|
|
本帖最后由 一起学CFA 于 2016-1-13 09:29 编辑 , _, l7 O9 \5 l0 N! q/ R
) l. x8 |8 ^1 E/ t( K1 J( B
CFA Level I：Fixed Income - Features of debts securities 习题精选3 }5 A0 k- W% D1 y; c: |
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：
$ X4 y g) L TYear | 1-Year LIBOR | 2008 | 3.5% | 2009 | 4.0% | 2010 | 3.0% | 2011 | 2.0% | 2012 | 1.5% |
, m- A) n3 P& d2 _7 J, h
During 2012, the payments owed by the issuer were based on a coupon rate
+ R/ p5 k5 O, Q2 T0 e, s* Oclosest to:
2 K7 L0 s2 Z4 H( h' I" L! QA. 6.5% ' o' e( g& q9 S+ C
B. 5.0%
( ? o l, H% {! c$ D9 z7 `C. 4.5%
# }! L. K7 _9 D, V- R9 S! [) R
3 H0 X# J' y# ?9 z% Y+ k. J/ c. m' e答案和详解，登录后回复可见：* |9 Y4 E- ^* c1 K/ d& \- F4 N3 q; d! |
# r5 q5 G1 b6 I ~! h2 _5 S6 x% c, Q* A/ X3 X. \6 G \
1 b" l r T- d# i22. Which of the following provides the most flexibility for the bond issuer？
& z/ ~0 h% z2 \8 g- WA. Put provision / H+ h, x4 s: J7 s: \# k
B. Call provision
: A a0 ~/ x: d. A* f: s5 K, C( iC. Sinking fund provision
1 A, k E: `: s, Z X7 R, _1 a4 W3 e$ h7 \" U# J+ e
% M. M u* L2 ]7 `2 G" |% E
1 g' ]- v; b: |' a
$ O' T; W# ]2 b% w6 U
23. Which of the following provides the most protection to a bondholder？# S: ? Z) A [, S
A. Call protection. & N4 w2 j2 i7 s
B. Refunding protection. * J5 y( \4 H* d# _) j0 E
C. Sinking fund protection.
% B) M. b. B- }+ l5 {
) C% r. a- o- g' b, J
$ {' n$ |. k- N) V1 C0 L( N- z6 d B: R% y( S
- |: \4 W3 G- d# l
24. Which statement regarding sinking funds is least likely correct？3 @0 O( ~' f- G& w
A. Sinking fund provisions require the retirement of a portion of a bond issue in specified amounts prior to the maturity date.
: d. R# S( O5 }" l8 M) JB. Sinking fund redemptions can be accomplished by making cash payment to the trustee who will then retire the required proportion of the bonds. 3 L" Q- M) T* W0 L6 b% }
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.
1 f$ K5 I5 \* f0 G3 e
* `3 c% w' P, N V- O# m' u: v6 [( B1 g m
* m! c8 Z) S: T$ j) k* p- B25. 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？
6 M1 L# Z& n& VA. Term repo rate # T1 f* Z, C n6 X- R0 t: z0 h
B. Call money rate
7 _3 F0 a# \2 ~! j: tC. Broker loan rate
5 r$ I* b9 h+ b; P* f
5 E* k5 x1 O8 H! _; }
" ]' M0 S" ~0 B/ l* V+ M3 w更多CFA习题可关注：高顿CFA题库.' `, v) K' R+ a0 I. V+ F8 L2 W
关注微信CFA-FRM （CFAFighting）CFA考试资讯抢先得
) _. I4 O5 ^$ |3 P4 | b% X" }
/ j0 r S8 |4 a0 `1 \/ K8 R/ v
1 M" X1 e, b" Q( | B* y( V- |
/ B9 g7 W7 q; X9 w; Q$ z- F p
: ?; Y$ T4 t- @# F7 l |
|
发表于 2016-1-12 10:14:12
楼主
发表于 2019-2-1 13:19:06
