @! g/ Z/ i
B. Call provision
2 K) N! o0 M" p4 z! x1 t$ L3 rC. Sinking fund provision % X- f' M: @# \2 H( p9 o6 [
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3 w" e2 ]% [% X% |& b23. Which of the following provides the most protection to a bondholder？
( z& @# ], E; _0 U0 Y3 ]6 DA. Call protection.
r2 ^2 e; |+ W0 SB. Refunding protection. 6 M# ]: ]! o% o/ K
C. Sinking fund protection. ( j' {5 J' I4 n5 e# Z9 w' g. p
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, R* |0 D+ o) x' B& ~5 w' P3 \5 X6 G$ a$ \24. Which statement regarding sinking funds is least likely correct？- R0 j3 V! \$ @. I# i$ U. c
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
$ D) X# c; h: ~; @9 @# U0 G+ hB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. % |* Z8 N8 l% z; s" h
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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. Q8 w, F$ Y( ?: D25. 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？$ S3 K3 g( x/ u6 T
A. Term repo rate : d) R" j; S7 h: E
B. Call money rate
9 z5 W9 @# J( q* G: [C. 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
